St. Louis Real Estate Search

 

St Louis Real Estate Market Update VIDEO – April 2018

A low inventory of homes for sale is making it tough on the St Louis real estate market with sales for the first quarter of this year lagging behind last year. St Louis home prices, on the other hand, continue to rise as do the number of “seller’s markets” in St Louis. In fact, as the video shows, the list of buyers markets in the St Louis area is short…in fact the shortest list I can remember.   Find out more, as well as get information on some of St Louis’s best resources for home buyers and sellers in our just-released market update video.
In our MORE, REALTORS, 5 Minute“> St Louis Real Estate Market Update video below, you can quickly and easily get the latest information on home prices, home sales, trends and more for the entire St Louis area!  

Sell Your Home For The Highest Price In The Least Amount of Time!  See how- STLSellersAdvantage.com 
Save Commission On Your Home Sale Without Sacrificing Service! See howFairCommissionRate.com

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.

You can now subscribe to our ITUNES Podcast Channel to receive our updated market videos via podcast automatically each week! Just click here, then click on “Subscribe Free”.)

St Louis Real Estate Market Update Video - St Louis Home Prices

 

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New Home Construction Activity Up Slightly In St Louis Area – St Charles County Losing Steam

New home construction, based upon building permits issued, is up overall for the 7-county area covered in St Louis by the Home Builders Association of St Louis and Eastern Missouri (HBA). For the most recent 12-month period reported for this area, through the end of February 2018, there have been 4,720 single family permits issue versus 4,579 for the prior 12-month period, an increase of 3.08%.

As the table below shows, 5 of the 7 counties reported on by the HBA have seen double-digit increases in new home construction during the past 12-months, Lincoln County and St Charles County being the exceptions.  St Charles County has suffered the most, with a double-digit decrease in home sales.  The St Charles decline is likely at least partially contributed to a lack of developed lots.

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New Home Building Permits – St Louis Area

New Home Building Permits - St Louis Area

When Is The Best Time To Sell Your Home?

If I had a dollar for everytime someone asks me when is the best time to sell their home I would probably not have to be writing this article today and instead would be relaxing somewhere warm :).  My initial answer, while somewhat snarky, is always the same “when you have a buyer“.  Actually though, just because there is a buyer doesn’t mean you are realizing the best price and terms as may be possible.

It’s not really possible to be totally objective when analyzing this as no more which data I choose to use or consider is going to make it subjective, but I think I have come up with a reasonable criteria to base my answer on.  For the purposes of this article, below are the criteria I selected to include in my analysis and why:

  • Sold Price Per Foot– For an overall market view, price per foot is a good way to look at a trend.
  • Days on Market – The time it takes a home to sell is certainly indicative of how good or bad a current market may be.
  • % of Original List Price Sold For – This is a very good indicator of the market for when sellers are able receive close to their original asking price it is typically indicative of a good market (and a good listing agent that knows the benefit of properly pricing a home at the start)
  • % of Current List Price Sold For – Like the previous one, and is somewhat an indicator of the strength of the current market but is probably more driven by a seller finally facing reality and getting the price to the point where their home sold.

I then created the chart below, using software created by MORE, REALTORS for the St Louis 5-County core market for the past 24 months and then plotted the data above.  As the chart illustrates, during the past 12 months, one clear “winner” stands out when all the planets aligned (or data) to deliver the best result to the seller and it happend with closings that occured in June 2017.   Therefore, the best month to sell your home is June, right?  Wrong!  Considering the average sale takes about 5 – 6 weeks to close, and these closings occured in June, the majority of these homes most likely went under contract for sale in April and May, with the majority in May.  So, not surprising, since I believe most agents would give this answer without even doing research, but the spring market, April and May is the best time to sell your home.  If you look back to June 2016 on the chart, while the % of original price didn’t fare as well as in 2017, June 2016 was defiinitely a winner month for sellers as well!

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When Is The Best Time To Sell Your Home? (Chart)

(click on chart for current, live chart)When Is The Best Time To Sell Your Home? (Chart)

So does this mean you shouldn’t sell your home in the winter?

One downside to conversations like this is it can create a certain panic among homeoweners that are considering, or need to sell, but have missed the spring season.  Does this mean they should wait unitl next spring? While there’s a lot to take into consideration, the short answer is no, you don’t have to wait until spring.  There are advantages to selling in “non-peak” seasons, including less competition, not to mention, if you are buying another home, you will have a better chance of getting a good deal.  

Therefore, the perfect scenario is to put your home on the market for sale April 1st, sell it, close it and live in temporary housing.  Then, December 1st, start the search for your new home. :)

 

St Louis Home Prices Increase 3.8 Percent In Past Year While Sales Increase About Half As Much

Home prices in the St Louis 5-County core market increased 3.67 percent in the 12-month period ending February 28, 2018 to a median price of $186,500 from $179,900 for the prior 12-month period.  During the same period, home sales in the St Louis 5-County core market increased 1.89% to 27,839 homes sold from 27,323 homes sold during the prior 12-month period.

