So, What Happened With The St. Charles County Missouri Real Estate Market in 2008?
This is a question that was asked throughout 2008 on a daily basis; and will quite possibly be asked in 2009. Here is a 2008 overview of the market in St Charles County MO.
At the start of 2008 we had approximately 14 months of housing inventory in St. Charles County. At the end of December 2008 we had approximately 11 months of housing inventory. So we are seeing downward movement in our housing supply. However, there is still a good supply of housing in all price ranges and styles.
The average days on market are currently at 91 days for single family homes and 109 days for the condo/villa lifestyle. At the end of 2007 the days on market for single family homes were 80 and for the condo/villa lifestyle they were 82. Homes that are priced "properly" are selling. So, if you are a seller and are experiencing long days on the market, now is the time to adjust your pricing; it is not the time to be holding on to a "wrong price" and subject yourself to a low offer that could be offensive and cost you a possible buyer. Days on market will also affect buyers in a negative way and quite possibly keep them from placing an offer on your home.
Keep that in mind if you are shopping for a home. Homes priced correctly and in good condition are selling and; in some cases, they are selling quickly. As a seller you don't want to take a chance on losing a potential buyer by having an overpriced home on the market; and at a time when buyers are at a premium, pricing your home correctly is of the utmost importance.
The average sales price for residential single family properties at the end of 2007 was $225,468, and at the end of 2008 the average sale price was $215,562. This is a $9,906 drop in the average sales price. The average sales price for the condo/villa lifestyle at the end of 2007 was $158,165, and at the end of 2008 was $153,833 which relates to a $4,332 reduction in the average sales price.
The real estate market in Saint Charles County Missouri, may not be what it was just a few short years ago; but we are moving forward. However, with the low interest rates and tax incentive for first time homebuyers, this all adds up to a perfect time to purchase a new home or condo/villa! Not to mention a wonderful place to live. Three cities in St Charles County MO, St Charles, St Peters and O'Fallon, are in the Money Magazine top 100 small cities to live in the USA. So, if you are looking for a GREAT place to call home, check out St Charles County MO to see what it has to offer.
If you are ready to find your piece of America, your DREAM home, then give me a call today at 314-954-6775 and be in your new home before Valentines Day. If you are relocating to the St. Charles County MO area, I can help you in your search for that new home too.
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