For the last 3 years, I have reported that the majority of buyers were choosing lower priced homes and there was little demand in higher price ranges.
Even with daily bad economic news, people continued to buy homes over the last few years. However, buyers concerned about the economy clearly made conservative spending choices. Homes appropriate for first time buyers and investors made up a big portion of the sales.
2011 Home Sales by Price Range:
Take a look below to see how single family home sales for the 3 major counties that make up the St. Louis region did over the last 3 years.
The charts below include residential sales that closed in 2011 and were listed in the MLS. The data is obtained through MARIS and deemed reliable but not guaranteed.
Is the Market Getting Better or Worse?
It depends on your price range and your county.
Compare the 2011 charts above to sales in the last 2 years.
St. Louis City:
St. Louis County:
St. Charles County:
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.