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St Louis County Has Highest Natural Hazard Risk For Housing In The Area

ATTOM Data Solutions just released their 2016 Natural Hazard Housing Risk Report, in which they score counties across the nation on risks posed to housing from natural hazards.   As the heat map below illustrates, St Louis County has the highest natural hazard ranking in the St Louis area at 59.8, followed by the City of St Louis at 55.3.  Granted, the scale goes all the way to 360, so, in the scheme of things, I guess these scores don’t sound so bad.

The biggest threats…

Not surprising, the biggest threats to St Louis, in terms of natural hazards, come from tornado and hail damage with the threat of both at “very high” for both St Louis County and St Louis City.  With all the recent flooding we have seen, I’m a little surprised that for both of those counties, flood risk is shown as “low”.   Oh yeah, to put your mind at ease, St Louis is ranked as “very low” for risk of hurricane storm surge or wildfires.
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St Louis Home Sales Up Nearly 6 Percent From Year Ago

There were 26,039 homes sold in St Louis during the 12 month period ending July 31, 2016 (5-county core St Louis market),  an increase of 5.9 percent from the prior 12 month period.  As the table below shows, the median sales price during the past 12 months was $174,900, an increase of 4.4 percent from the prior 12 month period when the median price was $167,500.

Home prices per foot …

As the table below illustrates, homes in the St Louis 5-county core market sold at a median price of $117/per foot during the prior 12 month period and, for closings that took place last month, the price per foot was $124.

Inventory is still low..

There are currently 6,951 listings for sale in the 5 county core market which represents a 2.9 month supply of homes for sale, about half of the 6-month supply that would be considered “normal”.

 

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St Louis Real Estate Market Update VIDEO – August 2016

The St Louis real estate market is still going strong!  As the video below illustrates, the St Louis real estate market continues to do well as we head into the end of summer.  The inventory of homes for sale remains low in most areas, which is good news for seller who face less competition and pricing pressure often resulting in multiple offers and quick sales.  From a home buyers perspective it may not be as fun as buyers find themselves often competing and frequently losing out to other buyers that either got their first or offered more.  Let your heart not be troubled though, our market update will also tell you where the buyers markets are too!

Want to know more?  If so, then check out our just-released, 5-minute, video market update below which will go into more detail and give you a quick overview of St Louis home prices, where the sellers markets are, the buyers markets and much more!  If you are considering buying or selling a home, or are an investor or just a homeowner wanting to keep up on the market, you don’t want to miss this!

Whether you are thinking of buying or selling and would like me to look at your situation and your market to determine the best strategy, just call, or text me, at 314.332.1012 and I’ll be happy to help!

St Louis Home Price Trends By City/Municipality 
St Louis Home Price Trends By Zip Code
St Louis Sellers Markets

Thinking of selling and want to know if your neighborhood is a seller’s market? Contact us and we’ll  answer that question for you.

Continue reading St Louis Real Estate Market Update VIDEO – August 2016

New Home Construction In The Midwest Slows In July But Still Up YTD From Last Year

St Louis New HomesNew home construction in the midwest region of the U.S.  occurred at a, seasonally-adjusted, annual rate of 112,000 homes in July, down 2.6% from the month before and down 6.7% from July 2015 when the rate of new home starts in the midwest was at 115,000 homes, according to a report released by the U.S. Department of Commerce.  In terms of actual (as opposed to seasonally-adjusted annual rates) new home starts, year to date there have been 69,100 new homes started, an increase of 15% from the same time last year when there were 60,000 new homes started.

On a national level, in July 2016, construction was started on new homes at a seasonally-adjusted, annual, rate of  770,000 homes, the highest rate since February 2016 when it was 845,000, just about the same rate as in June and up 1.3% from July 2015 when the rate was 760,000 homes.

 

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St Louis Foreclosure Activity Declines Nearly 20 Percent From Year Ago

There were 956 foreclosure filings on homes in the St Louis metro area during July 2016, a decline of nearly 20 percent (19.93%) from a year ago, according to a report released by ATTOM Data Solutions.  As the table below shows, during July 2016, foreclosure activity decreased from a year ago in 5 of the 7 Missouri counties included in report.  Franklin County saw an increase in foreclosure activity of 21.43% and the city of St Louis saw an increase of 9.23% from a year ago.

