St. Louis is a seller’s market as the pandemic continues
Even in a year where we were told to stay, the real estate market is moving fast
ST. LOUIS – What is the 2020 version of a boom city? A Zoom City: A housing market that’s getting a boost thanks to remote working, and St. Louis is on the map.
“To our surprise, it exceeded anything we could have predicted,” said Mary Krummenacher, real estate agent at Re / Max Results.
The latest report that Krummenacher pulled from the St. Louis Association of Realtors compares the comparisons from July 2019 to July 2020 – and shows that pending sales rose 18% and property sales prices rose more than 11%.
“It’s not just economic decisions that determine where people live, but also the quality of life and lifestyle,” said Sarah Bernard of Red Key Realty.
Part of it is that if you work from home or go to school, you don’t necessarily have to be near work or school.
That said, while the cities are also active, much of the movement is in the suburbs or beyond. Pools and houses with courtyards are in great demand.
“People who didn’t have a garden, and that was perfectly fine maybe six months ago, suddenly they want this outside space,” said Bernard, who has seen great interest in property in Innsbrook – usually a resort community. Now a place that people want to be full time.
“Choices that people made in the past are completely different now, ”said Bernard. “People really see their lives very, very differently. And how do you want to spend it and what do you want to be surrounded by day in and day out? What do you want to see? What’s the point of view from the window? “
That doesn’t just mean moving around the St. Louis area: whether you’re coming home from a bigger city or looking for a better quality of life, people are moving to the area too.
“Since St. Louis is in the Midwest and is a very economical place to live, it becomes very desirable when things like this happen that are not expected,” said Bernard.
“I have a national celebrity [as a client] The St. Louis native who had just closed their New York apartment came back because the pandemic decided to bring St. Louis home for many reasons, “Krummenacher said. “It’s like it’s cheaper, it’s a lot more accessible.”
Overall, quarantine-friendly properties are most in demand, such as places with space for a home office or gym.
“We realize how much our home is, our shell: how important it is to make this inclusive. Just in case we come across other scenarios in which we are a little more attached to our homeland, ”said Krummenacher.
Despite all this demand, there isn’t much inventory or houses for sale. Another side effect of the pandemic housing market is that many homeowners stay there, so there aren’t as many houses for sale as there are people who want them. In some cases, this has resulted in bidding wars and houses being taken off the market within weeks.
Both real estate agents agree: it’s a seller’s market and likely will be for a while.