St. Louis Real Estate-Market Watch February 14th, 2009

Saint Louis Real Estate-Market Watch by Art Wagner @ Keller Williams Realty Southwest, Sunset Hills, Mo.
February 14th, 2009
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 continues to show good activity with buyer activity in the lower price ranges. We experienced a small increase in active listings this week and a small increase in homes that have accepted contracts. We anticipate this activity to continue, especially with our weather cooperating by allowing buyers to get out to view homes without trudging through rain or snow.

We need to mention a change that you may have noticed on our Market Watch Reports recently. When looking at the data for average sales price to list price averages, the percentages have dropped significantly when you look at the “days on market” columns labeled, 31-60, 61-90, 91-120, and 120+.

This is due to a change that our Multiple Listing Service made several weeks ago. They are now using the original or beginning list price compared to the final sales price. Previously, they were using the current list price, or the adjusted list price when the home sold as the basis for their comparisons.

The previous method was a bit mis-leading, as it produced list price to sales price percentages that were above 90 percent for the most part, no matter how long the home was on the market.

This new method more accurately reflects the actual percentage comparison based on the days the home is on the market. We are told that all history in our Multiple Listing Service is being adjusted also.

With the new method in place, it really emphasizes the fact that sellers must be priced within market value from the very first day of their listing in order to obtain maximum dollar for their home. The days of “Lets just try this higher price” for a while are gone.

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.

Fill out the form below to view the Market Report.

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