August came and went…..and left an impact on Real Estate.
On a national level the months of inventory was 5.2 compared to 5.6 for 2014. With the lower inventory brings a faster sales timeframe, the average days on the market were 47 compared to 53 for 2014. The highlight of August was the huge surge in first-time homebuyers…..a staggering 32%! This represents more first-time homebuyers than July of 2015, and August of 2014.
Looking strictly at the St. Louis area the months of inventory is much different. For August of 2015 we averaged 3.5 months, compared to 4.2 for 2014. The average days on the market were 60 compared to 82 for 2014.
What does this mean for you? If your a seller or interested in selling your home NOW is the time. Inventory levels are down along with the average days on market translates into a sellers market for now. If your a buyer this means you have limited time to “think it over” when looking at homes and your offers need to be very strong.
Let’s see how September plays out.