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Percentage of St Louis Homeowners With Negative Equity Grows Slightly

The number of homeowners that are “seriously underwater“, or in a negative-equity position, increased during the 2nd quarter of this year, according to a report just released by Attom Data Solutions.   During the 2nd quarter of 2106, 17.8% of the homeowners, with a mortgage, in the St Louis MSA were in a negative equity position, up from 16.6% the quarter before and up just slightly from 17.4% during the 2nd quarter of 2015.

To be included in this report, a homeowner has to owe 125% of the current value of their home, so these people are definitely “seriously underwater”.  Obviously, there are many more people that are in a negative equity position, meaning they owe anywhere from 100% to 125% of the value of they home in mortgages.

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St Louis Market Data (Home Prices, Sales, Trends and MORE) By City, Zip or County

St Louis Negative Equity or Underwater Homeowners

Dennis and Judy Jone’s $10.75 Million Ladue Manse Hits Market

If you are in the market for a 30,000 home with multiple guys suites, apartments for employees, bowling alley, racquetball court, spa, salon, 5,000 bottle wine cellar and a whole lot more on 4 pristine acres in Ladue, then you’re in luck!  The home of Dennis Jones, the founder of Jones Pharma, Inc.,  and his wife Judy, just hit the market with a price tag of $10.75 million, making it the most expensive current listing in the St Louis area.  In fact, according to MLS records, there has never been a home sold in St Louis for $10,000,000 with the highest being the home of Robert Fox at 2105 South Warson, which sold in 2015 for $9,000,000.

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St Louis Metro Area Remains A Hot Seller’s Market

The St Louis metro area housing market continues to be a hot seller’s market with 35,703 homes sold during the 12 month period ended June 30, 2016, an increase of nearly 7 percent from the prior 12 month period.  The median price of homes sold during the most recent period was $162,500, an increase of over 5 percent from the prior 12 month period.  As the table below shows, the price per foot on current homes listed for sale in the St Louis MSA is $118 and there is just over a 3 month supply of homes for sale (click table for current live data).

The St Louis Five-County market, consisting of the city of St Louis and the counties of St Louis, St Charles, Jefferson and Franklin, as the second table shows, is performing very similar to the overall St Louis MSA market.

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New Home Sales In Midwest Soar In June Increasing 44 Percent From Year Ago

St Louis New HomesNew home sales in the midwest region of the U.S. , like the temperature during the period, soared in June 2016 to a seasonally-adjusted, annual rate, of 85,000 new homes, an  increase of 44.1 percent from June 2015 when new homes in the midwest sold at an annual rate of 59,000 homes, according to a report just released by the US Census Bureau.

Last month, new homes were sold in the Midwest at a seasonally adjusted annual rate of 85,000 new homes, and an increase of 10.4% from the month before when new homes sold in the midwest at a rate of 77,000 homes.

On a national level, new homes sales last month were at a seasonally adjusted annual rate of 592,000 homes, an increase of 3.5% from the month before and an increase of 25.4% from a year ago.  Nationally, there is a 4.9 month supply of new homes, down slightly from 5.1 months in May and from 5.5 months a year ago.

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How Home Prices Have Recovered Since The Bottom In The Lowest And Highest Priced St Louis Area Zip Codes

After the housing bubble burst in 2008 we saw several years of declining home prices before home prices finally reached bottom in late 2011 and early 2012.  Due to the tremendous growth in foreclosure activity, as well as artificially inflated home prices as a result of sub-prime lending, many of St Louis’ lowest priced neighborhoods were hit the hardest.  So, now that we have seen a solid real estate market in St Louis for a couple of years, and prices are recovering, how have home prices in these hard hit zips recovered?  To determine this I have assembled the data on the first table below, showing the zip codes with the lowest median home prices during the first half of 2012 and then the zip codes with the lowest median home prices during the fist half of 2016.  As you can see,  while there were a few differences in 2016, the zip codes on the list are largely the same.

