The first sign that the housing market is improving is normally seeing an increasing number of sales. Once supply and demand becomes balanced, prices will start climbing again.
Take a look at the charts to see the trends in single family homes and condo sales in Creve Coeur since 2008.
Single family home sales have remained constant for the last 2 years. At the same time, the median price has decreased during this same time period.
The pattern is even more pronounced in Creve Coeur condo sales.
A decrease in median sale price does not necessarily mean that each home has decreased in value. It could mean that cautious buyers are opting to purchase less expensive homes. In addition, the inclusion of a large number of foreclosures could pull down the median price even if values have remained constant for market rate properties.
The only way to know for sure if your home has decreased or maintained its value is to have a personal market analysis done for your home.
***The data analysed for these charts was obtained from MARIS for agent-listed sales for properties listed with Creve Coeur as the city. This analysis does not include properties listed with an address of St. Louis, MO.
Arch City Homes offers buyer and seller representation. If you are planning to buy or sell a home, contact Karen Goodman (firstname.lastname@example.org or 314-677-6538) to discuss how our agent specialists can help you accomplish your goals.