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Prudential Alliance, REALTORS® reports the St. Peters real estate market ended 2013 with a declining inventory, but with the market leaning just slightly toward sellers, 2014 is expected to bring promising numbers as home buyer and seller confidence continue to climb.
St. Peters MO (PRWEB) February 20, 2014
Located in St. Charles County, St. Peters combines the best of two worlds with city-like amenities and a leisurely, laid-back way of life. In just about 30 minutes, St. Peters residents can be in the midst of the hustle and bustle of downtown St. Louis. This makes the St. Peters community a great place to live for those who commute to and from work in the city. In fact, St. Peters was ranked twice on CNN/Money Magazines Top 100 Best Places to Live in America, and its easy to see why.
Citing Altos Research, a California-based analytics company, Prudential Alliance, REALTORS® reports that demand for homes in St. Peters has been quite impressive of late. For all of 2013, the market favored sellers, and it continues to do so. The Market Action Index, a measurement of the market conditions with the value of 30 as the neutral zone, was marked at 32.78 as of February 7. This shows that while the market is in favor of sellers, it isnt too far out of the reach of buyers.
The fairly balanced market allowed the median single-family home value to stay fairly level for the majority of 2013. After dipping slightly going into the holiday season and new year, a time that is traditionally slow, Altos 90-day weighted average shows it is already starting to bounce back with a median home value of $195,564 for the first week in February.
While many markets fluctuated drastically through 2013, St. Peters showed its resiliency, said Terri Sutton of Prudential Alliance, REALTORS®. I think well continue to see steady home value gains going into the spring with both buyer and seller confidence reaching a multi-year high.
A forecast by the American Bankers Association advisory panel predicts 2014 will see the greatest economic growth since 2005, and as mortgage rates are expected to climb throughout the year, this could mean that potential home buyers will jump into the market this spring while rates are still fairly low.
However, another huge factor that comes into play is inventory. Altos data show inventory in St. Peters has gradually fallen throughout the year from a peak of about 310 properties to a low of 236, which was where it was marked on February 7. If inventory continues to fall, available properties will likely counter with higher ticket prices and more intense demand.
The St. Peters real estate market desirability is easily complemented by the communitys crown jewel, the St. Peters Rec-Plex. The facility boasts a state-of-the-art fitness center, indoor track, NHL-sized ice rinks, world-class natatorium and various fitness programs and aerobics classes. The St. Peters Rec-Plexs claim to fame is its pool, which was the site of U.S. Olympic aquatic events in 1994. Ten years later, it hosted the 2004 U.S. Olympic Diving Trials.
In 2007, the Rec-Plex nearly doubled its size to span 236,000 square feet, and tripled the space available for the fitness center. It is now a full-service rec center available to St. Peters residents.
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