“How’s the market?”
That’s a question I hear a lot these days. My answer usually varies. But here is quick look at what happened in the 63116 zip code in September.
Click here to find a list all the houses that sold in the 63116 zip code between September 1, 2008 and September 30, 2008.
There were a total of 22 houses that sold over the course of 30 days. For this search I only included single family homes. The low end was capped at 75K but there was no limitation on the high end. The highest price sale in this zip code was $318,000 which was a new construction property on Blow Street. It was a 3 bedroom 2.5 bath that had been on the market for 208 days. 208 days seems like a long time, but there was another house that took 291 days to sell. When that house first came on the market it was listed for $154,900. The price was finally reduced to $124,900 which spurred an offer and the sale price was recorded at $123,900. Conversely there was a house that sold in only 8 days. The list price was $114,900 and the final recorded sale was $115,00. Another house took only 11 days to sell. It’s original price was $84,000 and it was listed at $84,000 when it received a contract. The recorded sale price was $80,000.
I suppose there are many conclusions that could be drawn by looking at this list of homes, but there are two major points that I see as valid. First, houses are still selling. Second, if priced well they sell quickly, if over priced, it may take several price reductions and many days on market to finally procure a buyer.
If you are about to list your home try to read the comps as objectively as possible and price your home accordingly. If it is priced according the market and shows well, it will sell.