Our market is off to a great start this year. In fact, things are going so well that some worry-warts in the national press are even bringing up the "b" word. We think they're grasping for attention-grabbing headlines. St. Louis is seeing nothing close to a bubble, but we are seeing signs of a healthy market. We have not swung too far or too fast but many of our buyers are certainly feeling a sense of urgency that has not been present in years.
We struggled with the data for this area the most. This year's numbers looked so dramatically better that we thought we were comparing the wrong markets. In a way, we were: last year's sales included a larger number of bank-owned properties which were a drag on the market. Even after eliminating the bank-owned units, the market still looks better. A big part of this is a resurgence in higher-dollar buyers. For example, this year has seen a 50% increase in buyers for properties priced $400K and up, a segment that has struggled the last couple of years.
Average Sale Price (per square foot) is up 10%. Unit Volume is down just slightly but Days-On-Market is almost 1.5 months shorter. Sale-Price-to-Asking-Price has improved to 95% from 89%.
This is truly an impressive improvement in this market. However, please keep in mind that the gains seem driven largely by the upper price segment and the continued resolution of the market crash/mortgage meltdown hangover.
Here's one of the newest homes to enter the market is 531 N Central Ave listed for $675,000.
In this dynamic moment, as conditions improve, the reality of the market will be ahead of the data. This makes expert advice from seasoned professionals as important as ever. For information on additional areas or specific properties, contact us directly. Whatever your 2013 plans may be, it is not too soon to get started or too late for a second opinion!
If you have questions about a particular area, neighborhood or property, please feel free to contact Sabrina Robb for additional information. 314-283-7590 firstname.lastname@example.org
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About this Column: The market data is pulled from the Mid America Regional Information System. All information is deemed reliable but not guaranteed.