10 YEAR STATISTICS - ST. LOUIS CITY HOUSING STARTS 2000 TO 2009:
| Year | Type | Total - Single Family | % Change - SF | Total - Multi-Family | % Change - MF | Total Permits | % Change - Total | |
| 2000 | New | 149 | 239 | 388 | ||||
| 2001 | New | 126 | -15.43% | 247 | 3.34% | 373 | -3.86% | |
| 2002 | New | 138 | 9.52% | 302 | 22.26% | 440 | 17.96% | |
| 2003 | New | 161 | 16.66% | 950 | 214.56% | 1111 | 152.50% | |
| 2004 | New | 169 | 4.96% | 371 | -60.94% | 540 | -51.39% | |
| 2005 | New | 393 | 132.54% | 770 | 107.54% | 1163 | 115.37% | |
| 2006 | New | 329 | -16.28% | 144 | -81.29% | 473 | -59.32% | |
| 2007 | New | 237 | -27.96% | 272 | 88.88% | 509 | 7.61% | |
| 2008 | New | 129 | -45.56% | 217 | -20.22% | 346 | -32.02% | |
| 2009 | New | 45 | -65.11% | 119 | -45.16% | 164 | -52.60% | |
| 2000 | Rehab | 143 | 1050 | 1193 | ||||
| 2001 | Rehab | 196 | 37.06% | 2165 | 106.19% | 2361 | 97.90% | |
| 2002 | Rehab | 134 | -31.63% | 1673 | -22.72% | 1807 | -23.46% | |
| 2003 | Rehab | 248 | 85.07% | 1974 | 17.99% | 2222 | 22.96% | |
| 2004 | Rehab | 168 | -32.25% | 2303 | 16.66% | 2471 | 11.20% | |
| 2005 | Rehab | 280 | 66.66% | 5872 | 154.97% | 6162 | 149.37% | |
| 2006 | Rehab | 253 | -9.64% | 3710 | -38.81% | 3963 | -35.68% | |
| 2007 | Rehab | 242 | -4.34% | 2349 | -36.68% | 2591 | -34.62% | |
| 2008 | Rehab | 156 | -35.53% | 1279 | -45.55% | 1435 | -44.61% | |
| 2009 | Rehab | 89 | -42.94% | 658 | -48.55% | 747 | -47.94% |
EXPLANATION OF STATISTICAL REPORTS:
The City of St. Louis issues two types of permits for new construction. The "new construction" permits are for new buildings constructed from the ground up. The "rehab" permits are for the complete or gut rehabilitation of existing structures, including such housing starts as condo conversion projects, conversion of multi-family flats to single family, etc. For the purposes of the data, single family includes attached townhomes and multi-family includes condominiums and multi-family projects like apartments.




Commentary:
The graphs tell a remarkable story. The City of St. Louis has experienced a renaissance that has saved some of its great historic buildings by converting local landmarks from industrial, commercial or other institutional uses into residential apartments and condominiums. Here are some of the many problems with drawing broad conclusions based on these statistics:
However, notwithstanding the limitations in the data, it is pretty clear that some neighborhoods were overbuilt. The overbuilding of certain neighborhoods often had a 4-stage impact on the submarket:
Again, I would caution from drawing any broad conclusions as this phenomen varied greatly based on the strength of the neighborhoods and submarkets. For example, Lafayette Square saw a decrease in volume, but did not experience any decrease in median or average sales prices and, in fact, saw increases in median and average sales prices in 2008.
If you are a developer, lender, resale owner, or purchaser interested in the purchase, sale or rental of a newly constructed single family home, townhome, condominium or loft in the City of St. Louis and desire experienced representation, contact Ryan Shaughnessy at PREA Signature Realty at 314-971-4381.
Data Sources: Home Builders Association of St. Louis and Eastern Missouri and the City of St. Louis Building Division.
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.
Congratulation to Barbara Keathley on her election as the 2010 President of the Missouri Women's Council of Realtors. The 2010 WCR Officer Installation Dinner is scheduled for September 29, 2009, at the Tan Tara Resort at the Lake of the Ozarks. For more information, click on WCR Reception/Inaugral Dinner.
If you aren't currently a member of the Missouri Women's Council of Realtors, the video below gives just a few of the many reasons to join the Missouri Women's Council of Realtors.
