10 YEAR CONDO MARKET STATISTICS - ST. LOUIS CITY, MISSOURI:
| Year | # of Sales | % Change | Average | % Change | Median | % Change | Total Volume | % Change |
| 2000 | 250 | $127,766 | $107,500 | $31,691,380 | ||||
| 2001 | 270 | 8% | $160,414 | 25.55% | $135,000 | 25.58% | $43,311,801 | 36.66% |
| 2002 | 284 | 5.18% | $164,535 | 2.56% | $148,156 | 9.74% | $46,727,659 | 7.88% |
| 2003 | 423 | 48.94% | $177,695 | 7.99% | $164,000 | 10.69% | $75,164,954 | 60.85% |
| 2004 | 450 | 6.38% | $180,894 | 1.80% | $166,250 | 1.37% | $81,402,214 | 8.29% |
| 2005 | 548 | 66.89% | $212,477 | 17.45% | $185,000 | 11.27% | $116,437,598 | 43.03% |
| 2006 | 751 | 37.04% | $227,581 | 7.10% | $203,400 | 9.94% | $170,913,557 | 46.78% |
| 2007 | 743 | -1.06% | $239,477 | 5.22% | $191,900 | -5.65% | $177,931,051 | 4.10% |
| 2008 | 468 | -37.01% | $224,812 | -6.12% | $179,000 | -6.72% | $105,212,164 | -40.86% |
| 2009 | 380 | -18.80% | $212,880 | -5.30% | $172,250 | -3.77% | $80,894,405 | -23.11% |
| Avg. | 456.7 | 13% | $192,853 | 6.25% | $165,246 | 5.83% | $92,968,678 | 15.96% |
Commentary on 2009 City Condo Market:
The 2009 condo market statistics include only sales closed through the 3rd Quarter of 2009 and do not reflect any pending or contingent sales. Currently, there are 106 pending or contingent condo sales totaling over $43,500,000 in sales. In addition, there are favorable sales trends in the $100-200,000 price range which will likely accelerate as the first-time home buyers continue to purchase homes in anticipation of the expiration of the federal tax credit on December 1, 2009. Based on current projections, it appears that the 2009 sales figures will reflect an increase in sales volume - both by dollar and by number of transations - with a slight decrease in the average days on market. In addition, it appears that average sales prices and median sales prices based on pending and contingent sales will rise slightly over 2008 figures.
Currently, condo inventories are generally declining with fewer new construction units coming on or remaining on the market. Notwithstanding the decline in inventory, there remains an oversupply of condos on the market with 577 active listings and absorption rates over 24 months. Given the current market conditions, location, aggressive pricing, and condition/finishes continue to be major factors in selling one's condominium. If you are a condo owner interested in selling a condo for a price below $180,000, there is a narrow window of opportunity as first time home buyers finalize purchase decisions to take advantage of low interest rate and the federal tax credits.
Interested in selling your loft, townhome or condominium in the City of St. Louis? Contact Ryan Shaughnessy at PREA Signature Realty at 314-971-4381 to obtain a copy of the complete 2009 Condo Market Report and/or to schedule a free listing consultation.
 |
|
|
Full service real estate brokerage & consulting firm serving Lafayette Square, Soulard, Central West End, Washington Avenue Loft District and the other historic neighborhoods of St. Louis.
Listing Condos for Rent in the City of St. Louis, Missouri
Foreclosure Trends - What is Happening in the St. Louis City Market?
Speechless Sunday (More or Less) - The New Cathedral
Public Service Announcement - National Drug Free Work Week
Meet Our Preferred Lender - New Castle Home Loans / Chicago Office
First-Time Home Buyers Benefit from Recent Market Trends - Is It Time to Buy My First Home?
2009 Market Report Update - New Construction Housing Starts in St. Louis (City), Missouri
Missouri Women's Council of Realtors - 2010 Officer Installation Dinner - September 29, 2009
ActiveRain Corp. is not responsible for the accuracy of the site's content (which is written by members of the ActiveRain Real Estate Network) and does not endorse the views of the real estate agents, mortgage brokers, and others listed here.
Powered by the ActiveRain Real Estate Network
© 2012 ActiveRain Corp. All Rights Reserved
