I've been keeping statistics on the Real Estate Market in St Louis City for over a year. Following are statistics for the first week of May 2009, six months back, and a year back. This is for Residential Single Family Homes. Following are the results:
May 2, 2009:
There were 1620 Total Active Listings.
234 listings had Sold in the past 30 days.
85 was the average Days on Market (DOM).
$119,073 was the average sales price.
Our pending ratio was 5.2% - Pendings/Actives - This is the number of properties going under contract compared to the number of active properties on the market.
The Absorbtion Rate was 6.92 - Active homes on the market/#of homes sold in the last 30 days - 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.
October 24, 2008:
There were 1685 Total Active Listings.
216 listings had Sold in the past 30 days.
88 was the average Days on Market (DOM).
$119,556 was the average sales price.
Our Pending Ratio was 2.9%.
The absorbtion Rate was 7.80.
May 9, 2008:
There were 1816 Total Active Listings.
224 listings had Sold in the past 30 days.
95 was the average Days on Market (DOM).
$129,521 was the average sales price.
Our Pending Ratio was 3.9%.
The absorbtion Rate was 8.11.
So, what does these statistics tell us? In the past year in St Louis City, our average sales price has dropped by $10, 448, but our days on the market have also dropped by 10 days. Our inventory of total active listed homes has dropped by 196. Our pending ratio has gone up, meaning more properties are going under contract this year than last. Our absorbtion rate has dropped, meaning our months of inventory are decreasing.
So, even though sales prices have fallen somewhat, our inventory is less than last year at this time, and things are moving quicker. That is great news!
Following are pics of the blooming poppies and clemitis in our back yard. I love Spring!
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