Michael Nettemeyer of The Nett Group with Realty Executives Presents...
This week's overview of the the Saint Peters MO Real Estate Market
The median list price in the Saint Peters MO real estate market this week is $224,945. The 182 properties have been on the market for an average of 288 days.
The Market Action Index has been trending downward lately, indicating demand falling along with supply. Conditions point to mildly negative trends for the market.
Supply and Demand
While the Market Action Index in the Saint Peters MO real estate market shows some strengthening in the last few weeks, prices have not seemed to move from their plateau. Should the upward trend in sales relative to inventory continue, expect prices to resume an upward climb in tandem with the MAI.
Median Price
Prices hit another all time high this week for the Saint Peters MO real estate market. Given current conditions, prices continue to march higher. A persistent drop of the Market Action Index into the Buyer's zone will be a leading indicator of the price strength subsiding.
Quartile Prices
Prices have settled at a price plateau across the board in the Saint Peters MO real estate market. Prices in all four quartiles are basically mixed. Look for a persistent shift (up or down) in the Market Action Index before prices move from these current levels.
Price Per Square Foot
In a market where prices are rising fairly consistently, price per square foot is essentially flat. This often implies that new homes coming on the Saint Peters MO real estate market are pricier, and also larger than older homes. As a result the value one can buy stays the same.
Inventory of Properties Listed for Sale
Inventory in the Saint Peters MO real estate market has been falling in recent weeks. Note that declining inventory alone does not signal a strengthening market. Look to the Market Action Index and Days on Market trends to gauge whether buyer interest is changing with the available supply.
Market Action Index
The SAINT PETERS MO real estate market is currently in the Seller's Advantage zone (greater than 30). The 90-day Market Action Index stands at 33.97 which indicates that demand is strong and available supply of homes gets snapped up relatively quickly.
Days on Market
The properties in the Saint Peters MO real estate market have been on the market for an average of 288 days. Half of the listings have come newly on the market in the past 126 or so days.
