MARKET SUMMARY: Lafayette Square is a fashionable neighborhood in high demand in the City of St. Louis.
SUPPLY: It is an established neighborhood with restricted supply. It has fixed boundaries and has little vacant land for new construction projects. Growth in supply is limited to in-fill and conversion projects.
DEMAND: Contrary to national trends, the Lafayette Square submarket has outperformed the broader St. Louis and national markets in both sales volume and price appreciation. Sales growth has increased an average 18% per year and the median price has increased an average 19% per year over the last 3 years.
TREND: Prices have stabilized with little or no change in CDOM from prior years. Use of sales incentives should phase out as supply tightens. For 2008, the median price has increased to $283,000 up 16% over 2007 with the highest sale being $988,490.
|
YEAR |
# OF SALES |
% SALES |
MEDIAN PRICE |
% MEDIAN PRICE |
HIGHEST SALE |
|
2005 |
65 |
Base |
$170,000 |
Base |
$585,000 |
|
2006 |
77 |
+18% |
$231,000 |
+35% |
$632,000 |
|
2007 |
91 |
+18% |
$244,000 |
+6% |
$625,000 |
SOURCE DATA: The information shown in the data graphs is compiled from Zillow.com using its Zillow Index that tracks reported sales. The information contained in the tables is from the local MLS.
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PREA SIGNATURE REALTY
PREA Signature Realty is a full service brokerage located at 1709 Park Avenue in the Lafayette Square neighborhood of the City of St. Louis. PREA Signature proudly serves the following city neighborhoods: Lafayette Square, Soulard, Benton Park, Benton Park West, Downtown Loft District, Forest Park Southwest, Central West End, Tower Grove East, Tower Grove South, Compton Heights, Shaw, The Hill, Dogtown, Carondelet, Holly Hills, St. Louis Hills, Dutchtown, and the Other Historic Neighborhoods of the City of Saint Louis, Missouri.
The opinions expressed herein represent the opinions of the author only and do not reflect the opinions of PREA Signature Realty. All photos and written content were produced by PREA Signature Realty. All Rights Reserved - PREA Signature Realty (2009). This content may not be reproduced or reprinted, except for Active Rain re-blogging, without express written permission of PREA Signature Realty.
For more information, visit our website at www.PREASignatureRealty.com or contact Ryan Shaughnessy at 314-971-4381 or send an email to Ryan@PREASignatureRealty.com.
