Subscribe to our mailing list

* indicates required Email Address * First Name Last Name Opt-In Date Location

St. Louis Real Estate Search

 

Number Of New Homes Sold In St Louis Declined Last Year After 2 Years Of Growth

New home sales in St Louis declined in 2016 after increasing during the prior two years, for both the entire St Louis MSA as a whole as well as the St Louis 5-County Core Market.  As the 10-year charts below show,  new home sales, fell steadily from 2007 for about the next 4 years as a result of the housing bubble burst and failing real estate market.  Since hitting rock bottom around 2011, new home sales have increased slightly but have not done so with any great momentum.

New home sales in St Louis 5 County Core Market are still just a fraction of what they were…

In 2007, there were 1,374 new home sales reported in the MLS in the St Louis core market, and last year there were 603 new homes sold, a decline of 56% from 2007.  Last years new home sales were down over 11 percent from the year below and are lower than the prior 4 years.  In fact, in the past 10 years, only 2011 saw fewer new homes sold with just 568 that year.

The median price of new homes sold, as the charts illustrate, dropped from $240,750 during 2007 until hitting bottom in 2010 at $211,144, and then after falling off the 2011 level in 2012, has increased every year since and hit $273,000 last year.  This represents an increase of 29% in the median price of new homes sold in the St Louis core market since 2010.

New home sales increased last year in St Louis County but fell in St Charles and Jefferson Counties…

As the individual county charts below show, St Louis county saw the number of new homes sold increase last year from the year before, increasing 34% from 127 in 2015 to 184 new homes sold in 2016.  The median price declined during this period however, from $520,000 during 2015 to $467,990 in 2016.

St Charles County saw new home sales decline nearly 23% (22.9) from 363 in 2015 to 280 during 2016 while prices increased from $221,705 to $228,424. Jefferson County followed suit with new home sales falling 22.5% from 129 during 2015 to 100 in 2016 while prices increased 14.6% during the same period from $205,000 in 2015 to $234,917 in 2016.
(We work hard on this and sure would appreciate a “Like”)

Search St Louis Homes For Sale HERE

Search St Louis New Homes For Sale

See ALL Homes That Will Be Open In St Louis This Weekend Continue reading Number Of New Homes Sold In St Louis Declined Last Year After 2 Years Of Growth

Hispanic Home Ownership Rate On The Rise While Overall Rate On The Decline

As I have discussed a few times over the past couple of years, the home ownership rate in the United States has been on the decline, finally reaching an historic low in 2016 at 63.4%.  However, during the same time, the Hispanic home ownership rate increased from 45.4% in 2014 to 46% in 2016, according to the 2016 State of Hispanic Ownership Report.

Hispanic Home Ownership Rate vs Overall Home Ownership Rate

Home Ownership Rate - Hispanic Home Ownership Rate

(We work hard on this and sure would appreciate a “Like”)

Search St Louis Homes For Sale HERE
See ALL Homes That Will Be Open In St Louis This Weekend
Find The Value Of Your Home In Under A Minute!

St Louis Home Prices Increase Over 5 Percent In Past 12 Months; Sales up over 7 percent

The median price of homes sold in the St Louis core housing market (city of St Louis and counties of St Louis, St Charles, Jefferson and Franklin) was $179,900 for the past 12 months, an increase of 5.2% from the prior 12 month period when the median price of St Louis homes sold was $171,000.  There were 27,323 homes sold during the past 12 months, an increase of 7.59% from 25,395 from the prior 12 month period.  As the table below shows, there are currently 5,180 active home listings in the St Louis core market, which, based upon current sales rates, is just a little over a 3 month supply.

Year over year home sales and prices for February

During the month of February 2017, as the chart below shows, there were 1,496 homes sold in the St Louis core market sold at a median price of $167,000.00, just a slight increase in home sales from February 2016 when there were 1,481 homes sold and an increase of 3.7% in price from the median price of $161,000.00 homes sold for in February 2016.

(We work hard on this and sure would appreciate a “Like”)

Search St Louis Homes For Sale HERE
See ALL Homes That Will Be Open In St Louis This Weekend
Find The Value Of Your Home In Under A Minute!

