The numbers for St. Louis home sales for September have been released. The numbers show that the real estate market in St. Louis is down, but not dismal. September is the first month this year where the average price of homes sold has been lower than the same month in 2006. This is a 3% decrease in price. Also, the number of homes sold has decreased from 1568 last September to 1339 this September. This is a 14.5% decrease over last year. However, this is a modest decrease, and is not indicative of a sinking ship. This is simply a dip in average home prices, We may see this type of trend over the next 6 months.
The good news is that many people will panic and sell their homes for rock bottom prices. Also, banks are not in the business of selling real estate, so they will be willing to sell their properties for low prices in order to move them. The bottom line is, it is not a good time if you need to sell your home, but it is a great time to invest in real estate. The old adage is buy low and sell high, and it is the beginning of a period where you can buy low.
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