As our table below shows, there were 1,489 homes sold during February 2018, and are currenlty 4,921 homes listed for sale, computing into a 3.3 month supply of homes for sale, continuing to favor sellers due to the low supply.  A supply of around 6 months would normally result in a balanced market not favoring sellers or buyers, the likes of which we have not seen in some time.

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St Louis 5-County Core Market* Home Sales And Prices

(click the table below to be taken to current, complete report)St Louis Home Prices and Sales

*  St Louis City and counties of St Louis, St Charles, Jefferson and Franklin

Is The Listing Agent Required To Inform Your Buyers Agent Of Multiple Offers?

In today’s low-inventory real estate market here in St Louis, it’s common for would-be buyers to miss out on a house they want even when they make a strong offer only to find out they got beat out by another buyer offering a higher price or better terms.  This is particularly true for people trying to buy a foreclosure with increasing demand and decreasing supply, it is not uncommon to have 5, 10 or even more offers for the newly listed foreclosed property.

Does the listing agent have to inform you of multiple offers?

No one likes to get beat out, particularly on the house of their dreams, so the whole offer and negotiation process can get a little emotional at times.  This is particularly true when a buyer, who didn’t even know they were in competition, finds they were beat out by another buyer.  This almost always results in the losing buyer asking their agent why they didn’t know there were other offers.  This can even get contentious between the agents as well, with the buyers agent often feeling “wronged” if the listing agent didn’t make them aware that they had multiple offers.

There is not one black and white answer as to whether a buyer should be informed they are in a multiple offer situation or not.  We have to dig in a little deeper.  For starters, if the listing agent is not a REALTOR® then they are just obligated to follow Missouri license law as well as the rules and regulations established by the Missouri Real Estate Commission, both of which are silent on the specific issue of multiple offers.  However, the license law and rules are very clear about the fiduciary obligation an agent has to a client, therefore, a listing agent is bound to act in the best interest of their seller.  Therefore, if the seller does not want the listing agent to reveal the existence of multiple offers to buyers, then it is not in the sellers best interest for the listing agent to reveal it. If the listing agent is a REALTOR® (as are the majority of real estate agents in the St Louis area) then, in addition to state license law and rules, they are also bound to abide by the National Association of REALTORS® (NAR) code of ethics.  The code of ethics, specifically standard of practice 1-15 states “REALTORS®, in response to inquiries from buyers or cooperating brokers shall, with the sellers approval, disclose the existence of offers on the property.”  The key here is “with sellers’ approval”, so, without the sellers approval, the listing agent should not reveal that multiple offers exist to your buyers agent.

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Don’t I get a chance to increase my offer? What about “highest and best”?

Before I go further, I should mention that it is my belief, the existence of multiple offers is revealed by the listing agent (presumably with the sellers approval) many more times than it is not as, normally, it is generally in the sellers best interest to let buyers know so the “bidding war” can start.

So, speaking of bidding war, the next thing that comes up from buyers in multiple bid situations is the question as to whether they will get a chance to increase their offer.  As in the question of whether to reveal multiple offers in the first place, it comes down to what is in the sellers best interest and what the seller has instructed the listing agent to do.  Often, particularly on foreclosures, listing agents will employ a “highest and best” strategy in which they generally go back to all buyers that submitted an offer and give them an opportunity to increase their offer realizing they will probably just have one shot at it. Some buyers like this as they have an opportunity to sharpen their pencil and others deplore it feeling like they are bidding against themselves, in any event though, this tactic often works in producing a very good offer for the seller.  However, there are many sellers that, in a multiple offer situation, will not go this route and may choose to negotiate with a particular buyer without informing the other buyers.  This is often the result of a buyer standing out, usually with the offered price but also terms that the seller finds attractive, such as perhaps a cash deal, short closing, etc.  As a result, the listing agent will often go back to one buyers agent and negotiate without going back to the others which, as long as he is acting in the sellers best interest, is fine.

My advice to buyers

Everything I have discussed here are reasons why, when you choose an agent to represent you as a buyer, you want to use better criteria than “they are the cousin of a friend”, “they are a neighbor”, etc.  Your buyers agent plays a much more significant role than just “showing you houses” and their experience, knowledge, negotiation skills, reputation within the industry, relationships with the listing agents in the areas you are looking in, etc, will all be critical in the process.  A strong buyers agent can make the difference between you suffering many disappointments and securing your dream home on the first try!

At MORE, REALTORS, we have some of the finest agents in town and invite you to check us out.  STLRE.com

Do Open Houses Sell Homes?

Ask a dozen real estate agents what their thoughts are on the effectiveness, or importanced, of open houses for sellers and you will likely get about a dozen different opnions.  Opinions from agents on open houses include: open houses are vital to properly exposing the listing to the market; they are good practice for newer agents; they are a great opportunity to meet potentital buyer clients; they are done to appease a seller; they are a security risk to the homeowner.