The crash also impacted the high price zips too….how have they done since?

Certainly the highest priced areas of St Louis were impacted as well by the crash, but, in most cases, not as bad percentage-wise as the lower priced zips.  To examine this, as well as how the prices in these higher-priced neighborhoods have done since, I also assembled the data for the St Louis zip codes with the highest median prices during the first half of 2012 as well as 2016.   Once again, most of the zips on the 2012 list remain on the 2016.

Low priced list zip, 63118, has seen home prices increase nearly 250% since the crash and high-priced zip, 63341,  over 40%!

In the second table below, I ranked the zips from both the low priced zip code list as well as the high priced zip code list to show those zips where home prices have recovered the most since the bottom.  On the low priced list, 5 zips have seen home prices increase by double digits, 3 of which are located in the city of St Louis and 2 in St Louis county.  On the high-priced zip list, the highest recovery was in 63341, the Defiance area of St Charles County, then of the next 4 highest increases in prices, 3 zips are in St Louis County and 1 in the City of St Lous.
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Big Wildwood Homes At Little Prices

If you are looking for a large home with a lot of space, in a good area, at a great price per foot, then an atrium ranch may be just the thing you need!  An atrium ranch style home has been designed to take full advantage of the large lower level a ranch style home has, and to create living space there that is equal in quality to the main floor space.  Typically this is accomplished with a large open area from the main level, to the lower level, often with a wall of windows, creating the “atrium”, high ceiling heights (often 9 feet), high quality finishes like the main level and lots of windows and natural light.  Building living space in the lower level can be done for less cost than normal 1st floor, or 2nd floor space so the end result is a lot of house for the money!  

For example, the table below shows all atrium ranch style homes that were available for sale today in Wildwood (Lafayette High School).  For each, I’ve shown the price,  the amount of square foot the homes have on the main level, the total living area including the finished space in the lower level and the overall price per foot revealing that the best value in Wildwood today, 17642 Lasiandra in Wild Horse Subdivision,  is priced at only $89 per foot (based upon overall living area).

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Foreclosures In St Louis During First Half of 2016 Down Over 27 Percent From Prior Period

There were 4,935 foreclosure filings on homes in the St Louis metro area during the first six months of 2016, a decline of 27.1% from the second half of 2015 when there were 6,770 foreclosure filings and down 9.75% from the first half of 2015 when there were 5,468 filings, according to a report just released by RealtyTrac.

As the table below shows, for the first half of 2016, foreclosures decreased in 13 of 15 counties in the St Louis area from the 2nd half of 2015 and 10 declined from the same period a year ago.

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St Louis Real Estate Market Update VIDEO – July 2016

The inventory of homes for sale in St Louis remains low making it a great time to be a home seller!  Home sales and prices are up in the St Louis area although we are beginning to see home prices rescind slightly as we near the end of the summer market and prices historically soften a little.

Want to know more?  If so, then check out our just-released, 5-minute, video market update below which will go into more detail and give you a quick overview of St Louis home prices, where the sellers markets are, the buyers markets and much more!  If you are considering buying or selling a home, or are an investor or just a homeowner wanting to keep up on the market, you don’t want to miss this!

Whether you are thinking of buying or selling and would like me to look at your situation and your market to determine the best strategy, just call, or text me, at 314.332.1012 and I’ll be happy to help!

St Louis Home Price Trends By City/Municipality 
St Louis Home Price Trends By Zip Code
St Louis Sellers Markets

Thinking of selling and want to know if your neighborhood is a seller’s market? Contact us and we’ll  answer that question for you.

Continue reading St Louis Real Estate Market Update VIDEO – July 2016

Should I Sell My Home Myself?

Should I sell my home myself” is something that some sellers are asking today, particularly those in fast selling neighborhoods and areas where the inventory of homes for sale is low, after all, how hard can it be to sell a home if homes are in such high demand?  Well, there’s a lot more to selling your home than it may appear on the surface, particularly today with all the many regulations that affect a home sale.

