Apr 7, 2017
Bargain hunters may want to take notice! It could be a good time to pick up a deal in the Central West End before the economy heats up and prices rise.
According to a March story on websterkirkwoodtimes.com, one local realtor noted a $34,000 tumble in the median sales price for CWE condominiums against comparable figures from this time last year. Price per square foot fell by $11 as well. Single family home sale prices in that area saw a dramatic reduction from $389,000 to $268,000.
Those numbers contrast sharply with rising square footage pricing downtown.
However, he also indicated that there were three-and-a-half months of inventory available in the CWE which generally hints at a seller’s market.
Other realtors quoted in the piece pointed to a longer-term rise in price per square foot in the historically fashionable neighborhood in 2016 as well as fewer days on the market – dynamics that could continue if growth is fueled by a revived economy.
The already-diverse community that made the Central West End such an attractive environment may become even more so. One real estate professional made note that nearly four-fifths of his sales in the CWE were either to St. Louis Countians looking for a cozy, walkable neighborhood or to completely new arrivals attracted to the Gateway City by its prosperous employment prospects.
January figures for the St. Louis area as a whole indicate a seller’s market, according to St. Louis REALTORS. The association said the median home price for the city and county was up two percent over this time last year and inventory remained lower. The average number of days on the market had also fallen from 180 to 122.