So, do open houses sell homes?  Are open houses necessary to sell your home?

Personally, I don’t believe open houses are necessary to properly expose a seller’s home to the market, but instead gives easy access to nosy neighbors, people looking for remodeling ideas as well as those folks that just love filling their Sunday afternoon looking and dreaming about homes.  My thought is, if a buyer is genuinely interested in your home, particularly in a low-inventory market like we are in, they will do whatever it takes to get an appointment to look at the home.  in addition, given that we are talking about a big-ticket item, no one is likely to “impulse-buy” a home like they might some new gizmo or gadget they see while wandering through Costco.

Whatever the reason is though, open houses are fairly popular, particularly in St Charles.

I just did some quick stats to see how many open houses are currently scheduled for this weekend by county.  As my list below shows (by the way, you can click on the links below to go to a live, interactive map showing all the open houses this weekend) 22% of the active listings in St Charles County have an open house scheduled in the next 7 days.  For the St Louis Metro area as a a whole (the St Louis MSA), 13% of the active listings have an open house scheduled in the coming 7 days.

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Open Houses Scheudled During The Next 7 Days By County

(Click on County name to see live, interactive map showing all the open houses this weekend)

St Louis Open Houses

St Louis Open Houses By County

St Louis Real Estate Market Update VIDEO – March 2018

The real estate market in St Louis, after the first two months, continues to see good price appreciation with home sales on about the same pace as this time last year.  Find out more, as well as get information on some of St Louis’s best resources for home buyers and sellers in our just-released market update video.
In our MORE, REALTORS, 5 Minute“> St Louis Real Estate Market Update video below, you can quickly and easily get the latest information on home prices, home sales, trends and more for the entire St Louis area!  

Sell Your Home For The Highest Price In The Least Amount of Time!  See how- STLSellersAdvantage.com 
Save Commission On Your Home Sale Without Sacrificing Service! See howFairCommissionRate.com

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.

You can now subscribe to our ITUNES Podcast Channel to receive our updated market videos via podcast automatically each week! Just click here, then click on “Subscribe Free”.)

St Louis Real Estate Market Update Video - St Louis Home Prices

 

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Is The West St Louis County Luxury Market Slowing Down?

My business partner was out yesterday previewing homes in West St Louis County and had a discussion with a listing agent in the area that mentioned the large supply homes for sale in the upper price ranges.  Considering about all we hear about today is how there is a shortage of inventory and homes are selling so fast, this conversation about growing inventory seemed out of sorts.  Before I go further, I should mention that the “mainstream” market is almost always going to perform better than the luxury market for a variety of reasons including the size of the buyer pool for that market.

To see how the luxury home market in West St Louis County is performing, I pulled stats for 3 west county locations: Wildwood, Chesterfield and Town & Country, and then for Clayton as a comparison.  As the tables below illustrate, with the exception of Chesterfield which has just a 6-month supply of homes for sale, the other 3 areas are clearly buyers’ markets.  Clayton has an 18-month supply, Town & Country 20, and Wildwood has a 22-month supply of homes for sale in the $800,000+ price range.

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Chesterfield Luxury ($800k+) Current Listing Data

(click table for complete, live data)Chesterfield Luxury ($800k+) Current Listing Data

Town & Country Luxury ($800k+) Current Listing Data

(click table for complete, live data)

Town & Country Luxury ($800k+) Current Listing Data

Clayton Luxury ($800k+) Current Listing Data

(click table for complete, live data)

Clayton Luxury ($800k+) Current Listing Data

Wildwood Luxury ($800k+) Current Listing Data

(click table for complete, live data)

Wildwood Luxury ($800k+) Current Listing Data
As the chart below illustrates, change in the price per foot that homes in this price range have sold for over the past 5-years varies fairly significantly between the areas we are looking at.  Luxury home prices have increased the most in Chesterfield with prices rising from $200 per foot in 2013 to $232 per foot thus far in 2018, an increase of 16% in that 5-year period.  The Clayton market has fared well too with home prices increasing 12% during the period from $280/foot to $314/foot.  Town & Country saw just a modest 1.8% increase during the period and Wildwood actually lost ground with the median price per foot dropping about 1 percent from $175/foot in 2013 to $173/foot thus far in 2018.

Luxury Home Sold Price Per Foot – Past 5-Years

(click chart for complete, live data)

Luxury Home Sold Price Per Foot - Past 5-Years

When it comes to how long it takes to sell a luxury home, Clayton has consistently performed the best and continues to improve.  In 2013, the median time to sell a luxury home in Clayton was 72 days, thus far this year it’s been just 43 days, a 40% improvement.  Town and Country saw a 27 percent improvement in the time to sell, while Chesterfield saw a 23% increase in the time to sell and Wildwood a whopping increase of over 200% in the time to sell a luxury home.

