Here are the highlights from the 4th Quarter Maris report for 2013!
Simply put: Prices are up. Inventory is down. In fact, the available housing stock is down nearly 20% from just one year ago. Looking at the bar graph, you can see that the gap between Homes for Sale and Closed Sales has dramatically decreased since 2011. For the 4th quarter of 2011 only about 1/4 of the homes listed actually resulted in a closed sale. For 2013, nearly half of the listed homes resulted in a sale.
Most salient observation: There is only a 4 month supply of homes for sale in St. Louis County. Most economists say a 6 month supply is a healthy market. A 4 month supply is leaning heavily toward a seller’s market. Nearly 2/3rds of the homes being listed are selling. On average, those homes are selling with 71 days.