This year lower priced properties aimed at buyers making conservative spending choices and first time buyers are selling much more easily than higher priced properties.
Take a look below to see the differences in 2008 single family home 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.
There isn’t much of a demand in any of the counties for high priced homes, but sellers have better odds at finding a buyer in St. Louis County than either the city or St. Charles.
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St. Louis City:
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53% of homes sold for under $100,000
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85% of sales were priced under $200,000
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95% were priced under $300,000
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St. Louis County:
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an equal number of homes sold under $100,000 and between $100,000 – $200,000 (32% each)
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another 17% of homes sold from $200,000 – $300,000
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81% of the homes sold under $300,000
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St. Charles County:
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3% of sales were under $100,000 (dramatically lower than both other counties)
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52% of homes sold between $100,000 – $200,000 and another 31% sold between $200,000 – $300,000
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86% of the homes sold under $300,000
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What does all this mean?
If you are trying to sell a home and it is priced above or below the average sale prices for your county, there just aren’t a lot of buyers. You need to consider pricing your home aggressively if you hope to get it sold. If you don’t need to move, it might be smarter to stay put for a year or two until sales pick up in your price range.
If you are trying to buy a home, don’t be surprised if you end up competing with other buyers if you are looking at the same price range as the majority of buyers. If you are in a position to purchase a higher priced home, you should be able to find a great deal.
Check back for Part 2 & 3 of this series covering condo sale prices, how long it is taking for properties to sell and the percentage off list price for closed sales.
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Possibly Related Posts:
- St. Louis Region Market Report 2008 – Condo Sales
- St. Louis Region Market Report 2008 – Single Family Homes
- St. Louis Region Market Report: January – June 2008 (Part 3)
- St. Louis Region Market Report: January – June 2008 (Part 2)
