Weekly Single Family Home Market Report - City of St Louis - October 17, 2009

Following is my market report for Residential Single Family Homes in the city of St Louis (Areas 1,2,3,4,5). These statistics were gathered from the local Multiple Listing Service and are provided as a service to the public:

There were 1505 Total Active Listings on the market.

264 listings Sold in the last 30 days.

Average sales price was $124,028.

Maximum Sales Price in the last 30 days was $740,000.

74 was the average days on market (DOM).

There were 93 new Active listings, with list prices ranging from $4,455 to $944,900.

46 listings went Under Contract (Contingent/Option), with list prices ranging from $4,900 to $529,000.

90 listings moved closer to closing (Pending), with List prices ranging from $1,500 to $397,000.

54 listings Sold, with Sold prices ranging from $7,000 to $387,500.

40 listings Expired from the market, with List prices ranging from $9,500 to $600,000.

And 23 listings went Inactive (Cancelled/Withdrawn), with List prices ranging from $8,500 to $370,000.

The Pending Ratio was 6.0%. This is the Pendings divided by the Actives (90/1505). This is the number of properties going under contract compared to the number of active properties on the market.

The Absorbtion Rate was 5.70. This is the active homes on the market divided by the number of homes sold in the last 30 days (1505/264). This tells us how many months of inventory we have on the market. It demonstrates how long it would take to sell all the homes on the market if no other homes came on the market.

For the 54 Sold listings, 37% were on the market 0-30 days, and 9.3% were on the market for 120+ days. For the 0-30 day category, the average sales price to list price ratio was 96.9%. For the 120+ day category, the average sales price to list price ratio was 82.3%. That goes to show homes that are listed correctly sell for more money in a shorter amount of time.