Are we in a Seller's or Buyer's Market?
Real Estate Insider with Reggie Resper
My name is Reggie Resper, owner of Resper Group Real Estate in O’Fallon IL. My duties at Resper Group Real Estate include Managing Broker, Marketing & Brand Visionary, and CFO (Chief Fun Officer). We believe in providing extraordinary service all while creating a fun and light-hearted atmosphere.
In our monthly column (and blog posts), we will be providing you with an overview of the previous month's market performance, stats that show O’Fallon compared to all of St. Clair County, trending topics that arise within our industry, and our predictions on what the market will do next.
Initially, we’d like to jump into a general picture of what the market overall is doing in St. Clair County as a whole. This trend is also evident in O’Fallon’s Market as well. As you can see in the “Active Homes” Chart, we have had a drastic decrease in the number of homes that have been listed for sale. Even though we are low in inventory, we have still seen an immense increase in the number of homes sold.
Based on the data we have compiled at Resper Group Real Estate, the city of O’Fallon is still trending as a seller’s market with 1.5 months of inventory, (784 active homes / 538 sold homes = 68.6%). Overall, sellers are still in control of the pricing because of low inventory. The inventory in O’Fallon is down 18.2% from November 2016 (165 listings) to November 2017 (135 listings).
This is a lot of data, so let me give you the bottom line: sellers should expect a number closer to their asking price (if the property is priced according to the market), all while selling in a shorter amount of time. This also means that buyers will receive less money in closing costs & prepaid assistances.
We know the ever-changing real estate industry can be a lot to keep up with. Keeping up to date on the latest trends and statistics is key to your financial and personal plans, and we’d love to help. If you have any questions, or topics you’d like us to address, please reach out to us at [email protected].
-Data provided by https://marisnet.com/ Accessed 4 December 2017
-Adapted from an article written by Reggie Resper in the O'Fallon Weekly, p. 21; DOP 12/6/2017