Continue reading St Louis Home Prices Increase Over 5 Percent In Past 12 Months; Sales up over 7 percent

St Louis Real Estate Market Update VIDEO – March 2017

There just aren’t enough homes for sale in many price ranges!  This month, like many months before, you will see that all five counties in the St Louis core market (city of St Louis and the counties of St Louis, St Charles, Jefferson and Franklin) all have less than a 6 month supply of homes for sale (a few less than half of that), so it remains a sellers market in many areas!  While the market is doing well, you will notice the trend over the past 24 months, as I describe in the video is down a little in terms of number of homes sales which is due simply the lack of homes available for sale.  There doesn’t appear to be a shortage of buyers at this point, just a shortage of sellers.

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!

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.

Continue reading St Louis Real Estate Market Update VIDEO – March 2017

Percentage of St Louisans With Sub-Prime Credit Has Improved to Pre-Housing Bubble Levels

The percentage of people in St Louis with a sub-prime credit score (below 660) has continued to improve since peaking in most St Louis area counties around 2008, according to the latest data released by Equifax.  As the interactive map below shows, 30.63% of the people in the city of St Louis had sub-prime credit in the 4th quarter of 2016.  This is a decline from the 4th quarter of 2008 when it was 38.42% and even down from 2006, the year of the peak of the St Louis housing market, when 34.21% of people in the city of St Louis had sub-prime credit.

As the map shows, from the 5-county core St Louis market, St Charles County has the lowest percentage of sub-prime borrowers at 21.07%.  From the entire St Louis metro area, Monroe County in Illinois has the lowest percentage of sub-prime borrowers at 16.11%.  At the other end of the spectrum, the city of St Louis has the highest percentage of sub-prime borrowers from within the 5-county core St Louis market and Washington County, at 35.09%, has the highest percentage of people with sub-prime credit in the St Louis MSA.

(We work hard on this and sure would appreciate a “Like”)

Search St Louis Homes For Sale HERE
See ALL Homes That Will Be Open In St Louis This Weekend
Find The Value Of Your Home In Under A Minute!

Continue reading Percentage of St Louisans With Sub-Prime Credit Has Improved to Pre-Housing Bubble Levels

Midwest Home Builders Optimism About New Home Market Hits Record High in March

Happy home builders?  Wow, I remember those days, back before the real estate bubble and market collapse, boy were those the days!  Well, the good news is, while builders still have their challenges, according to the latest Housing Market Index (HMI) from the National Association of Home Builders (NAHB), builders in the Midwest are more optimistic about the new home market than they have ever been! (or, at least since the beginning of the regional level index records that are published).

The NAHB Housing Market Index is based upon results of a survey done of the builders and other members of the National Association of Home Builders in which members are asked to rate market conditions in 3 ways:

  1. The sale of new homes at the present time
  2. How they feel about selling new homes over the coming six months
  3. The traffic of prospective buyers through their new home displays and developments.

(We work hard on this and sure would appreciate a “Like”)

Search St Louis Homes For Sale HERE

Search St Louis New Homes For Sale

See ALL Homes That Will Be Open In St Louis This Weekend

New Homes For Sale (or sold in past 12 Months) Throughout St Louis Area – Interactive Map

Are Landlords and Tenants Bad People?

My headline is a rhetorical question and I personally don’t think landlords and tenants are bad people but, after seeing so many municipalities work so hard over the past few years passing ordinances that, in many cases, in my humble opinion, tramples the property rights of landlords as well as the rights of tenants, one would have to believe that landlords and tenants must be some pretty bad people.  After all, if not, why would some municipalities work so hard to discourage them from entering their cities and work hard to chase them out?

