Dennis Norman
Home sales in the St.Louis area through October 31st are down 4.8 percent from the same period a year ago, however this is a decrease of almost 40 percent from the month before when sales were down 7.9 percent from the same period the year before. St. Louis area median home prices for the period are down 6.5 percent from a year before however this is also an improvement from the 7.1 percent decrease for the month before. The average time it takes to sell a home in the St. Louis area is 2.2 percent less than a year ago, which is also an improvement from the month before when it is 1.1 percent less than the year before.
All the counties included in this report saw an improvement in sales, median home prices and average time to sell from the month before when comparing to last year. While that is encouraging we need to remember that the St. Louis Housing Market for this year is still not able to keep up with last year, and last years numbers were not good. Therefore I think we have a ways to go before we can get too excited.
As you can see in the above chart in terms of number of homes sold through October 31, 2009 compared with the same period of 2008, St. Louis County is doing the best with a decrease of 3.6 percent and Franklin County has been hit the hardest with a decline of 10.3 percent. For the time to sell a home the City of St. Louis has actually cut over 12 percent off the average time to sell a home and Jefferson County, at the other end of the spectrum, has added 4.2 percent to the time.
In the category that people probably care most about, price, The City of St. Louis is the clear winner with a 8.9 percent increase in price, followed by Franklin County with an increase of 0.7 percent. St. Louis County suffered the biggest loss with a 9.8 percent drop in price.
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