As we move into summer, we’re seeing a slight seasonal shift in the housing market across the country. Demand still remains greater than supply, and many sellers continue to have the upper hand in this market. However, as more homes hit the market, the ability to get under contract is becoming more realistic for hopeful buyers.
June is an important time for the real estate market as it typically defines the trends we’ll see throughout the summer. Median home prices continue to rise across most markets and days on the market remain consistently low. Many homes continue to sell for over list price, however we’re beginning to see fewer offers in bidding wars. June saw an increase in listings that is likely seasonal, but could offer some relief for buyers.
All stats below are based on End of Month in May vs June:
Supply and Demand: In June, there were 6 weeks worth of housing inventory available, a 7% increase from the 5.5 weeks we saw in May.
Median days on the market: In June, houses spent an average of 22 days on the market, a 15% reduction over May when they averaged only 26 days on the market.
New homes on the market In June, there were 1,659 new homes on the market, a X% reduction from the 1,507 new homes we saw in May.
Homes sold – In June, 1,365 homes sold, an increase of 19% over May’s 1,147 homes sold.
The St. Louis real estate market is as intense as the midwest humidity. Data shows on average, there were 8 showings for each St. Louis listing. Inventory has remained level in the past 2 months with a slight uptick in supply giving potential buyers some relief. Sellers continue to benefit from market conditions, as June was the 6th straight month of home value increases in the area. Ultimately, home values are up $42,000 since January of 2021.
Now, more than ever it’s important to price your home correctly. While many homes are still selling for over list price, this doesn’t mean you shouldn’t choose wisely when pricing your home. Median days on the market remain low, with the prime time to list your home being a Thursday to allow for weekend showings. Sellers should adjust their listing strategy to reflect nearby comparative home sales. If you list your home too high, you risk not selling as quickly as nearby listings. Then, showing activity decreases and so do the odds of an asking price (or higher) offer.
Here are a few blogs that might help you as a seller:
- Questions to Ask When Selling a House
- How Much Does it Cost to List on the MLS?
- What if the Appraisal Comes in Low?
While being a buyer has been an exhausting process in 2021, more houses are beginning to hit the market as summer is the peak season for inventory. For the first time in months, buyers are facing less competition for active listings. This doesn’t mean bidding wars are going away completely, instead buyers are competing with 3-5 offers, rather than 15-20. Home values are holding strong, which means buyers who are able to secure a home are rewarded in equity. Ultimately, things are looking up for potential homebuyers. Our advice is to be prepared with financing, get creative with the contingencies of your offer, and don’t give up.
Here are a few blogs that might help you as a buyer:
- How to Buy a New Construction Home
- Can I Buy a House with No Money Down?
- What is Due Dilligence in Real Estate?
Please note, if you buy with us, we split our buyer’s agent commission with you and give you back up to $6,000, and if you sell with us, we give you comprehensive, expert service for a low flat fee. And keep in mind, especially if you’re moving or you have friends in other states, that Trelora can help you in Atlanta, Charleston, Charlotte, Denver, Phoenix, Raleigh, Seattle, St. Louis and Tucson. In the meantime, please stay healthy and safe.
Christopher has been been in the Real Estate industry for 8 years and has had the opportunity to close over 1,000 deals while acting as the Managing Broker for thousands more. Christopher is passionate about continuing to find ways to simplify, maximize, and serve Trelora’s clients exceptionally well and spends his time building teams to deliver high levels of service. When not doing real estate Christopher can be seen training for marathons and ultra relays with his 2 year old daughter, eating pizza, and drinking a steady stream of Diet Coke.