But I know people that are interested in my home…

Yes, finding people “interested” in your home is not that difficult, the tricky part is finding a buyer that is qualified, ready to buy, and is interested in your home at a price and under terms that work for you.  Lately, with the shortage of inventory of homes for sale, the problem hasn’t been finding a buyer, it’s been selecting the right buyer the leads to a successful closing and, for this, there is nothing better than having a professional real estate agent representing you who knows what to look for in a buyer.
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St Louis’ Slowest Selling Neighborhoods

Ok, this is the list that, if you are a seller, you don’t want to be on however, if you are a buyer looking for an opportunity, here are some places to consider buying a home where the competition from other buyers is not as fierce.  As of today, there are 30 cities/municipalities in the St Louis area that are on our “Slowest Selling Neighborhoods List”, below are the top 10 on the list (click on the list to see the current entire list).  At the top of the list is Byrnes Mill, one of 3 cities in Jefferson County that made the top 10 list, where homes for sale have been on the market an average of over 600 days.  Somewhat surprising is the fact that St Charles county, which has been a pretty has 4 cities on the list.
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Falling Interest Rates Make St Louis Homes Even More Affordable

Mortgage interest rates have been falling since last Thursday when the referendum passed for the United Kingdom to exit the European Union.  As the chart below shows, interest rates on a 30 year fixed-rate mortgage today averaged 3.44%, a new 52-week low and a decline of nearly 3/4 of 1 percent from a year ago when they were 4.20%.  The payment on a $160,000 home loan at today’s rates would be $713 (principal and interest), a decline of nearly 9 percent from a year ago when the payment on the same loan amount would have been $782.
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Home Affordability in Franklin County Improves By 9 Percent From Year Ago

One of the many benefits to living in the St Louis area has long been the affordability of good homes in nice neighborhoods, but that has even gotten better in the past year in three of the 5 major counties that make up the St Louis market.   As the table below shows, in Franklin County, due to lower home prices as well as interest rates, home affordability increased by 9 percent from May 2015 to May 2016.  Jefferson County, as well as the city of St Louis, also saw improvements in home affordability during the period however, St Louis County and St Charles County saw affordability slip by about 2%.
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St Louis Home Affordability - May 2016 - MORE, REALTORS

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St Louis Home Sales in 2016 Up Nearly 9 Percent From Same Time Last Year

There have been 10,070 Homes sold in St Louis this year so far (through May 31, 2016), in the 5-county core St Louis market, an increase of 8.7 percent from the same time last year when there were 9,261 homes sold.  As the table below shows, this years home sales is outpacing the prior 4 years thus far.  The core St Louis market is comprised of the city of St Louis as well as the counties of St Louis, St Charles, Jefferson and Franklin.

Pending home sales up as well but could show slowing trend…

At the chart below illustrates, year to date pending home sales (homes with contracts on them that have not closed yet) have increased 5 percent from the same time last year.  Through the end of May, 2016, there have been 10,953 pending home sales in St Louis up from 10,433 the same time last year.  With the closed home sales being up 8.7 percent, but pending home sales up only 5 percent, that would indicate one of two things: either a higher percentage of pending sales are closing and fewer failing along the way, or pending sales, a good leading indicator of the housing market, are slowing meaning we are going to possibly lose of some of the increase in home sales from last year over the coming months.

Declining Inventory Is The Problem…

To answer the question I raised above as to the reason for the slowdown in the rate of pending home sales, I looked at what I suspected to be the problem: inventory.  As the chart at the very bottom below shows, while home sales have been on the rise in the 5- county core St Louis real estate market, the inventory of homes for sale has been on the decline.  In May 2015, there were 2,540 homes sold in the St Louis 5-county core market and there was a 3 month inventory of homes for sale.  Last month, there were 2,735 homes sold and only a 2 month supply of homes for sale.  That decline of 33% in the supply of homes for sale is no doubt to blame for the decrease in pending home sales…if there is nothing on the market to buy there won’t be sales, simple as that.

