Mar 13, 2017
Coming off a very healthy year of home sales, local realty professionals appear optimistic that sustainable growth could make for a rosy outlook in 2017.
“All indicators are that St. Louis will continue to be one of the best cities in the U.S. to work, live and buy an affordable home for you and your family,” noted St. Louis REALTORS® CEO John Gormley in a recent release from the organization.
According to statistics for St. Louis city and county, median sale prices jumped by 4 percent last year versus 2015 while the average number of days on the market fell to just 86. Total sales grew by 8 percent as the quantity of active listings ebbed slightly.
January numbers from St. Louis REALTORS® showed a continuation of the encouraging trajectory with the median sales price inflating by $2,250 over this month last year.
Analysts credit the area’s affordable housing stock and solid wages here for the good news. St. Louis REALTORS® notes that 2017 is likely to see slower-paced growth but only as part of a “new sustainable normal”.
“Despite having low inventory, which is a supply-demand thing, our sales volume continued to grow. And so our market never really slowed down, which is certainly remarkable for any real estate market,” said Gormley. “At some point, though, you do have to ease off the gas pedal a little to realize and reflect on the growth that’s taking place.”