Luxury Home Time To Sell – Past 5-Years

(click table for complete, live data)
Luxury Home Time To Sell - Past 5-Years

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Homes Sold Last Month In St Louis Took Half The Time To Sell Than They Did Four Years Ago

Homes that sold in the St Louis area last month sold for a median price of $123 per foot and took a median time of just 35 days to sell, according to the latest data from MORE, REALTORS.  As the 5-year chart below illustrates, the median price of homes sold in St Louis have steadily increased over the period, from $93 per foot in February 2014, to $123 per foot last month, an increase of 32.3%. During this same period, the median time it took for homes to sell declined from 70 days in February 2014 to just 35 days in February 2018, a decline of 50%!

St Louis 5-County Core Market – Price Per Foot & Time To Sell – Past 5 Years

(Click Chart To See Live Data)

St Louis 5-County Core Market - Price Per Foot & Time To Sell - Past 5 Years

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St Louis Neighborhoods Where Homes Sold The Fastest Last Month

Three of the fastest selling cities in the St Louis metro area are on the Illinois side of the Mississippi including the number one city on the list, Columbia.  As the table below shows, homes that sold in Columbia Illinois during the past 30 days were on the market an average of just 21 days before they sold.  Four of the ten-fastest selling cities saw homes sell in less than a month with the remaining six cities averaging just over a month. Clicking on the table will take you to the complete list with live data.

St Louis’ Fastest Sold Cities

(click on table to see complete list with update data)

St Louis' Fastest Sold Cities

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St Louis Real Estate Market Update VIDEO – February 2018

The real estate market in St Louis is off to a good start for 2018 so far!  Find out more, as well as get information on some of St Louis’s best resources for home buyers and sellers in our just-released market update video.
In our MORE, REALTORS, 5 Minute St Louis Real Estate Market Update video below, you can quickly and easily get the latest information on home prices, home sales, trends and more for the entire St Louis area!  

Sell Your Home For The Highest Price In The Least Amount of Time!  See how- STLSellersAdvantage.com 
Save Commission On Your Home Sale Without Sacrificing Service! See howFairCommissionRate.com

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.

You can now subscribe to our ITUNES Podcast Channel to receive our updated market videos via podcast automatically each week! Just click here, then click on “Subscribe Free”.)

St Louis Real Estate Market Update Video - St Louis Home Prices

 

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New Home Construction In St Louis Area Trending Upward In Most Areas – St Charles County Sees Decline

New home construction in the St Louis area is off to a good start for 2018 with a total of 326 building permits for new homes being issued during January for the 7-county St Louis area reported on by the Home Builders Association of Eastern Missouri.  This permit activity in January represents an 11% increase over the activity in January 2017 when there were 293 new home permits issued.  During the month of January 2018, 4 of 7 counties saw an increase in building permits from January 2017 (Jefferson County +26%, Franklin County +143%, Warren County +1%, St Louis City +371%) while the remaining 3 saw declines (St Louis County -25%, St Charles County -10%, Lincoln County -29%).

It takes more than a month for a trend…

Just like I often comment with regard to home prices and sales, looking at a single month of activity really does not paint the whole picture and, while it may be a good “leading-indicator” of where things are headed, it’s not going to accurately depict a trend.  For this, I believe looking at the past 12-month period and comparing it to the prior 12-month period is more accurate.  It takes into account the seasonal fluctuations that occur and adjust for unseasonal weather during a given month that could skew the data if just looking at a one-month period.  The table belows the total building permits for the 12-month period ending January 31, 2018 and comparies that activity to the prior 12-month period for each of the 7-counties reported on.   As you can see, five of the counties have a double-digit increase in new home building permits issued from the prior 12-month period while St Charles County shows a double-digit decline, and Lincoln County a slight decline.

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New Home Building Permits- St Louis Area – January 2018

New Home Building Permits- St Louis Area - January 2018

The Impact of the West Lake Landfill Superfund Site On Surrounding Home Vales

Located at 13570 St Charles Rock Road in Bridgeton Missouri is a 200-acre landfill known as the West Laek Landfill Superfund site which has been the center of controversy and a source of frequent headlines over the past few years.  The reason it has garnered so much attention is becuase of health concerns related to radioactive waste at the site.  The source of the radioactive waste goes back to 1973 when soil that was mixed iwth leached barium sulfate was used to cover the landfill.  The radioactive waste came from a nearby storage and processing facility located at 9200 Latty Avenue in Hazelwod.

Over the past several years, residents in the area surrounding the West Lake site have expressed concerns and made claims that the have been afflicted by illnesses that they think are a result of the nuclear waste at the site.  There have been numerous public hearings and, earlier this month, the EPA announced their proposed plan to remove some of the radioactive materials from the site.

In addition to the claims of health issues, residents have raised concerns about the impact on their property values as a result of the issues and possible risks of living near the West Lake site.  Therefore, I decided to take a look at home values of the homes in the area to see how the market in the immediate proximity has fared.

As the chart below illustrates, the median price per foot of homes within a 2-mile radius of the site that have sold during the past 5 years was relatively flat from 2014 through 2016, then incraased 5.8% from 2016 to 2017.  Thus far in 2018 there have been two home sales close at a median price per foot of $120 per foot, an increase of about 12% from 2017.

