St. Louis Real Estate-Market Watch October 25th, 2008

Saint Louis Real Estate Market Watch by Art Wagner @ Keller Williams Realty Southwest, Sunset Hills, Mo.
October 25th, 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 has our pending ratio declining to 10.77 percent, down from last wweek’s 11.33 percent.  We are showing about the same number of active listings, but again, fewer homes accepting contracts. Some buyers are still “sitting on the fence”, waiting to see what will happen with our financial and housing markets.  Due to this situation, our average month’s of inventory has risen to 9.3 months.  Notice that one year ago this week our average months of inventory was 10.4 months. Buyers, you still have fewer homes to choose from than last year.

RisMedia.com released an article on Friday, the 24th stating that sales of existing homes rose to it’s highest level in 13 months, due primarily to falling home prices and foreclosures on the West Coast.  Narrowing that down to the Midwest, we saw existing home sales increase 4.4 percent in September, but we are still 2.5 percent below one year ago.  The article goes on to state that the median home price in the Midwest in September was $152,500, which is 7.9% lower than one year ago September. Read the complete article HERE.

For our readers that faithfully use our Market Watch Report, we have created a new very short report, found on the same page as the current Market Watch Reports.  This week,  out of curiousity, and by request from several readers, we have produced the Market Watch Averages WITHOUT the very high-priced $800,000 and above category in the totals.  We think that the statistics in this price range tend to skew our averages somewhat, and obviously, there are many more consumers in the $100,000 to $799,999 price ranges than above. So, check out this new report; tell us what you think.  We are considering restructuring our report to separate out the very high price ranges, possibly making the $800,000 plus price ranges a separate report. 

Any changes, IF we would make them would be at the first of the new year. 

WHO DO YOU KNOW NOW that is challenged with their mortgage payments OR needs to sell for less than their home is worth?? WE CAN HELP!! 

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This entry was posted on Sunday, October 26th, 2008 at 11:45 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.