Following is the weekly Single Family Home Market Report for the City of St Louis (Areas 1,2,3). These statistics were gathered from the local Multiple Listing Service:
There are 1827 total Active listings on the market.
178 listings Sold in the last 30 days.
The average days on the market (DOM) was 115.
There are 122 new Active listings this past week, with List prices ranging from $11,500 to $1,389,000.
36 listings went under contract (Contingent/Option), with List prices ranging from $30,000 to $939,000.
76 listings went Pending, with List prices ranging from $9,900 to $339,900.
44 listings Sold, with Sold prices ranging from $5,500 to $405,000.
51 listings Expired, with List prices ranging from $17,400 to $698,900.
And 30 listings went Inactive (Cancelled/Withdrawn), with List prices ranging from $9,900 to $770,362.
The Pending Ratio was 4.2%, down from last week's ratio of 4.5%. This represents the number of properties going under contract compared to the number of properties on the market. Pending/Actives.
The Absorbtion Rate was 10.26, up from last week's ratio of 10.07. 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. Active homes on the market/number of homes sold in last 30 days.
What do these figures tell us? We do not have a lot of properties going under contract compared with the actives on the market, and we have approximately 10 months of inventory on the market. The market has slowed, and if you don't want your home to sit on the market losing money day after day after day, you really need to price it correctly - that is right at or lower than comparable homes on the market.