Monday, January 23, 2017

St. Louis Area Median Home Price Rose 4 Percent in 2016

Posted By on Mon, Jan 23, 2017 at 6:08 AM

click to enlarge Infill housing under construction on North Sarah Street. - PHOTO COURTESY OF FLICKR/PAUL SABLEMAN
  • Photo courtesy of Flickr/Paul Sableman
  • Infill housing under construction on North Sarah Street.
You might have laughed skeptically when experts predicted that St. Louis would be one of the nation's hottest real estate markets in 2016, but now the joke's on you: Smarter people did their laughing all the way to the bank.

The area's median home price rose four percent in 2016, from $160,000 to $167,000 — even as the total number of sales was up eight percent. The number of days on the market in greater St. Louis dropped from 103 to just 86. And the months of inventory for the year dropped from 4.3 to 3.9.

That's all according to St. Louis REALTORS, which noted the previous forecast with approval.

“We have been watching our housing market meet and exceed all economic predictions for the past twelve months,” noted the group's president, Barry Upchurch, in a prepared statement. “We all heard and appreciated what Realtor.com Chief Economist Jonathon Smoke was saying at our Economic Forecast Breakfast last February when he predicted, ‘in 2016 St. Louis would be one of the top markets in the country to purchase a home.’ His prediction for the year was spot on, and now we have the data to back that up.”

And the trend shows no signs of stopping just yet. The median sale price is December was up six percent from the previous year.

The real estate agents' group believes the numbers suggest healthy growth, not an unsustainable bubble.

“Throughout the year we have experienced consistent price appreciation," notes CEO John Gormley in a prepared statement. "It has not — as in some markets across the country – been a real estate roller coaster. Instead, what we have seen reflected in St. Louis are the economic indicators that you look for in a healthy, affordable housing market including a steady incline in sales, a moderate increase in median home price and a decrease in days on the market.”

Something to cheer about, then. Unless you sat this one out ... in which case we will refrain from saying we told you so.

In fact, in that spirit of benevolence, we'll even give you a tip. Looking to get ahead in 2017? May we suggest checking out the listings in Fox Park?

We welcome tips and feedback. Email the author at sarah.fenske@riverfronttimes.com

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