ST. LOUIS (KMOX) – The average sale price of the St. Louis area home is on the rise…but not enough to raise fears of a bubble.
That’s according to Coldwell Banker Gundaker President Jim Dohr. While some coastal markets are seeing huge price jumps, Dohr says they’re increasing only 3.8 percent here.
“If the prices were going up 8, 9, 10 percent, I think that would be much more of a concern. I think 3.8 percent is what you would expect in light of the fact that inventory of homes for sale in the market is at a record low, so I think we have natural laws of supply and demand kicking in,” he says.
Dohr says the lowest inventory is in St. Charles County, where there’s less than a two-month supply of homes on the market. It’s just over that in St. Louis County.