It may still be a seller’s market in many areas of St Louis, but, as our table below shows, nearly half (48%) of the active listings in the St Louis market have had at least one price reduction since coming on the market.
St Louis 5-County Core Market – Active Listing Data
(Click on table for current, live data)
The faster seller’s make a price adjustment the better…
In order to get the most money out of their home, the best thing a seller can do is properly price their home at the outset. All the data shows that homes that are priced correctly, sell quicker and for more money than overpriced homes. If you do find yourself with your home sitting on the market and not selling, the best thing you can do is make a price adjustment and do it quickly. Things only get worse, the longer you are on the market, and especially this time of year, when prices are already in their seasonal decline, the longer you wait, the more you have to reduce the price to make an impact.
To illustrate this point, I created the table below which shows the same data as the table above but this time just for listings that have been on the market 60 days or longer. As you can see, now, over 57% of the active listings have reduced their price, nearly 20% more than in the table above which represents the overall market. In addition, if you looked at the sold data, you’ll see that for listings that were on the market over 60 days, they ended up selling for just 91.82% of their original list price, as compared with the overall market which sold for 97.48% of their original list price.
St Louis 5-County Core Market – Active & Sold Listing Data (60+ Days on Market)
