Based on the number of hits for these market reports over the last few months, I seem to have more people interested in what is happening in St. Louis City. So I’m starting with the City this month. Over the next few days I’ll publish reports for St. Louis County and St. Charles County, so check back if you are interested in seeing how the areas compare.
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 June 7, 2008.
| Central West End | May 08 | April 08 |
| # of Active properties: | 112 | 102 |
| # of Under Contract properties: | 25 | 24 |
| # of Sold properties: | 9 | 3 |
| Avg Active list price: | $576,948 | $520,774 |
| Avg Sold price: | $408,989 | $324,800 |
| Avg days on market Active properties: | 123 | 142 |
| Avg days on market Sold: | 58 | 139 |
| Avg Sold $/List $: | 94.41% | 91.15% |
| Hi/Low Sold price: | $1,060,000/$61,000 | $616,900/$132,500 |
| South City | May 08 | April 08 |
| # of Active properties: | 559 | 553 |
| # of Under Contract properties: | 151 | 172 |
| # of Sold properties: | 131 | 99 |
| Avg Active list price: | $150,125 | $151,751 |
| Avg Sold price: | $127,960 | $131,303 |
| Avg days on market Active properties: | 88 | 91 |
| Avg days on market Sold: | 97 | 85 |
| Avg Sold $/List $: | 94.78% | 96.48% |
| Hi/Low Sold price: | $394,950/$19,900 | $355,000/$20,000 |
| Tower Grove Park/Shaw Garden | May 08 | April 08 |
| # of Active properties: | 144 | 166 |
| # of Under Contract properties: | 58 | 31 |
| # of Sold properties: | 14 | 19 |
| Avg Active list price: | $187,830 | $190,546 |
| Avg Sold price: | $170,214 | $175,516 |
| Avg days on market Active properties: | 119 | 108 |
| Avg days on market Sold: | 104 | 87 |
| Avg Sold $/List $: | 95.50% | 94.22% |
| Hi/Low Sold price: | $327,500/$65,000 | $430,000/$25,000 |
| Soulard/Lafayette Square/Benton Park | May 08 | April 08 |
| # of Active properties: | 198 | 193 |
| # of Under Contract properties: | 32 | 31 |
| # of Sold properties: | 16 | 9 |
| Avg Active list price: | $262,138 | $274,325 |
| Avg Sold price: | $251,575 | $186,721 |
| Avg days on market Active properties: | 141 | 137 |
| Avg days on market Sold: | 105 | 62 |
| Avg Sold $/List $: | 93.62% | 96.12% |
| Hi/Low Sold price: | $400,000/$39,900 | $317,000/$42,000 |
The Tower Grove Park/Shaw area had a lot of activity last month. In fact, the active property supply is back down to December levels (142 actives for the December report vs 144 today). And, with 58 properties under contract, homes sold last month at TWICE the rate of previous months.
What does this mean? If you have one of the properties in the Tower Grove area that has been on the market and it didn’t sell last month…the buyers have VOTED with their feet.
With at least twice as many properties finding buyers last month since I started tracking the numbers in November, anything that is priced appropriately for the condition, location and features of the property, should have a contract on it.
The other areas in the city that I track didn’t follow this same trend. Their inventory continues to slightly climb each month. The number of properties going under contract is staying about the same (Central West End and Soulard+) or is slightly down (South City). And properties continue to sell at about 93-94% of their list price. A few years ago, that number was almost always 97% on average.
There are good deals to be had for buyers. So if you have been sitting on the sidelines, it might be time to think about jumping back into the market.
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PDF Possibly Related Posts:
- St. Louis Region Housing Market Report – Home Sales (Jan – June 2009)
- St. Louis Region Market Report 2008 – Part 3
- St. Louis Region Market Report 2008 – Single Family Homes
- St. Louis Region Market Report: January – June 2008 (Part 1)
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