- Dennis Norman
Due to the overwhelming demand for up to date information on the St. Louis housing market, as well as the positive response to our prior reports we have published, at St. Louis Real Estate News we will now be publishing “St Louis Real Estate Market Update Reports on a regular basis. We hope that you enjoy the information and we certainly hope the reports start having more positive news in them soon. If there is any data we are not including that you would like to see please let us know in a comment.
All in all, the data for the St. Louis Real Estate market as a whole does not look nearly as bad as many areas throughout the country. For the St. Louis metro area (I’m including St. Louis City, St Louis County, St. Charles County, Jefferson County and Franklin County in this group) the median price of homes sold in the first three quarters of this year is down 7.1 percent compared with the first 3 quarters of last year. The number of homes sold through the end of 3rd quarter 2009 in the metro area is down 7.9 percent from the same time last year, and, a little to my surprise, the average time to sell a home has decreased 1.1 percent from last year.
As you can see in the above chart in terms of number of homes sold for the first three quarters of 2009 compared with the first three quarters of 2008, St. Charles County is doing the best with a decrease of 6.8 percent and Franklin County has been hit the hardest with a decline of 12.5 percent. For the time to sell a home the City of St. Louis has actually cut over 11 percent off the average time to sell a home and Jefferson County, at the other end of the spectrum, has added 6.4 percent to the time.
In the category that people probably care most about, price, Franklin County is the clear winner with a 1.0 percent increase in price, closely followed by the city of St Louis with a 0.1 percent increase. St. Louis County suffered the biggest loss with a 11.4 percent drop in price.
As I said earlier, overall I don’t think these numbers look that bad, relatively speaking. St. Louis County has clearly been impacted the most and is something I discussed in an earlier post when looking at how the St Louis area has done from “bubble to burst”.
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