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Is The West St Louis County Luxury Market Slowing Down?

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.

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Chesterfield Luxury ($800k+) Current Listing Data

(click table for complete, live data)Chesterfield Luxury ($800k+) Current Listing Data

Town & Country Luxury ($800k+) Current Listing Data

(click table for complete, live data)

Town & Country Luxury ($800k+) Current Listing Data

Clayton Luxury ($800k+) Current Listing Data

(click table for complete, live data)

Clayton Luxury ($800k+) Current Listing Data

Wildwood Luxury ($800k+) Current Listing Data

(click table for complete, live data)

Wildwood Luxury ($800k+) Current Listing 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)

Luxury Home Sold Price Per Foot - Past 5-Years

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)
Luxury Home Time To Sell - Past 5-Years

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