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As we slowly but surely recover from the consequences of the infamous mortgage meltdown crisis from 2007 onwards, each year since has demonstrated a significant (usually positive) change in our real estate outlook. We thought it would be useful to take a look at how our marketplace performed during this past year and what we can expect to see happening as the New Year rolls around.
The average price of homes in 2011 as compared to the year prior, was down 4%, showing that we are still experiencing a decline in home values at the present time. Last year’s average sold price for our respective counties and St. Louis City is reported as being about $186,000 with the 2011 average coming in at $178,000. Looking at these numbers, we are still experiencing about a half percent depreciation each month this year.
Number of Units Sold
The number of homes sold in 2011 as compared to 2010 is also down. Last year we reported a total number of homes sold at 14,515 while in 2011 to date we have sold 14,200. It is not a significant difference but the indication is of course that the market is weak at this point in time.
Average Days on Market Before Sold
Once again, 2010 was a better year with the average Days on Market registering in at 85 as compared to this year’s 95 days to sell a home after being listed.
What’s In Store for 2012?
The coming year holds significant promise for the real estate industry. We can expect to see prices leveling, stronger appreciation slowly building, yet with interest rates taking their time and hovering at these all-time low rates, we an expect buyers to continue to avail the incredible buying opportunities out there.
The year 2012 is sure to be better than 2011 and Russell Nolting Group will be right there with you to accompany you through all your real estate endeavors throughout the year.
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It’s no secret that given the numbers above, the market has been a tough one. But that’s not to say that there hasn’t been some improvement. Though on a national scale the real estate industry in general has been fairly bleak, when you look at our performance as a realty firm, you’ll see that there are many things that set us apart from the rest.
Given the fact that we actively pursue and implement our very aggressive marketing pan, proactively linking buyers with sellers and vice versa by simple virtue of getting and staying in touch with our clients – we can confidently say that we’re doing quite well under the circumstances. While the average days on market figures are at about 90-95 days, the Russell Nolting group exceeds that performance with an average DOM of 60 days from the time the home is listed to when it goes under contract – selling your home almost one third faster! Not only that – this year alone, we have been very successful with dual-agency situations where we were able to represent the seller and also locate a buyer through our extensive client base – bringing 6 dual agency transactions this year to the closing table.
If you are considering selling your home, buying or just want to browse your options given the still amazingly low interest rates available out there – we invite you to get in touch with our office so we can begin serving your real estate needs!
