St. Louis Real Estate-Market Watch June 7th, 2008

St. Louis Real Estate Market Watch by Art Wagner @ Keller Williams Realty Southwest, Sunset Hills, Mo.
June 7^th, 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 this week continues to remain stable, with a small increase in active listings.  However, we are seeing a drop in accepted contracts, thus our pending ratio has dropped this week to 15.61 percent.  Average list prices and sales prices continue to move upward slightly and if you compare these to last year’s statistics, they are very close to the same across all price ranges.  More proof that we really are in a fairly stable market. 

The one thing to notice however, is that last year at this time we showed 4523 homes sold between Dec 2006 and June 2007 and this year, we are showing 3176 homes sold between Dec. 2007 and June 2008.  Our inventory has diminished since last year also, as we were seeing over 6000 listings last year opposed to 5727 this year. 

Sellers-this should be good news for you somewhat, as you may be able to sell closer to your list price.  That is assuming that your list price is within market value.

Buyers-you have somewhat less inventory to see, which may make your home-buying decision easier.  Just be aware that Great Deal may not be out there much longer, and you have more competition for every home that is for sale right now.   Buyers need to be prepared with pre-approved financing and be ready to “pull the trigger” when they find their dream home, or they may lose it to another buyer who is prepared.   

  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 a FREE Comparative Market Analysis and additional information tailored to your specific needs.

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

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

St. Louis Real Estate St. Charles County Market Watch May 31st, 2008

St. Louis Real Estate Benchmark Report May 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 Sunday, June 8th, 2008 at 4:48 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.