Following is my market report for Condo/Lofts 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 585 Total Active Listings on the market.
28 listings Sold in the last 30 days.
Average sales price was $201,731.
227 was the average days on market (DOM).
There were 45 new Active listings, with list prices ranging from $34,000 to $3,650,000.
13 listings went Under Contract (Contingent/Option), with list prices ranging from $75,000 to $285,000.
15 listings moved closer to closing (Pending), with List prices ranging from $119,899 to $539,000.
14 listings Sold, with Sold prices ranging from $115,000 to $650,000.
76 listings Expired from the market, with List prices ranging from $5,000 to $749,000.
And 10 listings went Inactive (Cancelled/Withdrawn), with List prices ranging from $109,900 to $350.000.
For the 14 listings that Sold, 14.3% were on the market for 30 days or less, and 35.7% were on the market for 120+ days. For the 30 day or less category, the average sales price to list price ratio was 106%. For the 120+ day category, the average sales price to list price ratio was 65.4%. That goes to show homes priced correctly will sell quicker and closer to list price.
The Pending Ratio was 2.6%. This is the Pendings divided by the Actives (15/585). This is the number of properties going under contract compared to the number of active properties on the market.
The Absorbtion Rate was 20.89. This is the active homes on the market divided by the number of homes sold in the last 30 days (585/28). 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.
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