July 2008

Compared to single family homes, the condo market is much more consistent across the 3 counties that make up the majority of the St. Louis region.

Though plenty of single family homes have been selling under $100,000, the numbers are dramatically lower for dirt cheap condos. Regardless of the county, the majority of condos are selling between $100,000 – $200,000.

Take a look below to see the 2008 condo sales for the 3 major counties that make up the St. Louis region. The charts below include closed sales from January – June 2008 that were listed in the MLS. The data is obtained through MARIS and deemed reliable but not guaranteed.

• St. Louis City:
  • 9% of condos sold for under $100,000
  • 53% of sales were priced between $100,000 - $200,000 and 25% of sales were between $200,000 – $300,000
  • 86% were priced under $300,000
• St. Louis County:
  • 20% of condos sold for under $100,000
  • 52% of sales were priced between $100,000 - $200,000 and 15% of sales were between $200,000 – $300,000
  • 87% were priced under $300,000
• St. Charles County:
  • 15% of condos sold for under $100,000
  • 63% of sales were priced between $100,000 - $200,000 and 18% of sales were between $200,000 – $300,000
  • 96% were priced under $300,000

The bottom line:

There aren’t dramatic differences between the 3 counties for condo sale prices. St. Louis City does have a higher percentage selling between $300,000 to $600,000 than the other two counties, and St. Louis County does the best at condos priced over $600,000.

The most dramatic difference is not in condo sales by county, but between condo and single family home sales. With only 1309 closed condo sales across all 3 counties, there is very low demand for condos compared to single family homes (with 9027 closed sales). With only 13% of closed sales in the condo category, it’s simply much harder to sell a condo than it is a single family home.

Take a look at Part 1 for more detail on single family home sales and check back for Part 3 of this series on how long it is taking for properties to sell and the percentage off list price for closed sales.

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