Weekly Real Estate Market Update

 

PDF of high priced homes sold in 2016: http://bit.ly/2faDMJ6

Instant Home Value Report for your home: bit.ly/2fa4rW5

 

This year we saw inventories of homes at the lowest level in years, falling into the the low 200s.  In October we fell to 224 homes available for sale, compared to 722 the same month in 2006.   This is a steady fall in the number of homes for sale while the number of homes sold is at a 10 year high.   June of 2016 broke a ten year record with 172 sales making it one of the hottest real estate months in recent history. 

If you look at the graph you will see that over the past 10 years the trend has been fewer homes combined with higher demand

The list price ratio is the percentage of list price the home eventually sells for.    In 2016 O’Fallon sellers benefited form the low inventory and high demand with List to sell ratios right under 100%.  

Homes are selling fast.   The homes that sold within in the fist week saw sold prices over list price.   The average days on market is 37 days, but the median days of market is around 13 days.   With a typical 30 day close O’Fallon sellers were closed and moved in about two months.

The Median sales price in O’Fallon is $210,000 with the average being only slightly higher at $222,000.     Only 15 homes have sold over $500k and the winner winner chicken dinner is 921 Stonecastle Dr which sold for $1.5 million.     To see photos of the inside of this one and the other high priced homes in O’Fallon click the link.

O’Fallon is going to see rising prices again in 2017 due to low inventory and growing demand.    If you are considering selling or would just like to know the new value of your home might be, click the other link below to access our instant and free home value report.    Enter your property address and within minutes you have a PDF with all recent sales and market data.

If you have any questions about the O’Fallon real estate market feel free to contact me or anyone on my team.   We want to be your real estate resource.    Thank you and I look forward to speaking with you.

Data:

Existing Single Family Homes sold in 2016

Excludes condo / town homes

Excludes new construction

Excludes auction

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