St. Louis Real Estate-Market Watch August 2nd, 2008

Saint Louis Real Estate Market Watch by Art Wagner @ Keller Williams Realty Southwest, Sunset Hills, Mo.
August 2nd, 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 Saint Louis Real Estate Market this week is in our typical “summer slow-down” with quite a few less active listings, less homes accepting contracts and a small increase in expired listings.  Our pending ratio has dropped to 14.44% from 15.02% from last week.

This “summer slow-down” is typical in August, with many people taking last minute vacations and getting children ready for school to start in a couple weeks. 

We’ve talked to many sellers that have been in the marketplace for the last several months, or more, and are just “taking a break” from the selling process.  These sellers have had their share of challenges this summer and are frustrated with the lack of results. 

Buyers should take note, as with inventory shrinking and fewer homes to see, we expect to see pricing to continue holding steady.  Educated sellers in the marketplace are aware of this and therefore less willing to negitiate major price reductions.  This is still a great time to buy, as there are still motivated sellers in the marketplace and interest rates dropped slightly again this past week.

Buyers trying to sort out their financing and mortgage options still have a number of great choices.  With conventional lending tightening considerably, buyers should consider FHA, VA, USDA, or Fannie Mae programs. Some of these programs are less restrictive with regards to down payments and credit scores. 

Jason Kotar from Kotar & Associates wrote a great article for RISMedia July 31^st, comparing these different loan programs.  Read the article HERE.  These programs might be the answer for some challenged buyers or the first-time homebuyer.

 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 August 2nd, 2008

St. Louis Real Estate Jefferson  County Market Watch July 26th, 2008

St. Louis Real Estate St. Charles County Market Watch August 2nd, 2008

St. Louis Real Estate Benchmark Report July 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, August 3rd, 2008 at 12:37 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.