St. Louis Real Estate-Market Watch August 23rd, 2008

Saint Louis Real Estate Market Watch by Art Wagner @ Keller Williams Realty Southwest, Sunset Hills, Mo.
August 23rd, 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 shows more signs of inventory shrinking with fewer active listings and our pending ratio dropping to 13.54 percent.  This same week in August 2007 we saw 11.5 percent more active listings with 16.7 percent more homes accepting contracts. The pending ratio the week of August 25^th, 2007 was 14.16 percent.  Comparing average list pricing and average selling prices shows very little up or down movement from one year ago in most price ranges. Our averages show a 1 percent increase in average list prices and a 1.5 percent drop in sales prices from one year ago. 

This year, our six month average of number of sold homes (closed transactions) is on an uphill climb.  Here’s further evidence that our local market here is stable with homes selling at an average of 95.2 percent of list price. 

You can check this out for yourself by looking at the August 25^th, 2007 Market Watch report in the archives. We have also added a line to our current Market Watch showing the total averages from one year ago this week.

The message continues to be clear to us; now is a great time to buy, especially with interest rates still historically low and new FHA financing programs.  Since the price ranges that move our St. Louis market are in the $275,000 range and down, FHA could be the loan program of choice for a majority of home buyers in St. Louis, with FHA limits set up to $281,000 now. 

ARE YOU thinking of buying or selling a home?  Contact Doug Aegerter or Art Wagner for more information and a FREE Comparative Market Analysis (CMA) of your home or your neighborhood.

 

 

St. Louis Real Estate St. Louis County Market Watch August 23rd, 2008

St. Louis Real Estate Jefferson  County Market Watch August 23rd, 2008

St. Louis Real Estate St. Charles County Market Watch August 16th, 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 (Closed transactions last 6 months)
Expired (Last 6 months)
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 24th, 2008 at 6:56 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.