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St Louis Real Estate Market Update VIDEO – June 2016

Home sales continue at a brisk pace and the inventory of homes for sale remains low in all five counties that make up the core St Louis market with St Charles county having the lowest inventory with just a 1.9 month supply of homes for sale.

Want to know more?  If so, then check out our just-released, 5-minute, video market update below which will go into more detail and give you a quick overview of St Louis home prices, where the sellers markets are, the buyers markets and much more!  If you are considering buying or selling a home, or are an investor or just a homeowner wanting to keep up on the market, you don’t want to miss this!

Whether you are thinking of buying or selling and would like me to look at your situation and your market to determine the best strategy, just call, or text me, at 314.332.1012 and I’ll be happy to help!

St Louis Home Price Trends By City/Municipality 
St Louis Home Price Trends By Zip Code
St Louis Sellers Markets

Thinking of selling and want to know if your neighborhood is a seller’s market? Contact us and we’ll  answer that question for you.

Continue reading St Louis Real Estate Market Update VIDEO – June 2016

St Louis Foreclosure Activity Declines Nearly Ten Percent in May From Year Ago

Foreclosure activity in the St Louis metro area during the month May occurred at a rate of 1 foreclosure action for every 1,267 homes, an increase of 20.3 percent from the month before, but a decrease of 9.75% from a year ago, according to a report just released today by RealtyTrac.

 

As the table below illustrates, 5 of the seven Missouri counties, and 2 of the eight Illinois counties, saw a decline in foreclosure activity in May from the year before, and 1 Missouri county, and 3 Illinois counties, saw a decline from the month before.  Of the fifteen counties reported, only 3 saw a decline in foreclosure activity in May both from the month before, as well as year before, those being the City of St Louis in Missouri and Jersey and Monroe counties in Illinois.

 

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St Louis’ Fastest Selling Neighborhoods

If you want to buy a home today you have to be quick, especially in some neighborhoods where the demand is so high and inventory so low that many of the homes sell within a day or two of hitting the market.  There are many ways to determine what are the hot neighborhoods in St Louis, but for the purposes of this article, I’m going to look at the average days on market of active listings to determine  cities in the St Louis where homes are selling the fastest.

As the table below shows, Shrewsbury is at the top of the list where the average home for sale has been on the market for under a month, followed by it’s not so distant neighbor, Crestwood where active listings have been for sale just over a month.

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New Landlord-Tenant Bill Make Force Missouri Landlords To Use Property Managers

This legislative session, the Missouri State Legislature passed HB. 1862, which modifies provisions relating to the existing landlord-tenant law in Missouri, specifically, it repeals sections 534.350, 534.360, 535.030, 535.110, 535.160 and 535.300 of the Revised Statutes of Missouri and replaces them with five new sections as described in the bill.  The bill has been delivered to Governor Nixon and, if signed by him, will go into effect August 28th of this year.

Why This New Law May Force Landlords (even licensed real estate agents) To Use Property Managers:

While this bill has some good things in it, such as establishing some reasonable procedures and time lines for a landlord regaining possession of a property as well as doing a little housekeeping with regard to what can be deducted from a security deposit, the bill also makes, what I believe to be, a very damaging change to the law with regard to security deposits.  With regard to security deposits held by landlords, the bill changes section 535.300 (2) to read (emphasis is mine):

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Down payment Assistance Programs Cover All of Buyers Downpayment In Most St Louis Areas

There are a variety of down payment assistance providers in the St Louis area where a qualifying home buyer can obtain assistance with their downpayment to buy a home.  According to a report just released today by RealtyTrac, the average amount of down payment assistance covers the typical down payment on a median priced home in 4 out of five of the St Louis Counties that make up the core market, with St Charles County being the only exception.  As the table below shows, in St Charles County the average down payment assistance of $5,000 falls short of the typical downpayment on a median priced home of $6,150 but still covers most of it.  In the other 4 counties the down payment is more than covered.

