St. Louis Real Estate Market shows signs of stabilizing

Dennis Norman

We are long overdue for some good news on the St. Louis housing market and data from December home sales brought just that. Based upon my comparision of homes sold in December 2009 with the year prior, it appears to me the St. Louis housing market may have found it’s bottom and now be starting to level off.

There are still disturbing aspects of the data, like the fact that for the St. Louis metro area there were almost 8 percent fewer homes sold in December 2009 than in December 2008 but there is light at the end of the tunnel.

The median price of homes sold increased almost 4 percent last month from the year before and the median as well as average time to sell a home both decreased, by 22.54 percent and 10.31 percent respectively.

Another interesting piece of data is that the median list price of the homes sold last month increased 3.71 percent from a year ago, which is almost identical to the amount the sales price increased in the same period. This coupled with the fact that homes continue to sell for about 95 percent of list price indicates that sellers (and listing agents) are being fairly realistic in terms of list price.

“One month does not a trend make”, but hopefully we are on our way to more positive news on the St. Louis housing market.

St Louis Missouri home sale data for December 2009 vs December 2008

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