St. louis mo real estate
The independent city of St. Louis is the largest metropolitan area in the state of Missouri. The French, the Germans and the British exerted a strong influence on the community during its early growth. The French gave the city its name, after King Louis IX. Over the years the city has grown into a major commercial and residential hub. The progress has been sustained. But recent trends have not been too good for real estate in St. Louis.
In recognition of its efforts for effective implementation of urban revitalization programs, in 2006 St. Louis was rewarded with the World Leadership Award for Urban Renewal. The population of St. Louis is around 350,000. Though there has been a slight increase in population in recent years, analysts predict a possible decline in the coming years. The decline is not expected to be too much.
St. Louis (MO) Real Estate Trends
The national decline in real estate has had its effect on trends in St. Louis also. Approximate figures are 5,625 units listed at an average of $160,000 registering an increase of 0.5%. There were 15 new homes and about 2,280 real estate advertisements at an average of nearly $155,000. The number of foreclosures stood over 2,750 at an average rate of $70,000.
Current mortgage rates in St Louis are as follows:
1) 5.794% for 15 year fixed category, up 0.170% 2) 6.109% for 30 year fixed category, up 0.101% 3) 5.446% for 1 year adjustable rate mortgage, up 0.651% 4) 5.375% for 3/1 year adjustable rate mortgage, up 0.549% and 5) 5.471% for 5/1 year adjustable rate mortgage, up 0.418%.
Listing prices for homes in St. Louis shows little variation over the week, at an average rate of about $125,000 to $360,000. Average rates and weekly variations for different units are approximately $125,000 for one bedroom down 2%, $150,000 for two bedrooms up 0.6%, $190,000 for three bedrooms up 1%, and $360,000 for four bedrooms up 0.4%. Average for all categories is $225,000 down 0.4%.
The marginal increases in rates for 2, 3, and 4 bedroom units is not significant enough to expect a turn around in St. Louis real estate trends at the moment.
The number of units sold in St. Louis has dropped from about 4,430 this time last year to about 820. Average sales prices and change over the year were approximately $57,000 for one bed down over 12%, $67,000 for 2 bed up %, $82,000 for 3 beds down about 13%, $145,000 for 4 bed up nearly 8 %. The average for all units was about $80,000 down nearly 6%.
The average rate per square foot and weekly variations are $68 for 1 bed down 16%, $70 for 2 bed up 3%, $68 for 3 bed down 8%, and $69 for 4 bed up 3%. Average square foot rate for all types is $61 down about 5 %.
Conclusion
Present real estate trends do not indicate an early upswing in St. Louis.
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