In the last few days, I have posted the latest real estate market reports for St. Louis County and St. Charles County.
Today we’ve got the March real estate report for St. Louis City.
St. Louis City is made up of a number of neighborhoods, and my reports are based on a map defined search which may not exactly coincide with official boundaries. Take a look at the links for maps that show my boundaries for the Central West End, South City, Tower Grove/Shaw Garden and Soulard/Lafayette Square/Benton Park.
The data is based on residential sales which doesn’t include the majority of condos and is taken from MARIS.It is deemed reliable but not guaranteed. Active and under contract data is based on April 4, 2008.
| Central West End | March 08 | Feb. 08 |
| # of Active properties: | 92 | 76 |
| # of Under Contract properties: | 17 | 22 |
| # of Sold properties: | 9 | 6 |
| Avg Active list price: | $498,069 | $497,951 |
| Avg Sold price: | $353,144 | $259,000 |
| Avg days on market Active properties: | 165 | 192 |
| Avg days on market Sold: | 112 | 164 |
| Avg Sold $/List $: | 94.41% | 102.80% |
| Hi/Low Sold price: | $700,000/$87,000 | $610,000/$20,000 |
| South City | March 08 | Feb. 08 |
| # of Active properties: | 529 | 504 |
| # of Under Contract properties: | 162 | 121 |
| # of Sold properties: | 69 | 53 |
| Avg Active list price: | $148,190 | $140,688 |
| Avg Sold price: | $122,775 | $133,465 |
| Avg days on market Active properties: | 97 | 103 |
| Avg days on market Sold: | 94 | 87 |
| Avg Sold $/List $: | 95.60% | 95.17% |
| Hi/Low Sold price: | $345,000/$22,000 | $450,000/$30,000 |
| Tower Grove Park/Shaw Garden | March 08 | Feb. 08 |
| # of Active properties: | 176 | 155 |
| # of Under Contract properties: | 32 | 29 |
| # of Sold properties: | 13 | 19 |
| Avg Active list price: | $196,487 | $194,081 |
| Avg Sold price: | $121,069 | $124,521 |
| Avg days on market Active properties: | 136 | 139 |
| Avg days on market Sold: | 126 | 124 |
| Avg Sold $/List $: | 94.42% | 94.34% |
| Hi/Low Sold price: | $231,000/$33,000 | $345,000/$24,500 |
| Soulard/Lafayette Square/Benton Park | March 08 | Feb. 08 |
| # of Active properties: | 184 | 170 |
| # of Under Contract properties: | 19 | 21 |
| # of Sold properties: | 16 | 7 |
| Avg Active list price: | $281,592 | $261,666 |
| Avg Sold price: | $137,719 | $140,848 |
| Avg days on market Active properties: | 176 | 161 |
| Avg days on market Sold: | 171 | 156 |
| Avg Sold $/List $: | 95.71% | 94.66% |
| Hi/Low Sold price: | $337,000/$15,000 | $265,000/$17,500 |
Did you notice that sellers aren’t just giving away the homes at huge discounts from the final list price?
So many buyers in the current market think that they can come in with lowball offers and get a property for 10-15% off of list price. Rarely do sellers come down that much, even in a slow market. Instead, they slowly drop their price if they find that they just can’t sell for their original price. Eventually, homes will either end up at a price that will result in an offer, or the seller will end up giving up with the property not selling.
By the time that homes sell, they are priced well most of the time. At that point, homes in the city are selling at around 4-5% off list price.
10936 Manchester Road St. Louis, MO, 63122 USA
admin@archcityhomes.com • 314-677-6538
Possibly Related Posts:
- St. Louis Region Housing Market Report – 2009 Condo Sales
- St. Louis Region Housing Market Report – 2009 Home Sales
- St. Louis Region Market Report: January – June 2008 (Part 2)
- St. Louis Region Market Report: January – June 2008 (Part 1)
