St Louis Housing Market Recovery Underway

It’s hard to believe that it has been over 5 years since the housing market bubble burst but, as we begin this new year, it is good to continue to see market data that supports a St Louis housing market recovery is underway!

As we have been reporting here on St Louis Real Estate News, over the past few months we have seen a solid recovery trend in the St Louis real estate market.  Home prices have increased as have home sales, the new home market continues to make progress with new home construction and sales on the rise and distressed home sales (foreclosures, REO’s, etc), which cause downward pressure on home prices and make a sustained recovery difficult, are on the decline.

[iframe http://www.facebook.com/plugins/like.php?href=https%3A%2F%2Fwww.facebook.com%2FStLouisRealEstateNews&send=false&layout=standard&width=50&show_faces=false&font&colorscheme=light&action=like&height=35&appId=537283152977556 100 35 ]St Louis home prices for 2013 were at the highest level since 2008.  As the chart below shows, homes in the 5 county core area of St Louis (city of St Louis and the counties of St Louis, St Charles, Jefferson and Franklin) sold in 2013 for a median price of $142,281, the highest level since 2008 when the median home price was $142,990.

St Louis Home Prices Copyright 2013 MORE, REALTORSSt Louis homes are selling faster.  As the chart below shows, homes in St Louis sold in a median time of 56 days in 2013, the lowest median rate for days on market since 2005.

Copyright 2013 MORE, REALTORS

 St Louis homes are selling for higher percentage of list price.  As the chart below shows, homes in St Louis sold for a median of 97.2% of the list price at time of sale in 2013, the highest percentage since 2007, when homes sold for 97.5%