St Louis Home Sales Fall While Prices Rise In November

By Dennis Norman, on December 30th, 2014

St Louis home sales fell to 2,065 homes in November 2014 for the St Louis 5-County Core Market (city of St Louis and counties of St Louis, St Charles, Jefferson and Franklin), a decline of 3.3% from from 2,136 homes sold in November 2013. St Louis home prices, on the other hand, rose 7.26 percent in November 2014 from a year ago bringing the median home price for the 5-county St Louis core market to $149,300. As the table below shows, results varied between the counties with 2 of the 5 seeing an increase in home sales and only one (the city of St Louis) a decline in home prices.

Distressed home sales (foreclosures, short sales and REO’s) still make up a significant share of the market (about 30 percent of the home sales in November 2014) and therefore have a fairly big impact on home sales and prices. The second table below shows the home sale data without distressed home sales being included and reveals quite a different result. For starters, home sales (non-distressed) actually increased in November 2014 from a year ago and home prices fell a little, the exact opposite of the data with the distressed home sales included. As the second table shows, there were significant differences in the data between the counties as well.

More proof why now, more than ever, you really need a professional and competent real estate broker or agent to assist you in buying or selling a home. There is a lot more to the market than just what appears on the surface. If I can help you in this regard, please contact me.

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