Memorial day is usually considered the start of the summer season!   As we enter this time of year, our thoughts turn to pools, the beach and lots of BBQ!   For me, it’s still a busy season but the feeding frenzy of the spring market tends to settle down a little!  It has been a sellers market with price points beneath $500K.  Inventory is still at an all time low and this makes it hard for buyers to find homes!  But over all its been a good real estate market.    I thank you all for your business in the past, present and hopefully the future should you need to sell or buy another home!

The biggest surprise of the season so far?   The upper end market had a very hot spring –  homes over $1 million . There seemed to be a feeling of optimism at that price level.   Within our office there have been several sales of new and older 1 million+ homes that sold for higher amounts than expected.   I had one listing that sold prior to going onto the open market in this higher end.  It was a new home but none the less, sold very quickly.    We will see how long this lasts.   While homes at this price point often take a lot longer to sell due to smaller buyer pool, in the last couple of months we have seen the reverse of this.  At this price point we are starting to see the emerging SMART HOME design.   These are homes that are integrated and can be controlled from a smart phone or ipad.  Everything from room temp, security, opening and closing doors, lights and blinds controlled in your hand – from anywhere in the world.   Many markets in the country have this trend already, but now we are starting to see this in St Louis.

The 500K-1 million range is the slower range right now.  Again, it seems odd that the higher end should be doing better but here we are.    The other trend we are seeing is the slow down in 2 story style home sales.   Ranches and 1.5 story homes with master’s on the main floor are moving faster.  I wonder if this is going to be the trend going forward with an aging population?  This may become a more permanent reality.   It’s not that they won’t sell, but it may be a longer time on market for this type of home.  Those of you who might be considering a home sale soon, may want to consider this recent trend.

I do think that like all style, we tend to see the pendulum swing back and forth over 20 or so year periods.   When my husband and I bought our first home  (late 80’s) we wanted a two story because we were raised in the ’50’s and ’60’s when the mid-century modern ranches were in vogue.   We wanted the exact opposite of what our parents had.   Now, our own kids – the millennials seem attracted to the mid century modern home.   They tend to want smaller and they want the opposite of what they were raised in.   Combine this with the aging baby boomers looking for one floor living alternatives to the villa/condo , it’s no wonder the ranch or 1.5 story style home is hot right now.

Then there is the tiny house trend.   Have any of you seen these shows on HGTV??   Basically these are very fancy mobile homes or campers.   They are usually not on a foundation and can be towed behind a large truck.   They really are not homes and I cannot fathom living with my husband and children in that small of a space.   I would be in jail for murder.  Or I would be a murder victim myself.   I get people don’t want debt and large mortgages but seriously???   A composting toilet?   No thank you.   My grandparents came from the old country so we could live INDOORS.   Now, if I decide to retire and tour the country, a tiny house would be a wonderful take along home but then so would a Gulfstream or Winnebago.

St. Louis is a fantastic, affordable home buying and selling market.   In fact there was a recent article that said areas of Ballwin and Crestwood  were two of the hottest markets in the country.   Both have affordable housing (under 500K) and great school districts (Parkway/Lindbergh).   So take heart in your upcoming buying and selling….we have it so much better than many other areas of the country!   And please!  If you need any assistance on the real estate front — CALL ME!