St. Louis Market Reports
St. Louis Real Estate-Market Watch October 4th, 2008
Filed under: St. Louis Market Reports
Saint Louis Real Estate Market Watch by Art Wagner @ Keller Williams Realty Southwest, Sunset Hills, Mo.
October 4th, 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 is seeing 100+ fewer listings than last week and fewer homes accepting contracts. Our pending ratio is better than one percent below last week at 10.89 percent and we are seeing more listings expiring and staying off the market, at least for now.
It’s no wonder, with all the financial news this past week. Between the $700 Billion Bailout package issues this past week and now we’re still not sure whether Citicorp or Wells Fargo owns Wachovia’s banking and/or securities departments. What else can we throw on the fire to make buyers and sellers in our marketplace sit and wait??
Another issue that has hit home with us this week is is our first-hand experience with lenders tightening the screws with not only their lending requirements but also their appraisal review procedures. It really does seem to follow that tightening lending practices would include adjusting appraisal reviews.
Buyers in today’s market—take note: Depending on where in the St. Louis Metro area you are buying, a good tip would be to talk to your lender and get a real good idea of how their appraiser will set values and how they will look for comparable properties when appraising your new home. What we have seen is that appraisers and lenders are looking back about 90 days for comparable sold properties and not looking much further out than 3–5 miles at the extreme from the subject property. Depending on the area you are buying in, they may not look outside of your subdivision or zip code. This shouldn’t be a problem in a lot of the St. Louis Metro area, but there are isolated areas, and price ranges, where this scenario can cause major headaches.
Lenders right now are being extremely cautious; The last thing they need is to create more “Toxic Assets” on their books. I can’t say as I blame them, but the buyers out there need to be very aware of this.
Buyers-when you look at comparables prior to making an offer on that dream home, pay careful attention as to where they are and how long ago they sold. That should give you an idea as to what an appraiser will see also. Talk with your real estate professional, as they should be very in tune with this process.
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 October 4th, 2008
St. Louis Real Estate Jefferson County Market Watch October 4th, 2008
St. Louis Real Estate St. Charles County Market Watch September 27th, 2008
St. Louis Real Estate Benchmark Report September 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
Posted by Art Wagner | Read More | Your Comments Are Welcome! | 10.05.2008
St. Louis Real Estate-Market Watch September 27th, 2008
Filed under: St. Louis Market Reports
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
Posted by El Jefe | Read More | Your Comments Are Welcome! | 09.28.2008
St. Louis Real Estate-Market Watch September 20th, 2008
Filed under: St. Louis Market Reports
Saint Louis Real Estate Market Watch by Art Wagner @ Keller Williams Realty Southwest, Sunset Hills, Mo.
September 20th, 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 continues our September trends with a few less active listings. Buyer activity remains steady, as homes are accepting contracts and our pending ratio is holding above 12 percent so far.
The price ranges that tend to keep our market moving; $100,000 through $300,000, are exhibiting pending ratios still at and well above our average pending ratio.
St. Charles County is an area where this is very noticable as homes over the $300,000 price range have come to a crawl. The average pending ratio in St. Charles County this week is 12.4 percent, driven by the very active price ranges that move the St. Charles area. In the $100,000 through $300,000 ranges, pending ratios are as high as 38 percent.
If you have a home in St. Charles County listed at $600,000 and above, you had better be ready for some long days on market, as very few homes in these price ranges have accepted contracts in the last 30–40 days.
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 20th, 2008
St. Louis Real Estate Jefferson County Market Watch September 20th, 2008
St. Louis Real Estate St. Charles County Market Watch September 13, 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
Posted by Art Wagner | Read More | Your Comments Are Welcome! | 09.21.2008
St. Louis Real Estate-Market Watch September 13th, 2008
Filed under: St. Louis Market Reports
Saint Louis Real Estate Market Watch by Art Wagner @ Keller Williams Realty Southwest, Sunset Hills, Mo.
September 13th, 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 is pretty much a mirror image of last week, so I won’t bore you with reciting numbers—just click on the Market Watch report for this week and read the numbers for yourself.
