St. Louis Real Estate-Market Watch December 6th, 2008

Saint Louis Real Estate Market Watch by Art Wagner @ Keller Williams Realty Southwest, Sunset Hills, Mo.
December 6th, 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 gives evidence as to why sellers ought to stay in the marketplace and why buyers ought to be buying right now.

Active listings have dropped by 234 this week, followed by accepted contracts (pendings) only dropping by 10. This has caused our pending ratio to bump up a bit to 10.04 percent. Buyer activity has not declined nearly as much as seller activity.

Our average listing price has remained fairly stable for the last several months, while our average selling prices has declined slightly. 4 weeks ago, our average selling price was $480,857 as compared to this week at $457,502. Sellers want to get their home sold before the end of the year, and some are making concessions to get it done. Even so, our average list price to sale price ratio remains at 95 percent. When you remove the $800,000+ price range from the statistics, we see the average list to sales percentage increase to 97.5 percent.

Buyers that are staying in the market may be finding even better value for the dollar from now until the end of the year.

Thursday, this last week, Federal Reserve Chairman Ben Bernanke, spelled out more aggressive steps that the Government could take to help reverse the nationwide housing slump. This report came a day after reports came to light that the Treasury Department is looking at steps that could put some mortgage rates below 5 percent, and a day before the Mortgage Banker’s Association reported record foreclosures and delinquencies from July to September this year. Read the complete article with Mr. Bernanke’s suggestions on how to help fix this mess at RISMEDIA.COM.

REAL ESTATE AGENTS AND FOR SALE BY OWNERS- Are your listings and / or home sitting on the market too long?? 120 days or more?? We have a program designed to get your listing or FSBO home sold. Real Estate Agents get paid their commission in full. Contact us for more info.

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!!

WHO DO YOU KNOW that’s 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.

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