ST. LOUIS (KMOX)-Record low supply. Increasing sales but only slightly increasing prices. That’s the continuing saga of the St. Louis area’s real estate market.
Coldwell Banker Gundaker President Jim Dohr tells KMOX that the supply of homes on the market is the lowest he’s seen in his 40 years in the business.
Dohr says many homeowners aren’t ready to put their homes on the market, because their value has only increased about five percent from where they were before the housing bubble burst. In addition, fewer new homes are being built. “We’re down to less than 50 percent nationwide, and locally, from the peak in 2006 and 2007.”
However, prices in the St. Louis market are not spiking. “Buyers are still very cautious and they’re not overpaying,” he says. “They’re making offers that they feel are market-based offers and that’s really preventing prices from going up dramatically.”
In the first four months of the year, Dohr says sales are up 3 percent, prices are up 3 1/2 percent and homes are selling 12 percent faster than over the same period last year.