St Louis Short-Sales Dwindling

St Louis RealtorShort-sale” is a term that was relatively unknown until the real estate market bubble burst in 2008.  After the bubble burst the term quickly became a common topic of conversation among homeowners that found themselves “underwater” in their homes, meaning they owed more on their homes than they were worth, and also among potential home buyers and investors looking to snag a good deal.

If you are one of those buyers wanting to snag a deal, you may have missed the boat as the volume of short sales in St Louis has fallen dramatically.  While, overall, this is good news as it indicates the health of the real estate market is improving and will help to stabilize prices, it does remove some of the opportunities for bargains to buyers willing to go through the short-sale process.  As the chart below shows, the number of short sale listings in St Louis hitting the market peaked around January 2012,  when around 230 new short sale listings came on the market, and then the trend has been downward ever since.  The blue line on the chart shows the number of short sale listings sold which peaked in July 2012 around 90 sales for the month and has fallen to less than 25 a month for the past couple of months.

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St Louis Area Short Sales (5-county core*)
St Louis Short Sales

Data Source:  MARIS (*St Louis City and counties of  St Louis, St Charles, Franklin and Jefferson)

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