What's going on in the St. Louis residential real estate market? Every month, I analyze the market in St. Louis County, St. Louis City, St. Charles County and the condo market. We publish these reports on the second week of each month. This link will take you to my form to add you to my email distribution list: What's going on in the St. Louis residential real estate market?
Here's the skinny. For St. Louis county YTD 2013 v. YTD 2012... average sale price has increased 4.45% to $186,460. I predict we will see this advance taper off as we head through summer and into fall. Interest rates are going up and sales are beginning to slow as a result. You see, we've experienced pent up demand from buyers and the rush to purchase in spring and early summer has begun to exhaust our buyer pool. A return to normalcy will result in a slowdown and will cause prices to taper back a bit.
Total sales volume -- in other words, the total value of residential real estate sold -- is up 15.59% to $1,212,900,000 year to date. Wow!! And total units sold is up, too. We've sold 6,453 homes in St. Louis county -- that's up 9.45% compared to the same time period (Jan - Jun) last year.
And sellers are getting closer to their asking price in 2013 than they did in 2012. At present, a seller can expect to receive 94.67% of their original list price. As a point of reference, in 2012, sellers kept only 93.12% of their original asking price. This is a significant increase.
Selling a home takes less time in 2013 than it did in 2012. Last year, the typical days on market was 102 days. Now we are at 91 days for 2013 -- a 15.59% decrease. I expect that number to inch back up as we head towards Christmas (yes, I did say Christmas -- it's closer than you think!).
Perhaps the most interesting thing happening in the St. Louis county residential real estate market is the number of new listings added to the market since January 1, 2013. We've only added 10,317 new listings this year. That's 4.81% lower than the same time period last year! The law of supply and demand kicks in here -- supply is low, demand is up... prices, therefore have been pushed higher. And, yet, I don't see things continuing in this positive direction. Again, interest rates are dousing the fire on the local market.
If you're a Realtor and you struggle with the stats... if you want to know what's going on in the St. Louis residential real estate market and stay current, contact me at 314.610.1452.