In St. Louis’ tight housing market, the feeling of hope among home buyers has become one of angst.
Homes that have barely been on the market are receiving multiple bids above asking price. Would-be buyers are struggling to compete with others willing to pay cash, waive certain contingencies or buy sight-unseen.
Real estate agents around the area say its something they’ve never seen.
In March, the inventory of home listings in the St. Louis area hit the lowest point it’s been in years. Real estate agents typically say a market in equilibrium has a six-month inventory of homes available for sale. In many area counties, the inventory is below three months. According to data from the real estate website Trulia, the average number of homes listed each month in the St. Louis area dropped by 37.5 percent from the first quarter of 2012 to the first quarter of this year.
That mirrors a trend seen in many metro areas across the country. In the nation’s 100 largest metro areas, there are, on average, 32.5 percent fewer homes available than in 2012, falling to a point where the inventory of homes for sale nationwide is close to a 20-year low, according to Trulia data, which was distributed by The Associated Press.
Read more: St. Louis Post-Dispatch