Across the Clayton School District (includes parts of Richmond Heights), even though unit volume is down, the average sold home price is up by 5%. Time on market has remained consistent:YEAR-TO-DATE # OF TRANSACTIONS
$ PER SQFT
The other interesting and encouraging data (not depicted in the table) is that, despite higher selling prices, properties are selling closer to asking price. Sellers are not asking more this year than last, but they are getting closer to their asking price (95% versus 92%) and they are not having to cut their asking prices as deeply (average reduction to final asking price of 2% this year versus 5% last year). This represents progress in working our way back to a healthy market: sellers have rationalized their asking prices and their reward is stronger selling prices.
As is usual with Clayton, these numbers don’t always tell the whole story because they do not fully account for off-market (MLS exempt and direct) sales and the fact that multiple offer negotiations still take some consumers by surprise.
If you have questions about a particular area, neighborhood or property, please feel free to contact me for additional information.
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About this Column: The market data is puller from the Mid America Regional Information System. All information is deemed reliable but not guaranteed.