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Ferguson real estate market update

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FERGUSON, MO (KPLR) – A Ferguson realtor is optimistic about the city’s future because predictions about a mass exodus have not materialized.

Realtors and developers are key players when measuring said exodus. They’ve had several months now to anticipate change and deal with it. If nothing else, this has required great patience.

You see ‘For Sale’ signs on homes in different parts of Ferguson, but you actually see a lot more ‘I Love Ferguson’ signs. Something realtor Pearce Neikirk has also noticed.

‘’Here we have all this turmoil and this angst in this community, yet people are willing to continue to stick their blood sweat and tears into it,” he said.

This veteran realtor has worked with clients who sold their homes after the Aug. 9 shooting death of Michael Brown, but more people are staying put.

‘’We`re not seeing the number of homes everybody was predicting would appear on the market. There doesn`t seem to be any panic selling,” Neikirk said.

The St. Louis Association of Realtors posted the following numbers:
Homes sold Jul. 2014 – 16
Homes sold Jan. 2015 – 11

New listings Jul. 2014 – 30
New listings Jan. 2015 – 18

Average days on the market Jul. 2014 – 59
Average days on the market Jan. 2015 – 50

Neikirk said average home prices are above $75,000.

‘’The average home value here, if I would back out all the distress sales, is running around $76,000 to maybe $81,000,” Neikirk said.

Neikirk said people are spending good money on homes in Ferguson. In November, he had two homes sell for $177,000 and $192,000. Keep in mind, location matters when you’re looking at the negative and the positive.

Neikirk believes Ferguson is prime real estate.

‘‘Our location is valuable, we’re close, and by close I mean we’re five minutes away from all three arteries,” he said. ‘‘Anyone in Ferguson can get to I-170, I-270, or I-70 in five minutes

Pearce Neikirk said business development is also moving forward. He sees improvements on S. Florissant where his office is located and expects new structures will slowly begin to replace the burned buildings and outdated structures on W. Florissant.

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