St. Louis Real Estate-Market Watch September 27th, 2008

Saint Louis Real Estate Market Watch by Art Wagner @ Keller Williams Realty Southwest, Sunset Hills, Mo.
September 27th, 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 slowing down a bit with fewer active listings, fewer homes accepting contracts and our pending ratio has dropped below 12 percent.  Our average list prices have dropped a bit with average sales prices  inching upward slightly, thereby pushing the list to sales price percentage a bit over 95 percent. 

As we head into Fall, we are seeing buyers in the market being advised to offer anywhere from 15 to 25 percent less than list price for a home they wish to purchase.  Either they think the St. Louis Market is really that bad, or are just getting inaccurate advise from their advisor, whoever that may be.  Even homes that have been on the market for 120 days or more are still selling in a 92–96.6 percent range.  Yes, somewhere along the way, the price of the home may have been adjusted, but if that is so, the home was overpriced from the start. You will find most of those homes in the “expired” column of our report. 

We spend a lot of time with people, helping them understand the real St. Louis Real Estate Market.  We wish everyone in the Real Estate and Financial Services businesses would do the same.  It just might help to instill a bit more consumer confidence, at least locally. 

 

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 September 27th, 2008

St. Louis Real Estate Jefferson County Market Watch September 20th, 2008

St. Louis Real Estate St. Charles County Market Watch September 27th, 2008

St. Louis Real Estate Benchmark Report August 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, September 28th, 2008 at 10:18 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.