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Thursday, March 24, 2016

St. Louis Housing Sales Were Sizzling in February

Posted By on Thu, Mar 24, 2016 at 7:31 AM

A stately home in St. Louis' Compton Heights neighborhood. - PHOTO COURTESY OF FLICKR/DUSTIN PHILLIPS
  • Photo courtesy of Flickr/Dustin Phillips
  • A stately home in St. Louis' Compton Heights neighborhood.
They said this would be a hot year for St. Louis real estate — and they weren't kidding. 

Newly released statistics from the St. Louis Association of Realtors show that home prices were up six percent in February compared to February 2015. And 
that's even as the number of days on the market plunged — from an average of 170 days on the market in February 2015 to just 114 last month.

For John Gormley, the association's CEO, the news is nothing but good. "Prices are continuing to climb at the same time the days on the market are dropping," he tells us. "And this is normally the slow time. Spring and summer are typically the busy time. That makes us wonder what that's going to look like."

And while west county ZIP codes like Crestwood's 63126 have proven predictably hot hot hot, it's not just the 'burbs that are booming. "In Ballwin, the inventory is very low, so that's going to continue to create even more pressure," Gormley says. "You'll see some intense competition for properties there. But even downtown St. Louis is having a resurgence. You're seeing the boomers continuing to buy places in the city. They like the city lifestyle."

But perhaps this is the best news of all: Even with rising home prices, everyone from retirees to millennials can afford to buy in. Sixty-two percent of the homes sold in February were $199,000 or less. 

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