Following is the weekly market report for single family homes in the City of St Louis (Areas 1,2,3). These statistics were gathered from the local multiple listing service:
There were 122 new Active listings that went on the market, with List prices ranging from $23,000 to $1,195,000.
25 listings went under contract (Contingent/Option), with List prices ranging from $49,000 to $1.499,000.
52 listings moved closer to closing (Pending), with List prices ranging from $9,500 to $995,000.
50 listings Sold, with Sold prices ranging from $4,400 to $610,000.
97 listings Expired from the market, with List prices ranging from $19,999 to $1,499,000.
And 29 listings went Inactive (Withdrawn/Cancelled), with List prices ranging from $29,000 to $500,000.
Of the 50 Sold listings, 16% were on the market for 30 or fewer days, and 38% were on the market for 120+ days. For the 0-30 day category, the average sale price to list price ratio was 100.8%. For the 120+ day category, the average sale price to list price ratio dropped to 95.2%.
This doesn't seem like too much of a difference, but let's do a scenerio: Say we have a home that is on the market 0-30 days. It is listed at $150,000. If we use our 100.8 % ratio, we get a sales price of $151,200. For the same home listed at $150,000, on the market for 120+ days, we get a sales price of $142,800. The difference between the two sales prices is $8,400. In my opinion, that's a lot of cash to give up. Moral of the story: price your home correctly so it sells quickly, and doesn't hang on the market.
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