CWE Condo Market Trends for 2007-2008

A few days ago a reader asked me if I could provide some additional market information for the condo market in the Central West End. I’m a big believer in looking at as much data as you can before making a decision regarding buying or selling, so I was happy to oblige.

Overview:

• Condo sales in this corridor have been consistently down in 2008 compared to 2007.
• Closed sales tend to peak in June with fewer sales each month beginning in July.
• A high percentage of properties selling in the CWE corridor are new construction or total rehabs. During 2007, the average % sale price to final list price shot up on the months that had a high percentage of new construction closings. However, that trend did not continue in 2008 suggesting that builders/developers are much more willing to negotiate this year than in the past.
• Average days on market until a property gets an accepted contract has been higher throughout 2008 than 2007 (except for February). Expect it to take longer to sell than in the past if you have a property to sell.
• In 2007, properties took the longest to sell in April and July - October. In the past, properties sold the quickest during months when new BJC residents moved to the area and at the end of college semesters. It’s not surprising that this market is so influenced by residency schedules and graduation with both BJC, Wash U and SLU all being major contributors to residents.
• The gap between the average sale price and median price is largest in the months that had a high percentage of new construction/rehabs sold. These months are also the same ones that have the highest average prices. With resale buyers in 2008 spending less, sellers with higher priced resale properties will have a tougher time selling in this market then resale sellers with lower to moderate priced properties.

If you are considering buying a CWE condo, it is a good time to buy. Carefully evaluate the sale prices of comparable properties and don’t hesitate to negotiate for a lower price even if you want to buy a rehab. With most sales taking about 30 days to close, a purchase made now would likely close in August or September. The numbers are in your favor, so go find a good deal.

The data below is based on the same map boundaries that I use for my Monthly Market Report, which may not exactly match official boundaries for the Central West End neighborhood. My map is intended to capture the sales trends for the CWE and nearby areas. The data is based on information provided by Mid America Regional Information Systems (MARIS) and is deemed reliable but not guaranteed.

Possibly Related Posts:

1. St. Louis Region Market Report 2008 – Condo Sales
2. St. Louis Region Market Report 2008 – Single Family Homes
3. St. Louis Region Market Report: January – June 2008 (Part 2)
4. St. Louis Region Market Report: January – June 2008 (Part 1)

Tagged as: Central West End, Condos & Villas, St. Louis City