For example, the most recent egregious example of this comes from the north-county city of Berkeley, where, last September, the city council passed an ordinance (#4320-bill can be seen at bottom)  that put a “30-percent limitation of single-family rental homes per residential block“.   Bill number 4456, which was the bill introduced that became the ordinance, gave the purpose of the new ordinance to be:

“The City (Berkeley) seeks to create a positive impact in city neighborhoods by creating an atmospher for residents to enjoy a good quality of life by creating a 30-percent limitation of single family rental homes per residential block”

Since the city of Berkeley seems to equate “a good quality of life” with a “limitation of single family rental homes‘ I think, by negative inference, we can come to the conclusion that Berkeley is saying rental homes, and I would guess either the people that own them, or the tenants that live in them, must negatively impact, or run counter to, “a good quality of life” in their neighborhoods which now brings us back to my initial question, are landlords and tenants bad people?

(We work hard on this and sure would appreciate a “Like”)

Search St Louis Homes For Sale HERE
How to Buy Foreclosures – Advice From a 2,000+ Home Investor
Find The Value Of Any Home In Under A Minute!

Continue reading Are Landlords and Tenants Bad People?

The Fastest Selling Neighborhoods In St Louis

The St Louis real estate market continues to be strong and, thanks for a low inventory of homes for sale in many areas, competitive.  Accurately priced homes in popular neighborhoods often sell within a day or two of coming on the market.  Listings in the fastest selling cities in St Louis spend an average of less than 30 days on the market.  As the table below shows, the fastest selling city currently is Glendale (which has spent a lot of time at the top of this list over the last few months) with an average of just 23 days on the market for current listings, followed by Valley Park with an average listing time of 26 days.

(We work hard on this and sure would appreciate a “Like”)

Search St Louis Homes For Sale HERE
See ALL Homes That Will Be Open In St Louis This Weekend
Find The Value Of Your Home In Under A Minute!

Continue reading The Fastest Selling Neighborhoods In St Louis

Downtown St Louis Loft District Offers Value Priced Lofts

The St Louis downtown loft market had a slow start back in the early 90’s and then picked up some steam later in the 90’s after Missouri launched its historic tax credit program which gave developers another tool to use to make loft projects more financially feasible.  The loft market, as the chart below illustrates, peaked in 2005, stalling out before the majority of the residential hit its peak in 2006.  The St Louis loft market saw a kind of double peak with prices rising in 2007 after dipping the year before, but then loft prices followed suit with the rest of the market and started a long slow decline until hitting bottom in 2011.

In looking at the St Louis downtown loft district market from 2002 through the end of last year, as depicted on the chart below, you can see that loft prices, while they have increased from the bottom reached after the housing bubble burst in 2008, have not recovered to pre-bubble levels, not even back to 2002 levels.  The median price of St Louis downtown loft district lofts sold in 2002 was $192,975 in 2002, rose to a peak of $236,000 during 2005, dipped down to $205,505 during 2006 however, it should be noted, that the number of lofts sold peaked during 2006, hitting 131 sales, the highest level for the entire 15 year period covered here.  St Louis loft prices then hit the second highest level in 2007 with a median price of $209,000, however, there were only 51 lofts sold that year, less than half the year before.  Loft prices then continue to tumble until hitting bottom in 2011 at $128,250 with only 34 lofts sold that year.   Last year, there were 71 lofts sold at a median price of $152,000.  To recap, for the loft market, 2016 prices were just 19% higher than the bottom reached in 2011 and 36% lower than the peak in 2005.  Loft prices in 2016 were 21% lower than the 2002 median price of $192,875.

(We work hard on this and sure would appreciate a “Like”)

See All The Lofts For Sale and Rent In St Louis at StLouisLofts.com
Live, Interactive Map of St Louis Downtown Loft District Lofts For Sale
Lofts That Will Be Open This Weekend Continue reading Downtown St Louis Loft District Offers Value Priced Lofts

What Is A Villa?

An ever-increasing number of aging baby boomers are becoming empty nesters and coming to the realization they no longer need that 3, 4 or even 5 bedroom home they own.  In addition, many of them, also find themselves tired of the upkeep that comes with the big house on the large lot.  These issues, along with a desire for a lifestyle change, has led to a growing demand for alternative types of housing including condominiums and villas with the latter being the most popular.

What exactly is a “villa”?