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Home Sales Within 2 Mile Radius of West Lake Landfill – Jan 2013 Through Feb 2018

Click on Chart For Complete Data

Home Sales Within 2 Mile Radius of West Lake Landfill - Jan 2013 Through Feb 2018

To put things in perspective as well as compare the home price performance in the West Lake area to the overall Bridgeton area, I created the combined chart below.  As you can see, there doesn’t appear to be a difference in home appreciation in the West Lake area compared with the overall Bridgeton area.  In fact, thus far in 2018, the West Lake area is off to a better start than the overall Bridgeton market.

Bridgeton vs West Lake Area Home Sales – Past 5 Years

Click on Chart For Complete Data

Bridgeton vs West Lake Area Home Sales - Past 5 Years

 

Number of Seriously Underwater St Louis Homeowners Down Fifty-Percent From 4 Years Ago

The percentage of homeowners with a mortgage in the St Louis MSA that were seriously underwater in the last quarter of 2017 was 13.8%, about half the rate from 4 years earlier, according to data just released by ATTOM Data Solutions.  For this report, a homeowner is considered “seriously underwater” when the total of their home mortgage(s) is equal to, or greater than, 125% of their home’s current value.

Also shown on the table below is the percentage of equity-rich homewners in the St Louis MSA.  An “equity-rich” homeowner is at the other end of the spectrum from an underwater homeowner with their mortgage total being 50% of less than the current value of their home.

You can click the table below to go to the complete information showing the data for the 5-counties that make up the St Louis core market.

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St Louis MSA Underwater Homeowners & Equity-Rich Homeowners

(Click on the table to be taken to the complete report by county)

St Louis MSA Underwater Homeowners & Equity-Rich Homeowners

 

 

Looking Back – 2017 Was A Good Year For Real Estate In The St Louis Area

Last year was a good year for the St Louis real estate market evidenced by increased home prices and sales in all counties in and around St Louis from the year before, with the lone exception being Franklin County which saw a decline in both home sales and prices from the year before.

As the table below illustrates, the St Louis MSA as a whole saw median home prices increase 2.99% in 2017 from the year before and home sales increase 4.14% during the same period.  Date for the other counties is shown as well by clicking on the table.

St Louis MSA Home Prices and Sales 2017

(click on table below for tables for all counties)

St Louis MSA Home Prices and Sales 2017

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St Louis Area Cities Where Homes Sold The Slowest In 2017

In spite of the strong real estate market in 2017 in St Louis, there were cities in St Louis where home’s sold slower than in others. As the counter to the previous article published, where we listed the fast selling cities, today we will identify the St Louis towns and cities where it took the longest to sell a home in 2017.

Where in St Louis did homes sell the slowest in 2017?

As our table below shows, Edgar Springs, a small town in Phelps County MO with a population of just over 200, was the slowest selling city during 2017.  Homes in Edgar Springs took an average of 248 days to sell during 2017.

The table below shows the top 10 slowest selling cities in St Louis during 2017 however if you click on the table you will be taken to “live” data and the entire list.

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St Lous MSA Cities Where Homes Sold The Slowest In 2017

Based upon average time to sell homes that closed during 2017 (click table below for live, complete list)

St Lous MSA Cities Where Homes Sold The Slowest In 2017 

St Louis Area Cities Where Homes Sold The Fastest In 2017

The St Louis area real estate market had a good year in 2017 with strong sales and sustainable home price growth throughout the area. One of the challenges to the market was a result of a low inventory of homes for sale which forced home buyers to move quickly when a new listings hit the market.  This resulted in homes selling very quickly in popular areas and areas of high demand.

Where in St Louis did homes sell the quickest in 2017?

As our table below shows, Grantwood Village, a quaint Village with about 900 residents in about 350 homes, was the fastest selling city of the St Louis MSA during 2017.  Homes in Grantwood Village, which is home to Grant’s Fram and The Ulysses S. Grant National Historic Site, sold in an average time of just 17 days during 2017.

The table below shows the top 10 fastest selling cities in St Louis during 2017 however if you click on the table you will be taken to “live” data and the entire list.

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St Lous MSA Cities Where Homes Sold The Fastest In 2017

Based upon average time to sell homes that closed during 2017 (click table below for live, complete list)

St Lous MSA Cities Where Homes Sold The Fastest In 2017 

St Louis Real Estate Market Update VIDEO – January 2018

The St Louis real estate market closed out 2017 with an increase in both home sales and prices from the year before, both at a healthy and, hopefully, sustainable rates. Find out more, as well as get information on some of St Louis’s best resources for home buyers and sellers in our just-released market update video.
In our MORE, REALTORS, 5 Minute St Louis Real Estate Market Update video below, you can quickly and easily get the latest information on home prices, home sales, trends and more for the entire St Louis area!  

