As a midsized Midwestern metropolis, St. Louis has seen its real estate market bounce around quite a bit over the past couple of years during the ongoing recession and the continuing effects from the financial crisis. Foreclosures have risen, and prices have fallen, like most markets across the country. Recently, however, some signs have pointed to the positive in St. Louis.
According to an article in St. Louis Today, in January, the city’s home sales saw a fall in volume, but an increase in prices. There were just over 1,300 St. Louis homes for sale closed upon in January, a more than 14% dip from volume at the same period last year, when there were more than 1,500 sales. Nationwide, sales dropped 7.2%, so the St. Louis real estate does not find itself alone in this predicament.
Home prices, on the other hand, showed more sign of improvement, as median prices rose in almost every county in the region. In the city of St. Louis, the median price in January was $68,500, up nearly 35% from last year’s figure of $50,900, the highest rise of any of the local areas/counties. In St. Louis County, the median price was $168,500, up a slight 2% from 2009′s figure of $164,900. Clinton County saw the worst struggles in housing prices, with its January median price of $72,500 off by more than 52% from last year’s price.
According to a February article in St. Louis today, “IHS Global Insight’s forecast calls for St. Louis home prices to fall by less than 2.5 percent between the 3rd quarter of 2009 and the third quarter of 2010. From their peak a couple of years ago, prices in this part of the country will have fallen somewhere between 5 percent and 15 percent.”