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.
PREA Signature Realty is a full service brokerage located at 1709 Park Avenue in the Lafayette Square neighborhood of the City of St. Louis. PREA Signature proudly serves the following city neighborhoods: Lafayette Square, Soulard, Benton Park, Benton Park West, Downtown Loft District, Forest Park Southwest, Central West End, Tower Grove East, Tower Grove South, Compton Heights, Shaw, The Hill, Dogtown, Carondelet, Holly Hills, St. Louis Hills, Dutchtown, and the Other Historic Neighborhoods of the City of Saint Louis, Missouri.
The opinions expressed herein represent the opinions of the author only and do not reflect the opinions of PREA Signature Realty. All photos and written content were produced by PREA Signature Realty. All Rights Reserved - PREA Signature Realty (2009). This content may not be reproduced or reprinted, except for Active Rain re-blogging, without express written permission of PREA Signature Realty.
Absolutely fascinating. I love stats. Our system doesn't go back farther than 2006, so I couldn't compile the report you did. Going back to prior 9/11 is very, very instructive.
What I find fascinating is the 10 year actual growth in value is now sitting at less than 1% a year on average. Sad. Sad.
The hit from the housing callapse is devastating to market value and that, to me, is the lesson in this post.
Nice market stat update, Ryan. Looks like 2007 was the year your sales started to go south. In the Sacramento market, August of 2005 was the peak. We had a drop and people sighed relief, thinking it would begin to go back up, but it simply dropped year after year. Fortunately, we're seeing median price increases again this year.
Hi Ryan -- Wow, very insightful and clear. What I find fascinating is look at the run up in prices, still, from 2000 to 2009. I would love to see a correlation between average salaries in 2000 to 2009 and compare that to prices. Just goes to show, if you bought in 2000 and wanted to sell in 2009, provided one hasn't mortgaged themselves to the hilt, they could still transact and probably make money -- granted, these are simply averages.
Marcia - Other than 2001, we had steady sustained growth. I am surprised by the rapid shifts in volume. I am trying to break out new construction deliveries. I suspect that this added to the wide shifts in volume especially in 2005-2006.
Lenn - I don't know exactly what to make of the statistics - except to say that I see positive trends in 2009. Looks like 1% growth per year over the 10 year period.
Maria - It shows some pretty wild swings. We didn't fly too high and haven't fallen too far. The best neighborhoods seem to be selling at a premium right now.
Fernando - Our pricing in submarkets doesn't make even the city wide trend. What does seem to correlate closely is changes in volue.
Linda - Oddly, we started sending out this and other reports because our trends don't always match our local trends and people always seemed to be reading national news stories which simply didn't apply.
Sarah - I like pulling together the local stats. I got tired of reading doom and gloom stories when our market was doing okay.
Tom - I attribute much of the wide swings in volume to new construction/conversion units and resales in the 1-3 year range.
Elizabeth - We follow as opposed to lead on trends. We generally rise and fall gentlely. We too are seeing median prices stablizing and rising slightly - especially in the last few months.
Ryan, Great report on the last 9 year span of sales in the condo market there. interesting and sad, we all knew that those prices across the board couldn't last in '06 '07 but let's hope things pick up and confidence returns.
Ryan, that's when our slowdown took place also October 2007 things were just beginning to take a downward turn. Great stats and presentation. Sellers & buyers are lucky you give them such great information. It's what blogging is all about!
I like your YTD condo report. It is good to see that sales are strong and the avg. sale price higher than it was in the years of 2000 - 2005. It would be nice to see a shrinking inventory tho.. I am sure this will help the STL condo buyers get off of the fence.
Debbie - I am a bit less concerned by the median and average price changes and more concerned by the changes in volume and absorption. It seems that 2006 and 2007 were inflated by new construction sales - sales that were delivered in these years but marketed over a series of years. I have a theory and am trying to see if it is supported.
Lyn - Different people will draw different conclusions from this data. I look at it as we have seen the worst day already and things are stabilizing to 2004 or so levels.
Don - We have seen a dramatic decrease in new construction inventory. However, I think we are seeing some pent up demand on the listing side with people who were waiting to sell now listing their properties.
"For those who don’t know, FHA is a government program designed to help more people buy homes, and more borrowers will qualify with FHA financing than with conventional."
It doesn't seem to be working...(that's rhetorical).
Liz - It surprised me too. I have gotten quite a few e-mails about this market summary.
Tamara - I was trying to give the big picture. The main story is the appreciation rates and the wild swings in volume. I was surprised that 6 of 10 years based on sales prices or 4 of 10 years based on number of transactions had volume swings of more than 20%.
Erica - There is a great message when you compare city data to specific city neighborhoods. The message is pretty clear - location does matter.
Sharon - The graphs seem to have been a hit. I saw a 300% increase in blog traffic from this post, a post on housing starts, and a post on FHA condo guidelines.
Betina - I hope everything is good in the Austin market.
Liz - I use Quickbase to generate the graphs. However, they could also be done pretty easily in Excel.
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PREA Signature Realty proudly serves the communities of Lafayette Square, Soulard, Benton Park, Benton Park West, Downtown Loft District, Forest Park Southwest, Central West End, Tower Grove East, Tower Grove South, Compton Heights, Shaw, The Hill, Dogtown, Carondelet, Holly Hills, St. Louis Hills, Dutchtown, and the Other Historic Neighborhoods of the City of Saint Louis, Missouri.
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Ryan, Very eye catching graphics and easy to read. I thought Naples went crazy during the bubble. St Louis did pretty well too! Thanks for the info.