Sell Your Home For The Highest Price In The Least Amount of Time!  See how- STLSellersAdvantage.com 
Save Commission On Your Home Sale Without Sacrificing Service! See howFairCommissionRate.com

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.

You can now subscribe to our ITUNES Podcast Channel to receive our updated market videos via podcast automatically each week! Just click here, then click on “Subscribe Free”.)

St Louis Real Estate Market Update Video - St Louis Home Prices

 

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Dr. Martin Luther King, Jr. Paved The Path For Fair Housing

Dr. Martin Luther King, Jr. is a name synonymous with civil rights who, along with his followers, led to the passage of the Civil Rights Act. Through the efforts of the civil rights movement, Dr. King and others were able to get the attention of our nation resulting in President John F. Kennedy, in a nationally televised address on June 6, 1963, urging the nation to ” take action toward guaranteeing equal treatment of every American regardless of race.”  Shortly after his address to the nation, President Kennedy proposed that Congress consider civil rights legislation that would address rights in many areas such as voting, public accommodations, school desegregation but not housing at the time.  Even though President Kennedy was assassinated on November 22, 1963, his efforts beforehand still resulted in the Civil Rights Act of 1964 when, then President, Lyndon Johnson, signed into law on July 2, 1964.

The Civil Rights Act of 1964 prohibited discrimination in public places, provided for integration of schools and made employment discrimination illegal, however, it did not address housing.

Four years later came the Civil Rights Act of 1968, which is also referred to, and more commonly known, as the “Fair Housing Act of 1968″, which expanded the original civil rights act to include prohibiting discrimination concerning the sale, rental, and financing of housing based on race, religion, national origin or sex.  President Lyndon Johnson signed the Fair Housing Act into law on April 11, 1968, one week after Dr. Martin Luther King, Jr. was assassinated.

 

Dr. Martin Luther King, Jr. resources and information…

 

 

Want To Sell Your Home? We Know The Name Of The Likely Buyer!

When you interview real estate agents to consider them to list your home there are all sorts of claims they can make as to what they will do different, or how they will get your home sold quicker, for more, etc.  But how about this one?  I can tell you the name of the person likely to buy your home!  

Well, maybe I should add a caveat or two…

I can tell you that, in an analysis of over 4 million home sales during 2017 done by ATTOM Data Solutions, it was revealed where there were the largest increases, and decreases, in purchases based upon the buyers first name.  This is no doubt a result, in part, of the rise in home purchases by millennials.

Buyers named Dylan, Chelsea, Austin, Alexandra and Taylor saw the biggest increase in home purchases in 2017 nationwide.  Homebuyers named  Dylan saw a 41% increase from the year before, Chelsea 17%, Austin 16%, Alexandra 14% and Taylor 13%.  Here in Missouri, home buyers named Sandra saw a 35% increase in 2017 over the prior year.

Homebuyers by these names are falling fast…

At the other end of the spectrum, 2017 saw a big decline in homebuyers by the name of Gerald (-19%), Kristin (-18%), Stanley (-17%), Kurt (-16%)  and Jaime (-16%).  In Missouri, the biggest drop in 2017 was by homebuyers named Brent with a 29% decline from the year before.

So there you have it…We do know the names of your likely buyers.  :)

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St Charles County Home Sales Trend Downward Over Past 12 Months- Prices Trend Upward

Home sales and home prices in St Charles  County during the 12-month period ending November 30, 2017,  are trending in opposite directions.  Home sales in St Charles County have, as the chart below reveals, declined 5.7% from 6,155 home sales for the 12 month period ended November 30, 2016 to 5,806 home sales for the period ended November 30, 2017.  The median price per foot for homes sold during these same periods however have increased 2.4% from $127 per foot for the period ended November 2016 to $130 per foot for the period ended November 30, 2017.

St Charles County Home Sales & Price Per Foot – (chart)

12-Month Period Ending 11/30/2016 vs

12-Month Period Ending 11/22/2016 No Distressed Sales

(click on chart for live data)St Charles County Home Sales & Price Per Foot - (chart)  12-Month Period Ending 11/30/2016 vs  12-Month Period Ending 11/22/2016 No Distressed Sales  (click on chart for live data)

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St Louis City & County Home Sales Trend Downward Over Past 12 Months- Prices Trend Upward

Home sales and home prices in St Louis city and St Louis County during the 12-month period ending November 30, 2017, are trending in opposite directions.  Home sales, for these two areas combined, have, as the chart below reveals, declined 4.2% from 44,823 home sales for the 12 month period ended November 30, 2016 to 42,958 home sales for the period ended November 30, 2017.  The median price per foot for homes sold during these same periods however have increased 3.7% from $107 per foot for the period ended November 2016 to $111 per foot for the period ended November 30, 2017.

