The National Association of Realtors just posted real estate statistics for median home price
Can you see that my eyes are totally glazed over? I have been looking at real estate statistics this morning to determine what kind of information would be helpful to my readers.
So here’s the spin for St Louis Real Estate Statistics. Firstly, the National Association of Realtors research indicates that the current median price for homes in St. Louis is $136,600. The chart below shows how this figure and others compare to the U.S. The good news about this information is once again reinforcing that St Louis is very affordable.
Compared to the median home prices in San Francisco and Kansas City, I think these numbers give our town a “heads up” for quality of life:
The difference between a median sale price and an average sale price: a median price means that 50% of the homes sold above and below the middle price point; the average sale price is all home sale prices added together and then divided by the number of homes. Median prices are less influenced by extremes in either direction. For example, if you are looking at area where 7 homes have sold for 200K, 250K, 300K, 2 at 225K, 1M, and 700K; the median is $250,000 whereas the average is $414,285. With the amount of foreclosures and short sales in many of our neighborhoods, median sale price is becoming a more pertinent statistic to use when calculating your offering price.
The statistics below are ten year stats for St Louis City and St Louis County Residential property through July 31, 2013. They do not show median prices but they are really interesting in terms of the changes that have been occurring in this crazy economy we have been experiencing. The months of inventory is one of the more pertinent figures in these statistics. Months of inventory is the number of months it would take to sell all of the homes currently on the market.
Are your eyes glazed over? The good thing about knowing the real estate statistics are that they give you a feeling of having some control over your emotions. However, in my world of selling real estate this year, every street is different and every neighborhood is different when it comes to negotiating an offer. Some areas are incredibly hot and others are suffering. In all areas though the sellers seem to be more realistic in their asking prices.
If you are looking for buyer or seller representation, please contact me.