SELLER’S MARKET DEVELOPING IN MUCH OF THE U.S.
Existing-home sales edged up in January and February while a seller’s market is developing and home prices continue to rise steadily above year-ago levels, according to the National Association of Realtors®. Sales rose in every region but the West, which is the region most constrained by limited inventory. Lake St Louis waterfront property inventory is low but is expected to pick up as we approach the summer months. Other Lake St Louis homes for sale inventory is low while new sellers to the market are benefiting from the increased buyer traffic in the area and lack of listing competition.
Total existing-home sales, which are completed transactions that include single-family homes, townhomes, condominiums and co-ops, increased 0.4 percent to a seasonally adjusted annual rate of 4.92 million in January from a downwardly revised 4.90 million in December, and are 9.1 percent above the 4.51 million-unit pace in January 2012.
Lawrence Yun, NAR chief economist, said tight inventory is a major factor in the market. “Buyer traffic is continuing to pick up, while seller traffic is holding steady,” he said. “In fact, buyer traffic is 40 percent above a year ago, so there is plenty of demand but insufficient inventory to improve sales more strongly. We’ve transitioned into a seller’s market in much of the country.”
If you are considering selling your home this year in Lake St Louis, Dardenne Prairie, O’Fallon Mo, Wentzville or any part of St Charles County then now is the time. Call VIP Group to find out how low the inventory is in your area.
DAILY REAL ESTATE NEWS,