St Louis City/County Home Sales & Price Per Foot – (chart)

12-Month Period Ending 11/30/2016 vs

12-Month Period Ending 11/22/2016 No Distressed Sales

(click on chart for live data)St Louis City/County Home Sales & Price Per Foot - (chart)  12-Month Period Ending 11/30/2016 vs  12-Month Period Ending 11/22/2016 No Distressed Sales

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Top Ten St Louis Zip Codes Where Homes Sell For Highest Price Per Foot

If you have read any of my articles here about home prices previously, you will probably know that I feel price per foot is the best way to compare home prices.  Looking at home prices in this manner makes it easier to do apples to apples comparison on home prices.    Speaking of apples, they are a good analogy.  Apples generally are sold by the pound, which makes it easier to figure out whether the 3lb bag for $5.25 or the 12 lb bag for $19.20 is a better deal.  On the surface, if we just went by the gross sales price, then one would say the $5.25 bag is a better deal since it is cheaper.  However, if we look at it on a price per pound basis, we see the smaller bag costs $1.75 per pound while the larger bag is only $1.60 per pound making the larger, higher priced, bag the better deal. Same goes for home prices.  If we just look at the gross sales price we can get the wrong picture.

With this in mind, the table below shows the top 10 St Louis zip codes where homes sold for the highest median price per foot during the past 12-months.  You probably won’t be surprised that 63105, Clayton’s zip code, is at the top of the list, although you may have guessed Ladue (63124) would be at the top.  Ladue, with a median price of $241 per foot, came in 2nd behind Claytons $274 per foot median price.   Coming in #10 on the list is 63117, Richmond Heights, at $194 per foot.

In the column, all the way to the right on the table you will see how much the price per foot homes sold for has changed in the most recent 12 month period from the prior 12-month period.  As the table shows, the Richmond Heights area saw the greatest increase at 9.9% followed by Brentwood (63144) with 5.86%.

10 St Louis Zip Codes Where Homes Sold For The Most Per Foot From 12/01/16 Through 11/30/17

(click on table for complete, live, list)

10 St Louis Zip Codes Where Homes Sold For The Most Per Foot From 12/01/16 Through 11/30/17

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Distressed Home Sales In St Louis Continue Downward Trend

Distressed home sales, foreclosures, bank and government-owned homes and short sales, continue to decline in St Louis as the economy and housing market continue to improve.  The chart below illustrates this downward trend as, for each monthly data point, it shows the total number of distressed home sales in the 5-county core St Louis market for the prior 12-months.  Plotting out the prior 12-month activity is a great way to spot trends and changes in the market.  As the chart shows, for the 12-month period ending last month, November 2017, there were 1,484 distressed home sales, down over 34% from December 2015 when there were 2,263 distressed home sales during the prior 12 months.

St Louis 5-County Core Market – Distressed Home Sales- Prior 12-Month Period Monthly For Last 24 Months

(click on chart for live data)

St Louis 5-County Core Market - Distressed Home Sales- Prior 12-Month Period Monthly For Last 24 Months

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St Louis Foreclosure Rate Falls Over 6 Percent From Year Ago

The real estate market in St Louis continues to improve and grow stronger, evidenced by the declining foreclosure rates being reported by ATTOM Data Solutions.  For November 2017, there were 857 foreclosure actions taken on housing units within the St Louis MSA, a decline of 17.52% from the month before and a decline of 6.54% from a year ago.

St Louis MSA Foreclosure Rate – November 2017

St Louis MSA Foreclosure Rate - November 2017

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St Louis Homes Are Still Selling Fast! What Areas Are Selling the Fastest?

With just a few days before Christmas and Thanksgiving less than a month ago, this is normally known as the “slow season” for real estate however, homes in St Louis continue to sell in record time! Below are the 10 St Louis metro area cities where homes have sold the fastest, based upon the average days it took homes to sell that closed within the last 30 days. The fastest selling city today is Rock Hill at 12 days which is only 1 day slower than the #1 city on the list back in late August. You can click on the list below to get the complete and up-to-date, list.

St Louis Fastest Sold Cities

(click on table for complete and up to date information)
St Louis Fastest Sold Cities

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St Louis Real Estate Market Update VIDEO – December 2017

St Louis home sales are on pace to top last year!  The inventory of homes for sale continues to be low and home price appreciation over the past year has been at at good, sustainable rate.   Find out more, as well as get information on some of St Louis’s best resources for home buyers and sellers in our just-released market update video.
In our MORE, REALTORS, 5 Minute St Louis Real Estate Market Update video below, you can quickly and easily get the latest information on home prices, home sales, trends and more for the entire St Louis area!  

Sell Your Home For The Highest Price In The Least Amount of Time!  See how- STLSellersAdvantage.com 
Save Commission On Your Home Sale Without Sacrificing Service! See howFairCommissionRate.com

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.

You can now subscribe to our ITUNES Podcast Channel to receive our updated market videos via podcast automatically each week! Just click here, then click on “Subscribe Free”.)

St Louis Real Estate Market Update Video - St Louis Home Prices

 

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Home Flipping In St Louis Hits Lowest Level In A Year

St Louis flipped homes accounted for 6.6% of home sales in the St Louis MSA during the 3rd quarter of 2017, the lowest level since the 3rd quarter of 2016 when flips made up 6.3% of the St Louis home sales.  For the purposes of this report, a “flip” was defined as a property that was sold in an arms-length sale for the second time within a 12-month period.

