I was looking over the 2013 3rd Quarter Market Watch Report from Maris and it confirmed many of my “feelings” about the market. I say “feelings” because as a single agent you never really know if you are just having a good (or bad) year, or if your business is a reflection of the market as a whole.
Here’s an example: Year-to-date I have represented 28 home owners on the sale of their home. Of the 28, I have sold 26. That is a 92.8% success rate – a personal best. I’m pretty proud of that. But I can see that I was working within a good market and the overall climate was very positive for home sellers.
Here is something I feel I can take a little more credit for: The sellers I represented received on average 97.4% of their list price (see below the average seller only received 93.3% of their original list price) and sold their homes within an average of 52 days (city wide average was 72 days). Those stats are actual representations of the skills I have acquired. It means I was reading the market correctly and clearly communicating the situation to my clients. I am actually quite proud of that. In hindsight, it is easy to see where the prices were especially with the help of the Market Watch data reports. But in the thick of it, when talking with the home owners and helping them project what their home will actually sell for, it’s a much different story.
Anyway, enough about me. Here is a quick synopsis of the 3Q Market for St Louis City. Looking at the current state of things and at the same data over the past couple years, it is hard not to be optimistic. Here are a couple quick take aways.
Median sale price is up 20.7%
Average sale price is up 14.8%
Closed sales are up 12.4%
Days on Market has decreased by 16%
In the 3Q of 2011 there were nearly 4x as many homes for sale as homes that actually sold. In the 3Q of this year (2013) that gap has been cut almost in half. The inventory of homes for sale is shrinking back to a more normal level.
Interested in seeing the full report? Email me, and I will send you a copy.