St. Louis Real Estate-Market Watch June 21st, 2008

St. Louis Real Estate Market Watch by Art Wagner @ Keller Williams Realty Southwest, Sunset Hills, Mo.
June 21st, 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 looks like last week, once again. We have not seen any significant increases or decreases across the board this week. Most of our numbers are stagnant, with a very small increase in active listings, homes accepting contracts and the pending ratio trending upward by .17 percent.

It also looks like some of our predictions for the summer are unfortunately coming true. We are almost 500 active listings behind last year’s active listings. Our 3471 homes sold in the last six months of 2008 is over 1000 behind last year’s homes sold numbers for the same six month time frame.

With the interest rates inching up a bit again this week, we will probably see more buyer’s sitting on the fence waiting to see what happens.

This week, we compiled a chart showing the percentage changes in the List Price, Sales Price and Days On Market for all price ranges. We compared the past six months of 2008 to the same time period in 2007. Click on the link, HERE ,to view this comparison chart. It’s interesting to note that Average List and Average Sales prices haven’t moved very much, but the Days On Market have certainly increased for a variety of reasons.

TELL US WHAT YOU THINK—Give us your reasoning for the condition our market is in today. We’ll publish a compilation of what all our readers have told us in the next Market Watch post in TWO WEEKS. Send your responses to art@stlouisrealestatevoice.com or doug@stlouisrealestatevoice.com.

WE WILL BE OUT OF TOWN NEXT WEEKEND; So the next Market Watch Report will be published over the July Fourth weekend.

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 21st, 2008

St. Louis Real Estate Jefferson County Market Watch June 21st, 2008

St. Louis Real Estate St. Charles County Market Watch June 14th, 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 22nd, 2008 at 10:37 am 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.