++++ PROVIDED COURTESY OF PREA SIGNATURE REALTY ++++
Looking to sell a condominium or townhome for sale in the Gaslight Square neighborhood of the Central West End?
PREA Signature Realty just LISTED and SOLD this townhome at 4127 Westminster Place in the Gaslight Square neighborhood of the Central West End in 72 hours for 99% of the list price. So, how did it sell so fast? It was a combination of an aggressive pricing strategy, use of video and social networks to market the property, and use of our database to get the word out.
PRICING STRATEGY: To start the process, we searched the MLS for active listings, pending sales, closed sales and expired listings. We used the closed sales as a guide to the price range. We then used the other active listings to position our sale in the range. Contrary to poplular practice, we didn't simply let the seller set an optimistic price on the hope and belief that someone would fall in love with the property and make an offer. We positioned the price of the listing $4,000 and $13,000 respectively under other properties listed for sale in the same development. Here are some of the facts and figures:
|
COMPARISON |
AVG. SQ. FT. |
DOM |
AVG. SALE PRICE |
AVG. PRICE / SQ.FT. |
|
CONDO SALES-12 MOS. HISTORY-1/4 Mile Radius |
1241 |
159 |
$179,382 |
$144 |
|
WESTMINSTER TOWNHOMES - 12 MOS. HISTORY |
1472 |
363 |
$178,000 |
$121 |
|
WESTMINSTER TOWNHOMES - AVAILABLE |
1254 |
52 |
$189,000 |
$151 |
|
4127 Westminster |
1216 |
3 |
$179,000 |
$148 |
Now, there are two important things to notice here. Pricing the property results in a quick sale - this property sold after 3 days on market. Similarly, it garnered immediate interest from multiple parties based on the value proposition created by pricing the property below the other 2 active listings in the neighborhood. The interest garnered resulted in a substantially shorter number of days on market and a sales price that was above average both in terms of the neighborhood and the specific development.
HARNESSING THE POWER OF THE INTERNET AND SOCIAL NETWORKS: Now, others may disagree. However, we have found that the internet, social networks and e-Blasts get the word out quickly about properties we have listed for sale. So, in this case, we moved quickly to get information about the listing out to the public, prior customers, prospects and members of our sphere of influence. Here is the timeline:
In less than 12 hours, we already had 4 showings scheduled for the property. However, it is interesting where the listing was actually viewed.
Putting it in another perspective, here is a source of views by type of medium:
So, in this case, I can't say the blogging and social networks are the best tools for selling homes. However, I can say that this listing had good and immediate exposure to the public based on the use of our blogs and social networks. 3 of the first 4 showings were generated through Twitter, ActiveRain, and our YouTube channel. Only 1 of the 4 showings was from the MLS. Interestingly, the purchasers first viewed the property on ActiveRain and YouTube before it even appeared in their private MLS portal search.
MESSAGE TO THOSE AGENTS SKEPTICAL OF BLOGGING AND SOCIAL NETWORKS
Now, I am not going to say that blogs and social networks sell homes. Without a good marketing plan, an aggressive pricing strategy and a bit of hardwork, I doubt that a home will sell quickly or at a premium price with or without the use of blogs and social networks. However, I can say that social networking, blogging, YouTube videos and e-blasts each contributed to this sale and are additional tools to be used in marketing a home for sale. In the past year, this is the fourth sale that was driven by or at least received an assist from a post to ActiveRain that was then disseminated via Twitter, LinkedIn, Facebook and other social networking sites.
Interested in selling your townhome or condominium in St. Louis with a brokerage commited to harnessing the power of the internet and social networks to maximize the sales price for your home and minimize the days on market? Contact Ryan Shaughnessy at PREA Signature Realty at 314-971-4381.
Missouri Association of Realtors President T. David Rogers issues call to action to Missouri Realtors to support current fundraising events for RPAC to raise funds for lobbying on issues of importance to real estate professionals. Mr. Rogers specifically cites the need to monitor and develop grassroots opposition to future proposals for a 1% transfer tax. In the current market, owner/sellers, purchasers and real estate professionals can ill afford to pay a transfer tax on the sale of real estate. For example, for the sale of a $200,000.00, it means that one party to the transaction would be forced to pay tax on the sale of $2,000.00 thereby artificially inflating prices, reducing the volume of sales, and increasing the number of short sales.
Here is the video from Mr. Rogers:
Interested in learning more about RPAC and its legislative agenda? Visit the Missouri Association of Realtors website.
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.
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