Yesterday I posted charts showing the appreciation rate for homes since 1999 in the St. Louis area.
I chose not to lump condos and homes together when putting together these appreciation rate charts, because the single family home market and the condo market do not necessarily have the same pricing trends.
Condo sales have definitely been depressed in the last few years, with only 13% of 2009 St. Louis area buyers choosing a condo instead of a house. With only a small percentage of buyers looking for condos, more condo owners were unsuccessful when attempting to sell than single family home sellers.
By looking at the median sale price for the condos that did sell each year, we can see how condos have appreciated over the last 10 years.
What is the Appreciation Rate of St. Louis Condos?
The St. Louis MLS system includes realtor-listed condo sales since 1999. Granted, every property that sells is not listed in the MLS. However, by comparing the median sale price of MLS listed properties from year to year, we can get a good idea about how the market has been doing.
I’ve put together some charts to see how condos have been appreciating (or depreciating) in St. Louis City, St. Louis County and St. Charles County over the last 10 years.
Since the housing market historically appreciates about 4% per year when you look at sale prices over long periods of time, I added a line that tracks how home values would have increased if they had simply appreciated 4% each year since 1999.
As a reminder, these charts simply track changes in the market as a whole.
Increases in value can include both increases in the value of specific properties AND the impact of rehabbing older properties or new construction properties built in an older area. Decreases in median sale price includes both reductions in the value of specific properties AND a trend with buyers opting to choose less expensive condos.
Keep in mind that the value of any particular condo will not necessarily mirror the trends noted below.
St. Louis City:
Average annual appreciation rate from 1999-2009 = 5.97%
St. Louis County:
Average annual appreciation rate from 1999-2009 = 3.82%
St. Charles County:
Average annual appreciation rate from 1999-2009 = 6.08%
NOTE: These charts include new & resale condos, villas, townhomes, rowhomes and lofts which were listed in the MLS under the Condo category.
Next Up…Part 3 – How Many St. Louis Homes Fail to Sell?
PDF Possibly Related Posts:
- How Many St. Louis Homes Fail to Sell?
- What is the Appreciation Rate of St. Louis Homes?
- What is the Appreciation Rate of Lake St. Louis Waterfront Homes?
- What is the Appreciation Rate for Homes in St. Louis?
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