PDF Everyone knows that the current housing market make is bad.
But there is a big difference between the impact of the housing crisis on homes vs. condos. Overall, condos have been harder hit than homes with more intense depreciation, fewer properties selling and a higher percentage of listings failing to sell at all.
University City is no exception.
Take a look at the charts below to see the median sale price of condos in University City and St. Louis County since 1999.
Since residential property appreciation rates average 4% annual appreciation historically, I’ve also added a line to see what condos would be worth if the they had appreciated at the historical rate for the last 10 years.
Annual appreciation rate of University City condos from 1999-2009 was -3.94%
Annual appreciation rate of St. Louis County condos from 1999-2009 was 3.82%
A few things to note:
- The charts are based on MLS listed property sales listed with Mid America Regional Information System (MARIS). It is deemed reliable but not guaranteed. The condo category includes condos, villas, townhomes, rowhomes and lofts.
- The changes in appreciation reflect the overall sales of properties each year, and not the actual increase or decrease of any particular property. To identify the appreciation rate of a subdivision or an individual property, contact Karen for more information.
- The sharp declines in median sale price in the last few years is heavily impacted by large numbers of condos that are failing to sell and the lack of rehabbed properties selling at top dollar (as was the case between 2002-2005).
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