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Information On Down Payment Assistance Programs Available In Missouri
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Home Flipping in St Louis Declines In 1st Quarter From Year Ago

Home flipping accounted for 8.1 percent of all the home sales in the St Louis MSA during the 1st quarter of this year according to a report released today by RealtyTrac.  This is up 20 percent from the prior quarter however is a decline from the first quarter of 2015 when flipped homes accounted for 8.3% of all the homes sold.

Home flipping in St Louis peaked in 2006…

During the first quarter of 2016, over 1 out of every ten home sales (10.7%) in St Louis was a flip, the highest level ever seen in St Louis since RealtyTrac began tracking flips.

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St Louis Pending Home Sales For 2016 Hit Highest Level In Years

Homes are selling in St Louis at a brisk rate evidenced by the fact that pending home sales, those listings that are under contract to a buyer but not yet closed, for 2016 through the end of April increased 9.2% from the same time last year.  As the chart below illustrates, year to date pending home sales in the St Louis 5-County core market (city of St Louis and counties of St Louis, St Charles, Jefferson and Franklin) thus far this year are at a level higher than we have seen in years!  Pending home sales in the month of April itself barely outperformed April 2015 by 1/2 of 1%.  One of the best ways to get the big picture is to look at pending home sales for the most recent 12 month period and compare that with the prior 12 month period which when we do shows an increase of 9% in pending home sales for the 12 month period ended March 31, 2016.

St Louis Pending Home Sales

Data Source: MARIS

City of St Louis only County With Decline in Pending Home Sales:

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A Better Way To Look At St Louis Home Prices

Three days ago I wrote about how St Louis home prices in April had increased just roughly 1 percent from April 2015 which was in sharp contrast to what was being reported in the local media at the time.  I did this because I’m a data nerd I guess and feel it is important, whether we are talking about home prices or anything else, to have the most accurate information possible.  Today, social media and even many news outlets often report things that are either only partially true, not true or accurate at all or perhaps taken out of context giving it a different meeting.  For those that know me you know I refer to myself as an “Acts 17:11” guy.  Acts 17:11 is a bible verse that says, in the “Dennis paraphrase”, be eager to listen to others, but go to the source yourself to find out whether it’s so.  The verse is referring specifically  to the Bible but I think it has great application outside of the Bible as well.  So, with that said, that’s what I do and what we try to do at my company, MORE, REALTORS…..find the source of the most accurate information we can, study it to understand it the best we can, then deliver that information to our customers, clients and the public. Then, to the extent possible, I try to deliver sources of information and encourage people not simply to take my word for it but to verify it themselves.

Finally…the point….there is a better way to look at St Louis home prices:
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Continue reading A Better Way To Look At St Louis Home Prices

St Louis Home Prices In April Increased Just 1 Percent From Year Ago For Non-Distressed Home Sales

There were 2,290 St Louis Existing Homes Sold in April (in the 5-county core market), an increase of 1.0 percent from April 2015 when there were 2,265 homes sold.  The median home price of homes in the St Louis 5-county core market (city of St Louis and counties of St Louis, St Charles, Franklin and Jefferson) during April 2016 was $173,850, an increase of 4.4 percent from April 2015 when the median price of existing homes sold was $166,500.

For the combined markets of the City of St Louis and the County of St Louis, there were 1,241 existing single family homes sold during April 2016, an increase of 9.6% from the prior year and the median home price of homes sold during the month was $158,250, an increase of less than 1% from the prior year.

Distressed home sales still account for over 1 of every 10 home sales….

During the month of April in the St Louis core market, there were 243 distressed home sales (foreclosures, short sales, bank-owned property) which is 10.6% of the total home sales during the month.   The median sales price of these distressed sales in April 2016 was $51,780, a decline of 1.0% from a year ago when distressed homes sold for a median price of $52,314.

