What has our local market been like over the past 12 months? Have home sales and prices really declined in the St. Francois area or have we been immune to the Real Estate "Bubble Bursting" syndrome which seems to have engulfed the rest of the United States? I would like to say resoundingly that we were not effected but that would be a lie.
The Mineral Area, specifically St. Francois county, has been effected just like most other areas of the United States. Our home prices have not fallen as much but it will be some time before we see some considerable rise in appreciable home prices.
I feel that the market has reached its bottom for us but we will not see a jet-like rise to the top any time soon. It will be a slow and gradual rise for home prices and sales. Is this a bad thing? Not really considering the state our economy and housing market is in. We need some stability and step away from the volatile ways we have had for some time now.
If you are a home owner, do not look for huge profits from your house if you have not lived in it long. The "flipping" era has slowed considerably so look to just make a smooth move to your next home and not become rich over night. Buyers, this is a GREAT time for you. If you have good credit, some assets, maybe some money for a down payment or closing costs, and you shop smart, there is a great deal out there for you. However, beware and do not keep waiting for the "next great deal right around the corner." The great deal you pass on today may be the best deal you ever had tomorrow. This is not the time or the market to sit on the fence.
So, here are some useful stats from the St. Francois county real estate market for the time starting 3/20/08 and ending 3/20/09. I am also providing you with the previous 12 months' data so you can compare. Enjoy and I hope this helps you become a more informed consumer! Thanks for reading!
530 Residential homes sold in St. Francois county from 3/20/08-3/20/09.
19 Commercial properties sold during that same period.
Average home had 3 Bedrooms and just over 1.5 Bathrooms.
Avg. Sq, Ft.: 1,409
Avg. Listing Price: $100,311
Avg. Sales Price: $94,238
Avg. Days on Market: 101
701 Residential homes sold in St. Francois county between 3/20/07 and 3/20/08.
Avg. home had 3 Bedrooms and just over 1.5 Bathrooms.
Avg. Sq. Ft.: 1,296
Avg. Listing Price: $105,677
Avg. Sales Price: $101,842
Avg. Days on Market: 99
For the time period Jan. 1, 2009 to today (3/20/09), here are the stats on all properties:
Residential: 533 properties listed for sales
Land: 271 active listings
Commercial: 62 active listings
Multi-Family: 15 active listings
Farms: 24 active listings
Friday, March 20, 2009
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