December 9, 2016

Positive trends continue in CWE real estate market

Positive trends continue in 2016 CWE real estate market. While 2015 was an excellent year for residential real estate sales in the CWE, with 373 sales reported to the Multiple Listing Service, 2016 continued to see some additional improvements.

The total number of sales dropped only slightly in 2016, with 359 total sales, $100,000 and up compared to 373 in 2015. The condo market had 229 sales, $100,000 and up, a bit better than the 220 in 2015. However, the average condo price per square foot jumped from $173 per SF in 2015 up to $185 per SF in 2016. The average sale price for condos also increased from $259,000 in 2015 up to $294,000 in 2016. The highest price paid for a condo in 2016 was $2,500,000 for the 27th floor at the Chase Park Plaza. So 2016 was a very good year for CWE condo sales.

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The single-family market had 130 sales in 2016, $100,000 and up. This was down slightly from 2015 when there were 153 sales. The good news is that the average price per square foot increased from $135 per SF in 2015 up to $143 per SF in 2016. The average days on the market also improved in 2016, from 76 days in 2015, down to 67 days in 2016. The highest price paid for a single-family house in 2016 was $1,295,000 for the home at 4638 Pershing Place. The market was surprisingly slow in the price points above this.

A very encouraging trend which we’ve observed in the past two years has been the influx of County residents to the CWE. These are primarily empty nesters whose children are no longer living with them. They tell us that they are attracted to the vibrancy and walkability of our neighborhood. This is a buyer pool which we didn’t see ten years ago. And fortunately, we continue to see buyers coming to the CWE from out of town, people who are coming to St. Louis to work for Washington University, BJC Health Care, St. Louis University, Wells Fargo Advisors, Boeing and many other employers.