With six months of 2017 residential sales data on the books, we examine pricing and segment trends in our St. Louis Real Estate Midyear Report.
In the first half of the year, residential unit sales have increased 2% and prices are up 4%. Inventory is still hovering at critically low levels. The lack of inventory is holding back unit sales in some of our strongest neighborhoods. Low inventory also leads to a seller’s market with intense competition and multiple offers for well-priced homes, a phenomenon true in the middle and low price ranges. Conversely, the luxury market (defined as homes over $1 million) has ample inventory. In fact, we are seeing over 8 months of inventory in million+ dollar homes. While luxury unit sales are modestly growing, prices for luxury homes are flat and in some cases compressed. Older homes are especially subject to downward price pressure as luxury buyers demand newer floor plans, mint condition and the latest and greatest amenities.
Click here to read our 2017 Midyear Market Report.