The market for home sales in St. Louis County continues to grow at a slow but steady rate, with the exception of one particularly hot area: Glendale, where buyers are snapping up properties faster than ever.
Real estate professionals look at many different metrics when deciding how “hot” a particular market is, or whether the market seems to be favoring buyers or sellers.
Sales price is a common metric, of course. The market is considered to be better for buyers when prices are trending downwards, and better for sellers when prices are trending upwards. According to Deerwood Realty principal John Schink, the St. Louis market has been in a swing away from a solid buyers’ market after 5 years of consecutive growth.
In addition to sales price, many real estate professionals use average Days on Market (DOM) as a way to determine the market trend for a given area. That number tracks how long it takes homes in a given area to sell. Unsurprisingly, low average DOM generally indicates a seller’s market – no one wants to list their home and have it languish for weeks without an offer.
While home sales in St. Louis have seen small but consistent growth over the last several years, looking at local segments of the market will always give you better information.
For example, for homes in the $250,000 range, average sales price for the month of April has increased by 5.2% in Ballwin and 9.2% in Fenton, and decreased by 2.9% in Manchester (compared to 2017 prices). In the same time frame, average DOM has increased by 13.8% in Ballwin and 16.7% in Fenton, and decreased by 25.9% in Manchester.
Home sales at the $650,000+ price point show less of a clear trend. Town and Country has seen an 11.9% increase in prices compared to 2017 numbers, and Ladue has seen a 19.2% increase.
At the same time, average DOM rose from 64 to 92 for Town and Country and from 67 to 72 in Ladue, but fell from 86 to 60 in Clarkson Valley. “If you’re listing a home for sale in St. Louis County at a higher price point,” says John Schink, “these numbers show that there are definitely buyers, but you may have to wait a bit longer to get your price.”
There’s one notable St. Louis-area exception to this trend: Glendale. Since 2017, Glendale homes have seen a nearly 12% increase in price, from $403,090 to $451,344. But while that price increase would normally be accompanied by homes staying on the market for longer, DOM has actually fallen significantly: from an average of 34 days in April 2017, to 27 days in April 2018, and just 22 days on the market in April 2019.
Those numbers point to good things for sellers in Glendale, and to the increasing desire of buyers to acquire homes in the area.