In the face of several difficult years in the real estate market, Greenway Fields remains one of the stronger subdivisions on the Missouri side of the state line. As a resident at 451 GreenwayTerrace since 1971, I am among its most avid advocates! Comparing averages with the larger entire MLS area, Zip Code 64113 and Greenway over a two year period, here’s a snapshot of April illustrating why those shopping for homes in Brookside see Greenway Fields as a premier neighborhood:
While Greenway represented only 6% of the April inventory in 64113, the homes sold for a higher percentage of their original list price. In such a small universe the averages are easily distorted by short sales, foreclosures and transactions with atypical circumstances. On average, a greater percentage of Greenway Fields homes especially when properly priced have sold closer to their original list price.
From now through August, we typically experience increased activity over the rest of the year. The segment below $400,000 is especially active this spring. My colleagues at Reece & Nichols and other Realtors are reporting increased showings, and a convergence of sellers and buyers as reflected by the improved Greenway List-to-Sales Price ratios (79% in December, 2011 vs. 95% last month). Diminishing inventories, historically low interest rates and some easing of lender underwriting criteria make this an ideal time if you’re planning a move.
Sellers considering moving up-market can achieve significant savings on their new purchase, more than accommodating price concessions on the sale of their current home. And here’s the good news for sellers the comparative months of inventory. This term refers to the estimated amount of time it will take for the current inventory on the market to sell, assuming no new properties come on the market. The industry considers 6.0 months a balanced market favoring neither seller nor buyer. Below six months indicates a seller’s market; above six months indicates a buyer’s market. Greenway Fields currently has only a three-month supply!
Arthur Parks
Realtor®
Reece & Nichols Country Club
If you have any questions, please e-mail Arthur at aparks@reeceandnichols.com