The first seven months of 2017 showed an improvement in Central West End real estate sales over the same seven month period in 2016. These statistics are based upon information provided by MARIS (Multiple Listing Service) to St. Louis Realtors.
In the single-family market ($200,000 and higher) there were 78 CWE sales between January 1, 2017 and July 31, 2017. This is a 14% increase in volume over the 68 sales recorded in 2016 during the same time period. This is a very positive development.
The single-family average sale price increased by 6% to $499,500 over the average sale price from the same period in 2016. The highest sale so far in 2017 was $1,700,000 for the home located at 23 Portland Place. The average ratio of sale price to list price increased slightly from 94.7% in 2016 up to 95.0% in 2017.
In the CWE condominium market ($100,000 and higher) there were 173 closed sales in the first seven months of 2017. This represents a 17% increase in number of sales over the same time period in 2016. The average sale price increased by 2%, from $285,800 to $291,200. Once again, this is a very positive development.
Also of significance is the improvement in average days on the market for condo sales. There was a 14% decrease in days on market, from 72 days in 2016 down to 63 days in 2017. The average ratio of sale price to list price for condos increased slightly from 94.7% in 2016 to 95.2% in 2017. The highest sale so far in 2017 was $2,175,000 for a condo unit on the 24th floor of the Park East Tower (4909 Laclede Avenue).
Hopefully these positive trends will continue for the remainder of this year!