My business partner was out yesterday previewing homes in West St Louis County and had a discussion with a listing agent in the area that mentioned the large supply homes for sale in the upper price ranges. Considering about all we hear about today is how there is a shortage of inventory and homes are selling so fast, this conversation about growing inventory seemed out of sorts. Before I go further, I should mention that the “mainstream” market is almost always going to perform better than the luxury market for a variety of reasons including the size of the buyer pool for that market.
To see how the luxury home market in West St Louis County is performing, I pulled stats for 3 west county locations: Wildwood, Chesterfield and Town & Country, and then for Clayton as a comparison. As the tables below illustrate, with the exception of Chesterfield which has just a 6-month supply of homes for sale, the other 3 areas are clearly buyers’ markets. Clayton has an 18-month supply, Town & Country 20, and Wildwood has a 22-month supply of homes for sale in the $800,000+ price range.
Chesterfield Luxury ($800k+) Current Listing Data
(click table for complete, live data)
Town & Country Luxury ($800k+) Current Listing Data
(click table for complete, live data)
Clayton Luxury ($800k+) Current Listing Data
(click table for complete, live data)
Wildwood Luxury ($800k+) Current Listing Data
(click table for complete, live data)
As the chart below illustrates, change in the price per foot that homes in this price range have sold for over the past 5-years varies fairly significantly between the areas we are looking at. Luxury home prices have increased the most in Chesterfield with prices rising from $200 per foot in 2013 to $232 per foot thus far in 2018, an increase of 16% in that 5-year period. The Clayton market has fared well too with home prices increasing 12% during the period from $280/foot to $314/foot. Town & Country saw just a modest 1.8% increase during the period and Wildwood actually lost ground with the median price per foot dropping about 1 percent from $175/foot in 2013 to $173/foot thus far in 2018.
Luxury Home Sold Price Per Foot – Past 5-Years
(click chart for complete, live data)
When it comes to how long it takes to sell a luxury home, Clayton has consistently performed the best and continues to improve. In 2013, the median time to sell a luxury home in Clayton was 72 days, thus far this year it’s been just 43 days, a 40% improvement. Town and Country saw a 27 percent improvement in the time to sell, while Chesterfield saw a 23% increase in the time to sell and Wildwood a whopping increase of over 200% in the time to sell a luxury home.
Luxury Home Time To Sell – Past 5-Years
(click table for complete, live data)
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