St. Louis Real Estate-Don’t Give up Yet!

St. Louis Real Estate Market Watch
September 8th, 2007
The Anatomy of St. Louis Real Estate

The St. Louis Home for Sale Team provides a weekly St. Louis County and St. Charles County Market Report to review and plug into your home buying or selling scenario. Your questions and comments are welcome!

This week’s St. Louis Real Estate Market Watch reports for both St. Louis County and St. Charles County look very similiar to last week’s report. However, it bears mention that in both counties, we see active listing numbers drop again AND our pending ratio is dropping also. The number of expired listings (rejected by the market) is increasing also. What’s going on?? Sellers are starting slowly to come off the market and homes that are not within 2–3% of market value are being rejected by the market. Stubborn sellers who’s homes are not within market value and continue to stay on the market are still not selling, thus dragging our pending ratio down.

We also talk to prospective sellers who are waiting—WAITING FOR WHAT?? If you’re a seller waiting for next year, thinking that the market will be better, good luck. Staying on the market now, or entering the market as a new seller makes sense especially when we see the number of listings drop. As a seller now, you have less competition, and even more so if you enter the market on target with market value in your price range. The market we are experiencing now is more than likely what we will experience well into 2008 according to all predictions we’ve seen.

Also, read Chriss Scheer’s article posted on this blog; “St. Louis Real Estate-HUD-What’s The Delay?? If Chriss’ predictions are accurate, how many more homes will we see on the market next year as foreclosures and pending foreclosures continue to increase? With an increase in inventory next year, it may be even more of a challenge to sell your home in a reasonable amount of time.

On another note. Thank you to all who are reading our blog, and finding this information useful. Please do us a favor and take a minute to send us a comment, good or bad..or ugly. Let us know what you think and tell us what else you would like to see here. No promises, other than we will respond to your comments in some form.

Thinking of buying or selling a home? Contact Us for additional information tailored to your specific needs.

St. Louis Real Estate St. Louis County Market Watch September 8th, 2007

St. Louis Real Estate St. Charles County Market Watch September 8th, 2007

St. Louis Real Estate Benchmark Report August 2007

The report begins by breaking the market into 17 distinct price ranges. Then we show current listings and current pending listings which creates a pending ratio, which is helpful on a week to week basis to see if activity is increasing or decreasing in a price category.

The report also shows the last 6 months of results and compares the data to the same 6 months of the previous year.

The Market Analysis includes data on:

Number of Active Listings (Current)
Pending Sales (Going to closing)
Pending Ratio (Active vs.Pending)
Sold (Last 6 months)
Expired (Last 6 months)1
Average List Price
Average Sale Price
Average List to Sales Price %
Days on Market (DOM)
Months worth of Inventory (Based on current pending rate)
Buyers Market: > 7 months of listing inventory

Transitional Market: 5 – 7 months of listing inventory (sometimes called a “balanced” market)

Seller Market: < 5 months of listing inventory

Average % Sale Price/List Price (0-30), (31-60), (61-90), (91-120), (120+)DOM

Notice that you’re paying a penalty for over pricing. . .hey. .it’s a fact!!

The Benchmark Report is produced monthly for:

Single Family Residence
Ranch Style
1300 – 2000 sq.ft.
3 Bedrooms
1.5 Bathrooms

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This entry was posted on Saturday, September 8th, 2007 at 11:36 am and is filed under First Time Home Buyer, For Buyers, For Sellers, Real Estate News, Relocation Buyer, St. Louis Market Reports, Unrepresented Seller(FSBO). You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.

2 Comments »

Louisville Real Estate said:

I thought Chris Sheer’s blog post was very linkworty.

# 9 September 2007 at 5:51 pm

Marty Van Diest said:

That’s a good point to all the prospective home sellers…WAITING FOR WHAT?

I said the same thing to a seller today. If you are going to sell in the next year…sell now and price it at the bottom of the market…you will still be ahead of next year and you will be SOLD.

# 11 September 2007 at 10:59 pm