Jim Dohr, President of Coldwell Banker Gundaker Forecasts Positive Market For St. Louis
ST. LOUIS, MO/July 20, 2017 (STLRealEstate.News) The forecast for the St. Louis area real estate market looks bright.
That’s according to Jim Dohr, President of Coldwell Banker Gundaker – St. Louis, who said the St. Louis area is experiencing one of the best seller markets in history due to the high demand for inventory. It is being driven by the lowest month of inventory supply in residential real estate. Currently, the St. Louis area is at a two month supply for inventory, resulting in an advantage for sellers.
“We’ve had houses selling in hours in some cases or a couple of days with multiple offers on the property. That’s much more common than it was in recent history.” Dohr explained.
The average days on the market in the St. Louis region for the first half of 2017 is 53 days. This is a favorable increase from a year ago, with homes selling 16% faster than they were during the first six months of 2016.
Dohr said the fastest market with the lowest inventory is in St. Charles County, which currently has less than two months of inventory. This is followed by St. Louis County and St. Louis City, with slightly over two months of inventory. Meanwhile, Jefferson County has just over three months of inventory.
Although it’s sellers’ market, Dohr stresses the importance of pricing a property appropriately. “Buyers today, more than ever are looking for houses that are in great condition, but if you can’t afford to put your house in pristine condition because it may have some level of disrepair, that’s okay as long as you price it appropriately and discount the price to reflect the condition it is in.”
Dohr said he also attributes low interest rates to the strong real estate climate. The current average interest rate for home loans is around 4%.
Dohr anticipates this positive trend to continue, “I do think we’re going to continue to fight the challenge of low inventory, but the outlook for the foreseeable future, the rest of the year has been pretty bright.”
Dohr adds, “The National Association of Realtors and others are forecasting a very strong market through the balance of this year and beyond.”
Local resource: St. Louis REALTORS®