Following is my market report (FINALLY) for Multi-Family Dwellings (2-4 Family Buildings) 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 454 Total Active Listings on the market.
35 listings Sold in the month of April.
Average sales price was $54,997.
Maximum sales price was $299,000.
85 was the average days on market (DOM).
79 listings were Newly Active (New Listings) on the market, with list prices ranging from $5,000 to $389,900.
10 listings went Under Contract (Contingent/Option), with list prices ranging from $12,000 to $119,900.
77 listings moved closer to closing (Pending), with List prices ranging from $4,900 to $335,000.
35 listings Sold, with Sold prices ranging from $2,000 to $299,000.
44 listings Expired from the market, with List prices ranging from $6,000 to $485,900.
And 16 listings went Inactive (Cancelled/Withdrawn), with List prices ranging from $15,000 to $189,900.
The Pending Ratio was 17%. This is the Pendings divided by the Actives (77/454). This is the number of properties going under contract compared to the number of active properties on the market.
The Absorbtion Rate was 12.97. This is the active homes on the market divided by the number of homes sold in the last 30 days (454/35). 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.
For the 35 Sold listings, 37.1% were on the market 0-30 days, and 25.7% were on the market for 120+ days. For the 0-30 day category, the average sales price to list price ratio was 89.1%. For the 120+ day category, the average sales price to list price ratio was 61.7%. That goes to show homes that are listed correctly sell for more money in a shorter amount of time!!!