St. Louis Luxury Real Estate Market Update
This week’s St. Louis Luxury Real Estate Market Overview report, dated July 4, 2011, shows the state of the residential real estate market in St. Louis at the midpoint of the year. We have seen 2798 closings in St. Louis county during the first half of the year, compared to 3511 (2010) and 2986 (2009). You can see that the tax credit of 2010 made a significant impact on real estate in St. Louis (and across the country). But it’s important to recognize that the market turned off during the 2nd half of 2010. We can expect to see relatively healthy 3rd and 4th quarters in St. Louis, if rates stay as low as they are predicted to stay.
You’ll also notice that the average SOLD price in St. Louis during the past 6 months was $291,443, which represents a more than $20,000 increase over last year — more expensive homes are selling.
This week, interest rates have increased a bit.
Conventional, 30 year FRM, 4.75%
Conventional, 15 year FRM, 3.875%
FHA, 30 year FRM, 4.5%
Jumbo, 30 year FRM, 5.125%
Russell Nolting is dedicated to his clients day in and day out. Leaving them feeling at ease before, during, and after a real estate transaction. Let’s face it, buying and selling and home isn’t always the easiest thing you have to do, but with Russell on your side expect the journey to be much easier and beneficial. For any questions regarding your current and/or next home in the St. Louis area, call 314-677-6560.
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