St. Louis Home Sales Up By Double Digits in 2016 - There is Even New Condo Construction in the CWE!
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Total home sales volume in St. Louis year to date is up 11.3 percent, according to the May St. Louis Realtors Housing Report, in what the organization calls "a hot residential real estate market."
Total residential sales volume in 2016 so far has grown to $1.5 billion from $1.3 billion in the same period last year, according to data from the MARIS (Mid America Regional Information Systems) Multiple Listing Service. In the month of May alone, total sales volume grew 15.4 percent to $465 million from $402 million in the same month in 2015.
“We are in an incredibly strong residential real estate market,” St. Louis Realtors President Sandy Hancock said Monday in a statement. “We are seeing robust sales in every segment of the market, including the luxury market, which we consider to be homes that are sold for $500,000 or more. Home sales in that category stand at 17 percent of our total sales for May.”
In May for the city of St. Louis and St. Louis County combined, median sales price for homes rose 10 percent, or $16,800, from $167,200 to $184,000, according to MLS statistics. Days on the market dropped from 147 in May 2015 to 94 days in May this yer, and 1,879 homes sold last month compared with 1,800 sold in May 2015, a 4 percent increase.
There were 7,240 active listings this month in St. Louis according to MARIS, down 7 percent from 7,808 for the same period last year. Housing inventory fell to a 3.9 month supply in May, down slightly from 4.3 months in May 2015. According to the St. Louis Association of Realtors, economists consider 6.5 months of housing inventory as ideal. Months of inventory refers to the number of months it would take to sell all homes on the market, if no others were added.
“From the outset, all economic indicators were that this was going to be a strong year in residential real estate in St. Louis,” St. Louis Realtors' CEO John Gormleysaid in a statement. “We just didn’t know how strong. Sales started out extremely well early on this year, and we are seeing that trend continue right into the height of the residential selling season.”
St. Louis Realtors, also known as the St. Louis Association of Realtors, has nearly 8,000 members.