Following is the Weekly Condo/Loft Market Report for the City of St Louis. These statistics were gathered from the local Multiple Listing Service:
There are 859 total Active listings.
37 listings Sold in the last 30 days.
The average Days on Market (DOM) was 197.
There were 33 new Active listings on the market this past week, with List prices ranging from $35,000 to $535,000.
10 listings went under contract (Contingent/Option), with List prices ranging from $157,000 to $469,900.
17 listings went Pending, with List prices ranging from $12,000 to $451,900.
6 listings Sold, with Sold prices ranging from $95,000 to $401,500.
8 listings Expired, with List prices ranging from $139,999 to $535,000.
5 listings went Inactive (Cancelled/Withdrawn), with List prices ranging from $75,000 to $312,900.
The Pending Ratio was 1.98%, up just a little from 1.9% last week. This ratio represents the number of properties going under contract compared to the number of active listings on the market. Pendings/Actives.
The Absorbtion Rate was 23.20, down somewhat from last weeks rate of 20.6. The absorbtion rate tells us how many months of inventory we have on the market. It demonstrates how long it would take to sell all the listings on the market if no other listings came on the market. Active listings on the market/Number of listings sold in last 30 days.
What do these numbers tell us: The very low pending ratio tells us that not many condos are going under contract at this time, and we have a very long time on the market (absorbtion rate). If you want to sell your condo/loft, and you do not want it to sit on the market, costing you money day after day after day, you need to price it correctly - you need to price it right at or lower than the other comparable properties out there. Otherwise it will be on the market for upwards of 200 days.