Friday, December 14, 2007

Real Estate Market Remains Steady In Area

Real Estate Market Remains Steady In Area According To Association of

Despite recent news reports to the contrary, homeowners in the St. Louis market continue to see growth in their investment in their home, according to sales figures for the third quarter of this year obtained from the Mid-America Regional Information System (MARIS), the multiple listing service which covers the Missouri side of the St. Louis region. According to MARIS, the median price of a home sold between July and September of this year was $158,000, which is an increase of 1.6 percent over the same period one year ago. This represents the combined median home price for St. Louis City, and St. Louis, St. Charles, Franklin, Lincoln and Jefferson Counties.

“The figures show that despite what you see in the national media, the market in the St. Louis area remains steady. Remember, all real estate is local and the St. Louis metropolitan area is its own unique market,” said John Williams, President of the St. Louis Association of REALTORS®. “Despite what you may have heard, a homeowner in our area can generally sell his or her home for more than he or she paid for it. Our region is a great place to own a home,” commented Don Rogers, President of the St. Charles County Association of REALTORS®.

Both Williams and Rogers pointed out that today’s market in our area is running very close to the pre-boom markets of 2002 and 2003. “Yes, we have returned to a normal market,” commented Williams. “A normal market is a good thing for our local economy; it means we have returned to a period of steady and sustainable growth that all signs indicate can continue into the future,” Williams continued.

“Potential homebuyers who wait are missing a once-in-a-lifetime opportunity that today’s market gives them,” commented Rogers. “We have steady prices, a large selection of homes to choose from, and mortgage interest rates near historically low levels. All these factors, combined with a strong local economy, make this a great time to buy a home,” added Rogers.

“Unfortunately, there may be local individuals and families who will listen to the national media and miss this great opportunity to own the home of their dreams,” concluded Williams.