The part of the current Market Watch that bears some discussion is the comparison of this week’s total average statistics versus this same week last year. This week, we are 615 active listings fewer than last year at this time. Our pending ratios are comparable, with almost 700 fewer homes sold and 500 less expired listings in the past six months compared to last year’s same six month time-frame.
So..when your neighbor, collegue, buddy, or real estate agent expounds on the state of the real estate market and says we have too much inventory and pricing is falling into the toilet, please do us all a favor and SET THEM STRAIGHT.
Pricing wise, our average list pricing has actually risen slightly since the beginning of the year, while average sales prices have held their own pretty closely in most price ranges.
The price ranges that have decreasing average sales prices are still less than one percent, except for the very high priced ($800,000+) homes in St. Louis. Click this LINK to see our chart where we track six month average list and sales prices comparing this year to last year.
All this means that our local St. Louis Market is very stable, as compared to many other parts of the country. It’s those “other” parts of the country that get included in the mix when the news media gives us a blanket statement that, “The real estate market is terrible.”
Now, all we need is the Mortgage Industry and lending institutions to discover a “cure”, regain some real stability, thereby helping consumer confidence rise accordingly and our market will begin to show more positive signs of improvement.
Yes, I know the Fannie-Freddie take-over, bail-out, or whatever you want to call it, hopefully will help, but we’ll see what happens with that. Lou Barnes, who writes for Inman News, put an article on Inman News last Friday entitled, “The Politic of bailout: a waiting game”. It is definitely worth a read. Click HERE to go to the article.
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 13, 2008
St. Louis Real Estate Jefferson County Market Watch September 6th, 2008
St. Louis Real Estate St. Charles County Market Watch September 13, 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
Posted by Art Wagner | Read More | Your Comments Are Welcome! | 09.14.2008
St. Louis Real Estate-Market Watch September 6th, 2008
Filed under: St. Louis Market Reports
Saint Louis Real Estate Market Watch by Art Wagner @ Keller Williams Realty Southwest, Sunset Hills, Mo.
September 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 begins September with fewer active listings and our average pending ratio at 12.29 percent. Our six month survey of closed transactions ( solds) continues to inch upward due to the numbers of homes that accepted contracts a few months ago and are finally at the closing table.
Our six month survey of market rejected (expired) listings is also increasing as sellers are coming off the market for various reasons; school starts, frustration with the selling process, or not wanting to sell during the upcoming holidays. WHAT!! Yes, sellers are looking forward enough to realize that being on the market now could mean over the holidays also.
With sellers coming off the market and would-be buyers still sitting on the fence, it appears that our inventory has increased by our average 8.1 months of inventory. Actually, inventory is still going down, evidenced by less active listings. Compared to last year in the same six month time frame, in 2008 we are well below 2007 levels of homes sold by almost 1400 homes.
The Office of Federal Housing Enterprises Oversight (OFHEO) just recently released their report of home price changes by state comparing the second quarter of 2007 to the second quarter of 2008. Once again, Missouri and the St. Louis area is showing a pricing increase over second quarter 2007 of .9 percent. WHOOPIE! A point nine percent increase may not look like much, but it is further evidence that the St. Louis area and Missouri as a whole really is ahead of the doom and gloom national averages. You can check out the complete report, if you wish by clicking on: www.OFHEO.gov.
One of our biggest challenges as real estate consultants in St. Louis is helping buyers and sellers understand the REAL market conditions in St. Louis.
AND…if you weren’t aware of it, mortgage rates dropped again for the third straight week based on Bankrate.com’s weekly survey of the largest lending institutions across the country. Check it out at www.Bankrate.com.
This is a great time to buy OR sell a home in St. Louis.
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 6, 2008
St. Louis Real Estate Jefferson County Market Watch September 6th, 2008
St. Louis Real Estate St. Charles County Market Watch August 30, 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
Posted by Art Wagner | Read More | Your Comments Are Welcome! | 09.07.2008
St. Louis Real Estate-Market Watch August 30th, 2008
Filed under: St. Louis Market Reports
Saint Louis Real Estate Market Watch by Art Wagner @ Keller Williams Realty Southwest, Sunset Hills, Mo.
