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.
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