Market Condition for January 2018
(adapted from the O'Fallon Weekly)
So Punxsutawney Phil saw his shadow. What does this mean for the real estate market? Long winters typically mean a slower market at the beginning of the year; but will six more weeks of winter weather slow down the housing market? Well, let’s take a look at the numbers for January, and then we’ll tell you our predictions!
In O’Fallon last year, we had 203 available listings versus 195 in 2018. This means we still have less inventory than last year. O’Fallon also had 34 listings expire in 2017, while only 20 have expired in 2018. Finally, we had a total of 45 homes close this January, which is over double the amount sold last year. Thus, sales have increased dramatically even though the amount of inventory has decreased only slightly. This is driving us to an even more extreme seller’s market; making the market more competitive for buyers and creating a quicker sale for owners.
The whole of St. Clair County is following a similar trend. The number of available listings decreased from 1,746 homes to 1,615 homes, while expired homes have dropped from 253 homes to 218 homes. The sales didn’t double, like in O’Fallon, but they did increase from 179 sales to 187 sales in 2018. Overall, we’re seeing a trend in the market of being more competitive with an increase in sales and a decrease in the number of available homes.
So, what’s our prediction? Again, with the increase in demand and the scarcity of properties, the market is hot for sellers. While Phil predicts a longer winter, we predict that the cold days will have little effect on slowing down this market. We see the number of buyers increasing significantly as spring draws near while the amount of inventory remains rather low; so expect the seller’s market to continue. Sorry, Phil, things are definitely heating up!
-Stats from https://marisstats.com/agent.php
-Adapted from the O'Fallon Weekly