St. Louis Real Estate-Market Watch February 1st, 2008

St. Louis Real Estate Market Watch by Art Wagner @ Keller Williams Realty Southwest, Sunset Hills, Mo.
February 1st, 2008
The Anatomy of St. Louis Real Estate

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

 

 The St. Louis Real Estate Market marches forward through the snow this week with an increased number of homes accepting contracts (pendings) and the average pending ratio near 13%.  In the price ranges between $125,000 and $200,000 the pending ratios are above 16%.  Perhaps some of the market predictions are beginning to come true, as we are seeing our average sale prices inching upward a bit also. 

The average list price to sales price percentages are also improving in some price ranges.  In all price ranges, except for the $800,000 and above range, we see anywhere from 97.1% to 98.5% sales price to list price. Who says this is a lousy market??  Granted,  the time it takes to sell a home is a bit longer than in previous years, but with buyers having many more avenues available to them to search for homes, and with a lot of inventory to look at, longer days on market should be anticipated and planned for. 

With only six more weeks of winter left, according to Mr. Groundhog, now is a great time for sellers to get into the market.  You will still get ahead of the major increase in inventory once spring is actually here.  Buyers are still very active right now, especially with interest rates as low as they are. 

Check out the current interest rates by reading Chris Scheer’s current article posted on our blog or go to Bankrate.com to check rates and get more information.  

 

 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 February 1st, 2008

St. Louis Real Estate Jefferson  County Market Watch January 25th, 2008

St. Louis Real Estate St. Charles County Market Watch February 1st, 2008

St. Louis Real Estate Benchmark Report January 2008

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  

 

Art Wagner can be reached at art@stlouisrealestatevoice.com

This entry was posted on Saturday, February 2nd, 2008 at 9:55 am and is filed under Real Estate News. 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.