Tower Grove East currently leans toward sellers, with the market gauge signaling a seller’s market. Months of supply has climbed to 3.5 in this rolling three-month view, higher than the citywide 3 months in St. Louis. Buyers have a bit more room to breathe than in past years, but conditions still favor well-priced listings.
Home values in the neighborhood have softened compared with a year ago, with the typical home value down more than 20 percent year over year in this rolling three-month period. At the same time, buyers are seeing more options, as active listings are up about 6 percent year over year, and new listings are only slightly lower than a year ago. Even with that extra inventory, homes are not sitting long, with a median of just 14 days on market.
Seller expectations still meet strong demand. About 43 percent of recent sales closed above the list price, and the average sale-to-list ratio is near full price at just over 98 percent. Sales activity has eased slightly, with homes sold down around 7 percent year over year, but that has not shifted the advantage away from sellers. In this kind of mixed environment, both buyers and sellers can benefit from Agent Pronto’s help in finding an experienced local agent to guide their next move.