St Louis home prices in April, on non-distressed existing home sales, rose just 1 percent from year ago…

In spite of some recent news reports boasting much bigger increases in home prices (as much as 17%) based upon the data I have compiled, courtesy of MARIS, the REALTOR regional MLS, the increase in home prices is nowhere near that.  If we remove distressed home sales from the data, and look at what the “normal” housing market looks like, in April 2016 there were 2,045 homes sold, an increase of 5% from a year ago when there were 1,947 non-distressed single-family home sales in the St Louis 5-county core market.  The median price of these home sales in April was $185,000, an increase of 1.0% from a year ago when the median home price for non-distressed single-family home sales in the St Louis 5-county core market was $183,000.

Why a 17% increase in home prices would not be good and 1% is better…

If St Louis home prices had in fact, as reported by some of the media, increased in the past year by as much as 17% that would mean home prices rose about 17 times more than the rate of inflation.  As the table below from the US Labor Bureau shows, the St Louis rate of inflation from the 4th quarter of 2014 to the 4th quarter of 2015 was 0% and, the best I can tell, the most recent rate only indicates about a 1% rate of inflation.  Therefore, a 1% increase in home prices in the past year, as I have reported above, is consistent with the current rate of inflation and is a good thing for the long term health of the housing market as we don’t want home prices to rise significantly faster than inflation.  How do I know this?  Well, as the chart below shows, where I have graphed historically, there has definitely been a relationship between home prices and CPI with the two normally rising at a fairly consistent rate with the big exception being in the early 2000’s.  As the chart shows, being in early 2000, home prices began rising at a rate higher than the inflation rate eventually reaching the tipping point in the 4th quarter of 2007 when home prices had increased 42% during the prior 7 year period and the rate of inflation only 20%.  We all know what happened next, the housing bubble burst and home prices plummeted back to where they should have been.  So, during the period that lead to the housing bubble, home prices were, on average, just increasing just a little over double the rate of inflation and look what happened.  Now do you see why I say a 17% increase in home prices in the past year would be bad and the actual 1% it was is good?

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Continue reading St Louis Home Prices In April Increased Just 1 Percent From Year Ago For Non-Distressed Home Sales

St Louis Foreclosures Decline Over Thirty Percent In April From Year Before

St Louis foreclosure activity during the month of April decreased to 1 foreclosure action for every 1,524 homes, a decline of 31.58 percent from April 2015, according to a report just released by RealtyTrac.

 

As the table below illustrates, foreclosure activity during the month of April decreased from the month before, as well as the year before,  in all seven Missouri counties that make up the bulk of the St Louis market.

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St Louis Foreclosure Activity April 2016

St Louis Real Estate Market Update VIDEO – May 2016

The current home price trend is down in each of the 5 core counties this month, but home sales are still robust in most St Louis markets and the inventory of homes for sale remains low.

Want to know more?  If so, then check out our just-released, 5-minute, video market update below which will go into more detail and give you a quick overview of St Louis home prices, where the sellers markets are, the buyers markets and much more!  If you are considering buying or selling a home, or are an investor or just a homeowner wanting to keep up on the market, you don’t want to miss this!

Whether you are thinking of buying or selling and would like me to look at your situation and your market to determine the best strategy, just call, or text me, at 314.332.1012 and I’ll be happy to help!

St Louis Home Price Trends By City/Municipality 
St Louis Home Price Trends By Zip Code
St Louis Sellers Markets

Thinking of selling and want to know if your neighborhood is a seller’s market? Contact us and we’ll  answer that question for you.

Continue reading St Louis Real Estate Market Update VIDEO – May 2016

Home Mortgage Loan Originations Decline In First Quarter Of 2016

Home mortgage loan originations in the St Louis metro area declined during the first quarter of this year to 5,843 total loan originations for purchase mortgages, a decline of 16 percent from the prior quarter when there were 6,976 purchase mortgage loan originations, according to the latest data from RealtyTrac.

More homeowners refinancing than buying…

During the first quarter of 2016, 7,710 homeowners in the St Louis metro area refinanced their home mortgage, down 3 percent from the prior quarter when 7,956 homeowners refinanced.  Refinancing accounted for 57% of the loan originations in the St Louis area during the first quarter of 2016 up from 53% during the prior quarter.

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Find out how much you can save refinancing your home loan – click here for Dennis’s recommendation of a great lender in your area.