ST. LOUIS (KMOX) – A quarter into the new year, and the local real estate market is heating up along with the weather.
Last year’s first quarter was hot, but this year’s is topping that with closings up 5 percent and sale prices up nearly 4 percent. Coldwell Banker Gundaker President Jim Dohr says prices are rising just a little faster than last year, which is surprising because the supply of homes on the market is at an all-time low.
Dohr says tighter credit may be the reason.
“Credit is still very tight. There’s a lot of millennial borrowers who have a fair amount of college debt. College debt has tripled in the last ten years, and that’s keeping people from being able to qualify for loans,” he says.
Dohr says in St. Charles County there’s only a two month supply of homes on the market. They like a six month supply. Homes there are selling 16 percent faster than they did last year.