August 30th, 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!
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.
The St. Louis Real Estate Market this weeks shows a few more active listings coming on the market and still fewer homes accepting contracts. Thus, our pending ratio has fallen again to 12.37 percent. This past February was the last time we saw a pending ratio under 13 percent. We are starting to move into our fall statistics now, instead of waiting until mid September and into October.
What does all this mean?? Sellers are beginning to understand the market, as our list pricing has inched up slightly, however, our average sales prices have held steady. Sellers are becoming more aware that in this local St. Louis market, homes are selling at an average of 95 percent of list price, AS LONG AS they are priced within market value to begin with.
Buyers, looking for that multitudes of inventory aren’t finding it this summer. Our average inventory one year ago was at 9.5 months and this year we are showing only 8.1 months of inventory. Buyers may soon start to find that the offer they put in on a home is now one of two or three offers being contemplated. Even on sales of foreclosures and short sales, we are seeing multiple offers being looked at.
There is even some good news from the mortgage industry, as interest rates have dropped again for the second week in a row, with a conforming 30 year fixed rate at 6.6 percent. The average 15 year fixed rate, which is popular for refinancing, has dropped to 6.14 percent. Adjustable rate mortgages however, inched up this past week, with the average one year ARM at 6.28 percent and the 5/1 ARM rising to 6.27 percent.
HAVE A HAPPY LABOR DAY HOLIDAY!!
St. Louis Real Estate St. Louis County Market Watch August 30, 2008
St. Louis Real Estate Jefferson County Market Watch August 23rd, 2008
St. Louis Real Estate St. Charles County Market Watch August 30, 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
Posted by Art Wagner | Read More | 1 Comment » | 08.31.2008
St. Louis Real Estate-Market Watch August 23rd, 2008
Filed under: St. Louis Market Reports
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 25th, 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 25th, 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
Posted by Art Wagner | Read More | Your Comments Are Welcome! | 08.24.2008
St. Louis Real Estate-Market Watch August 16th, 2008
Filed under: St. Louis Market Reports
Saint Louis Real Estate Market Watch by Art Wagner @ Keller Williams Realty Southwest, Sunset Hills, Mo.
August 16th, 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 continues our summer of 2008 trends as we see fewer homes coming on the market again. However, we are seeing a few more homes selling this week as our pending ratio inches up to 14.18 percent. Our list prices and sales prices are holding steady, as well, evidenced by the List to Sales Price average of 95.4%.
In some price ranges, that average may be a bit higher, or lower, but a 95.4% average IS something to shout about, especially when you consider that all transactions in the St. Louis County area make up that average INCLUDING Foreclosures and Short Sales. Other parts of the country, such as Las Vegas, parts of Florida and areas in California where almost 70% of their business is foreclosures and short sales, would have a tough time matching our local statistics. Our local statistics show that foreclosures and short sales make up only about 8–10 percent of our total transaction volume.
Interest rates are still at historically low levels, inventory is below 2005 levels and in the first quarter of 2008 we have seen pricing / appreciation increases of about 1.7 percent. We should be thankful we live in St. Louis. You don’t hear much, if at all, from the news media about these statistics; I guess they’re not doom and gloom enough to report.
BUYERS AND SELLERS– Go to RISMedia.com and check out the article from John Benson, who compiled information from a White Paper he authored entitled, “60% of the U.S. Can Stop Worrying about Housing Market”. He claims that a lot of the negative thinking and talk of recession is more of a “mental recession” than anything.
SELLERS– While you’re visiting RISMedia.com, check out this article, by Kathleen Lynn, which gives one frustrated seller’s insight into his experiences with his home selling process. “8 Reasons Your Home Hasn’t Sold Yet-Advice for Frustrated Clients”, is the title of the article. It mimicks what we have been telling our clients and prospective clients during our discussions about their home selling process.
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 CountyMarket Watch August 16th, 2008
St. Louis Real Estate Jefferson County Market Watch August 9th, 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 (Last 6 months)
Expired (Last 6 months)1
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
Posted by Art Wagner | Read More | Your Comments Are Welcome! | 08.17.2008
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