St. Louis Real Estate - Market Watch - March 14, 2008

St. Louis Real Estate Market Watch by Art Wagner @ Keller Williams Realty Southwest, Sunset Hills, Mo.
February 29th, 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! 

FIRST-OUR SINCERE APOLOGIES FOR POSTING THIS SO LATE.  WE HAVE HAD SOME TECHNICAL ISSUES ARISE THIS WEEKEND AND WERE UNABLE TO POST UNTIL TODAY. 

The St. Louis Real Estate Market this week continues to show signs that Spring is on it’s way.  Active Listings are above the 5000 mark. Buyer activity remains strong as more homes are accepting contracts with the pending ratio remaining above 15 percent.  Our inventory levels in most price ranges seem to indicate that we are in a Transitional or Balanced Market with 5–7 months of inventory.

The $150,000–$174,999 price range has fallen below 5 months of inventory, indicating a temporary “sellers market” in that price range only.  That probably won’t last long, as more homes will come on the market toward spring, but now that’s a great sign for sellers in that price range.  Sellers should have a better chance of selling closer to their list price, provided they are priced within market value and the home is “show” condition.

Buyers-There’s plenty of inventory in the marketplace now, so HAPPY HUNTING!!  Choosing to wait until spring to buy to see what else comes on the market may be a benefit, as home prices are still forecast to decline slightly, but along with the additional inventory will come additional buyers into the marketplace to compete with you for your new home.  Either way, buyers are still in a great place at a great time.

 For some great information regarding the real estate market and a really cool home-value calculator, check out the report just released by the Office of Federal Housing Enterprise Oversight (OFHEO) at http://www.ofheo.gov/.

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 March 14th, 2008

St. Louis Real Estate Jefferson  County  Market Watch March 7th, 2008

St. Louis Real Estate St. Charles County Market Watch March 14th, 2008

St. Louis Real Estate Benchmark Report March 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 Monday, March 17th, 2008 at 4:07 pm and is filed under St. Louis Market Reports. 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.