Following is my market report for Multi-Family Dwellings (2-4 Families) 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 425 Total Active Listings on the market.
46 listings Sold in the last 30 days.
Average sales price was $54,112.
Highest sales price in the last 30 days was $255,000.
66 was the average days on market (DOM).
There were 28 new Active listings, with list prices ranging from $5,000 to $255,000.
11 listings went Under Contract (Contingent/Option), with list prices ranging from $9,500 to $259,900.
5 listings moved closer to closing (Pending), with List prices ranging from $15,500 to $64,900.
15 listings Sold, with Sold prices ranging from $3,750 to $255,000.
7 listings Expired from the market, with List prices ranging from $10,000 to $160,000.
And 0 listings went Inactive (Cancelled/Withdrawn).
For the 15 listings that Sold, 60% were on the market for 30 days or less, and 13.3% were on the market for 120+ days. For the 30 day or less category, the average sales price to list price ratio was 89.4%. For the 120+ day category, the average sales price to list price ratio was 15.6%. That goes to show homes priced correctly will sell quicker and closer to list price!!!
The Pending Ratio was 1.2%. This is the Pendings divided by the Actives (5/425). This is the number of properties going under contract compared to the number of active properties on the market.
The Absorbtion Rate was 9.24. This is the active homes on the market divided by the number of homes sold in the last 30 days (425/46). This tells us how many months of inventory we have on the market.
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