Good news for homeowners, 2012 brought salvation and hope as the market seems to have adjusted to the stagnant economy. It’s now a great time for sellers to list their properties for sale, as the market is up over 12% as compared to the numbers from January 2012 in St. Louis County according to data compiled from Maris (Mid America Regional Information Systems). Maris is a regional service that real estate professionals subscribe to in order to list and sell real estate.
St. Louis posted its best year since 2005 in the number of transactions in the month of January. 760 properties recently sold in January 2013 compared to 652 properties that sold in January 2012.
If you are a seller, I encourage you to look at and negotiate offers that are presented to you now, as the inventory is low now, thus your competition is less. However, spring is one month away and typically there is a splurge of listings after Day Light Savings Time begins (March 10) and thus the competition will be stronger and buyers will have more properties to select from to submit offers. I recommend that sellers get their properties sold today, before they are competing with new inventory.
St. Louis inventory of properties listed for sale is low compared to the amount of active listings the MLS has carried in past years. When inventory stays low, it benefits the sellers as there is less for buyers to select and those sellers, who price their properties well, will get them sold.
According to the stats, St. Louis County it would take only 5 months to sell the current inventory, which is also a positive for sellers. Last year this time, the MLS carried 8 months of inventory, which meant it took longer to seller a home once it was listed just a year ago. “There is a growing pool of buyers chasing this inventory.” according to the National Association of Realtors, “if this trend continues, it will cause the sold pricing to increase.”
The stats show that the homes are selling at just 3.5% less than the list price. For the past three years, the sales price to final price ratio has been at 4.5%. Thus, the sellers are now getting nearer to their list price, if their original list price was based on confirmed comparable homes sold in their neighborhood.
There is good news for buyers too. Many buyers are waiting for the market to bottom out. According to the data compiled from MLS, the market is near bottom.
The average sales price year to date is $149,551. This is near to the average sales price in 2009. This price is down 10.45% from 2012, which means it’s a good time for buyers to buy. Many remember the days back in 2007 when the average sales price in St. Louis County was $257,621. This low average sales price reported is great news for buyers.
If you want to research properties sold near your home, your best resource is to contact a professional Realtor to assist you in determining your home’s value. You can also research sales in your neighborhood through the St. Louis County Assessor and the St. Louis County Recorder of Deeds.
It’s a super time in St. Louis County to buy or sell real estate!!
Beverly Taki is a Missouri-licensed real estate broker who has successfully represented clients for 25 years. She is a broker salesperson at Keller Williams Realty St Louis. 10936 Manchester Road, St. Louis, MO 63122. Beverly has earned a certificate in dispute resolution from Pepperdine University, specializing in negotiation and mediation. Taki can be reached at firstname.lastname@example.org or 314-677-6366. Her website is beverlytakistlouis.com.