Slow times are good flip times…

As the table below shows, with very few exceptions, for the 17 year period covered in the table, home flips have accounted for a larger percentage of the overall home sales in St Louis during the slow-selling seasons, the 1st and 4th quarters.  This makes sense as lenders are more apt to make deals toward the end of the year to get foreclosures off the books before closing out the year.

Opportunities to flip homes in St Louis on the decline…

As our chart below the table shows, the number of distressed home sales (foreclosures, short sales, and bank-owned property) in the St Louis area has steadily declined during the past 2 years as the economy, including the housing market, continues to improve.

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Want to flip property?  Check out my video on how to buy foreclosures here.

Home Flips in St Louis 2000-2017 – St Louis House Flipping

Home Flips in St Louis 2000-2017 - St Louis House Flipping

St Louis 5-County Core Market – Distressed Home Sales – Past 24 Months

(Click on chart for live chart with current data)
St Louis Area Distressed Home Sales (Foreclosures, REO's, Bank-Owned Properties, Short Sales) Past 2 Years - Chart

St Louis Home Prices Have Increased Thirty-Four Percent In Past 6 Years….Too much, too fast?

After the housing bubble burst in 2008, home prices finally hit bottom in the St Louis metro area, as they did in most areas of the U.S., during 2012.  Since then, home prices in most areas have not only regained the post-bubble burst losses but have appreciated handsomely as well.  For the St Louis MSA, the median price of homes sold has increased 34% from 2012 through today, an annual growth rate of 4.98%.  The steady and fairly significant, increase in home prices in St Louis has caused some to ask if it is “too much, too fast?”.  In other words, at this rate, are we headed toward another bubble?

I don’t see a bubble…

As the chart below shows, the median home price for the St Louis MSA in 2012 was $128,500 and for 2017 thus far it is $172,000, or 34% more.  This works out to an annual growth rate of 4.98% which, historically speaking, is not out of line.  In 1963, the median home price in the U.S. was $17,950 and today it is $315,200, which computes an annual growth rate of 5.35%. So, over the 55 year period I reviewed, the growth rate has exceeded the rate we have seen in St Louis since 2012 making the increase not out of the norm.

Additionally, as our STL Market Report for the St Louis MSA below the chart shows, we are in the slowest selling season of the year and the inventory of homes for sale is still low at about 3 1/3 months supply.

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St Louis MSA Home Prices 2012 – 2017 (Chart)

St Louis MSA Home Prices 2012 - 2017 (Chart)

St Louis MSA – STL Market Report – December 2017 (Table)

St Louis MSA - STL Market Report - December 2017 (Table)

 

Eight-Five Percent Of People That Move In St Louis Stay In Missouri…Only 7 Percent Move out of Midwest

The US Census Bureau recently released “Mover Rate” data which showed who moves, how frequently, the demographics of those who have moved as well as the geography of where they move. While they don’t have the data published at the city or county level, I did pull the data for here in the Midwest Region of the country and have compiled some of the more interesting tidbits in tables at the bottom of this article.

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Here are highlights from the Mover Rate report from the Census Bureau:

  • Overall, for the U.S., the rate at which renters moved during 2017, was at a historic low of 21.7 percent.
  • The Northeast region of the U.S. has the lowest mover rate (8.3%), with the other 3 regions (Midwest, West, and South) all being fairly consistent with one another with rates of 11.4%, 11.5% and 11.8% respectively.

Midwest region highlights (see tables below for more extensive data):

  • Just over 11% of the population moved during the past year
  • Of those that moved, nearly 62% stayed in the same county, 23% moved to a different county but the same state making a total of nearly 85% of movers relocating within the state.
  • Just under 2% moved abroad.

Midwest Region Mover Data – 2016-2017

Midwest Region Mover Data - 2016-2017

Age of Midwesterners that moved – 2016-2017:

  • The largest age group of people that moved was 20-24 (15.33%) followed by 25-29 (13.56%)
  • Up to the age of 60, all age groups saw the majority move within the same county.  Of the 7 age group classifications at 60 or above, only 2 saw the majority stay in the same county.
  • The supermajority of all age groups moved within the same state in the Midwest with the only exception being the 85+-year-old group.
  • Interestingly, and in spite of all the reports that there isn’t enough to keep millennials here, 80%+ moved within the same state.

Midwest Region Age of Movers – 2016-2017

Midwest Region Age of Movers - 2016-2017

Demographics of Midwesterners that moved – 2016-2017:

  • Nearly two-thirds of the people that moved (61.53%) were renters.
  • Singles made up the largest group of movers with nearly 39% of the movers in the Midwest being single, followed by Married with spouse present at over 25%.

Midwest Region Demographics of Movers – 2016-2017

Midwest Region Demographics of Movers - 2016-2017