May 2, 2017
The epic sellers’ market is now hitting levels high enough that some St. Louis area homeowners are even getting texts from realty companies to gauge whether they’d be interested in parting with their homes.
According to an account in the Riverfront Times, the offers came from a local enterprise looking to find new inventory in such fashionable areas as Kirkwood, Tower Grove and Shaw Park.
The story is yet another indicator of the continued rise of property valuations in both the Gateway City and the nation as a whole. Reports of bidding wars are emerging for hot homes as prices rise and supply drops. Since March of last year, the number of days a house spends on the market in the city or county of St. Louis tumbled by nearly two months. The immediate region now has only a four-month supply of homes on the market – more than a third below normal.
Properties under $200,000 seem to be where housing stock is dwindling the most.
Pronouncing the region’s market as “smoking hot,” the RFT said the growth was built on already robust numbers from last year though it noted that “2017 has seen houses selling faster, for higher amounts of money, even as the number of homes on the overall market has continued to drop.”
The paper noted in November that one analysis put the wider St. Louis region at the very top of a survey of more than 90 cities in year-over-year growth for both sales and the number of homes on the market.