The interesting thing is, even though the demand for villa’s has skyrocketed, StLouisVillas.com saw a 95% increase in sessions during the past 30 days from a year ago for example,  many buyers, and even real estate agents, have difficulty defining what a “villa” is.  Many buyers, and even real estate agents, assume all villa’s are condominiums, which is not so.  Most think villas are one-story with no exterior maintenance for the villa owner to worry about as the association takes care of everything and, while that may be true in some cases, that is not true in most.

When I talk with people that say they are interested in a villa and ask them what they are looking for in a “villa” what I find is that most will describe a lifestyle more than a particular architectural style of home or type of ownership.  Granted, it’s not that important that home buyers know what a villa is, as what they care about is that whatever housing they are looking at will meet their needs.  However, I do think it’s important for buyers to understand the different types of ownership villas may have as well as have an understanding of what to look for in terms of what the villa association actually takes care of or maintains.

(We work hard on this and sure would appreciate a “Like”)

See All The Villas For Sale In St Louis at StLouisVillas.com
Live, Interactive Map of Villas For Sale and Sold in Past 12 Months In St Louis 5 County Area
Villas That Will Be Open This Weekend Continue reading What Is A Villa?

Moderate Priced Homes In St Louis Out Perform Luxury Home Sales

St Louis is known as an affordable place to live so it is not surprising that there is a fairly robust housing market for affordable and moderate priced homes.  When it comes to luxury homes in St Louis however ($500,000 and above for the sake of discussion here), the market is much cooler.  As the charts below for 2015 and 2016 illustrate, St Louis Luxury home prices have remained flat over the past two years, while more moderately priced homes have increased in price.

St Louis MSA Luxury Home Market…

On the chart below, the baby blue line representing the median price luxury homes sold for is flat-lined for the past two years at $650,000 while seller’s have become more realistic and the median list price fell from $674,900 in 2015 to $669,450 in 2016.  On a positive note, luxury home sales have been on the rise increasing nearly 13 percent from 1,448 homes sold in 2015 to 1,636 homes sold during 2016.

St Louis MSA Affordable/Moderate Priced Home Market…

The chart for this market paints a pretty uplifting picture with all the chart lines on the rise over the period.  As the chart below depicts, the median price of homes sold in this category increased nearly 6% from $155,000 in 2015 to $164,000 during 2016.  The number of homes sold rose over 8% from 29,445 during 2015 to 31,987 in 2016.

(We work hard on this and sure would appreciate a “Like”)

Search St Louis Homes For Sale HERE
See ALL Homes That Will Be Open In St Louis This Weekend
Find The Value Of Your Home In Under A Minute!

Continue reading Moderate Priced Homes In St Louis Out Perform Luxury Home Sales

St Louis Real Estate Market Off To A Good Start For 2017

Last year was a good year for the St Louis real estate market and, thus far, 2017 is off to a pretty good start in St Louis as well!  As the chart and tables below illustrates, home prices in the St Louis area have been trending upward over the past couple of years and sales are holding pretty steady.

On a year to date basis through February, compared with the same period last year, Jefferson County has seen the largest increase in the median price of homes sold at 18.5%, but also saw a 13% decline in the number of home sales which could be related to increasing prices.   St Louis city and county held steady on the number of homes sold and home prices, with a 1% and 1.3% increase respectively.  St Charles county saw a 1.5% increase in home sales and a 4.0% in crease in the median price of homes sold. Overall, for the 5-county core market, home sales are dead even with last year and prices are up 6.6%.

(We work hard on this and sure would appreciate a “Like”)

Search St Louis Homes For Sale HERE
See ALL Homes That Will Be Open In St Louis This Weekend
Find The Value Of Your Home In Under A Minute!

Continue reading St Louis Real Estate Market Off To A Good Start For 2017

Landlords Get Best Return With Rentals In City Of St Louis

Investors that rental property may find their best returns, relative to the price of the homes they buy, in the City of St Louis, according to some county-level rental data compiled by MORE, REALTORS.  As the tables below illustrate, over the past 12 months the median price of homes sold in the City of St Louis was $106.57 per square foot and the median annualized price per foot homes lease for was $11.04 which works out to a gross annual return on investment of 10.4% in the City of St Louis, the highest of the four St Louis area counties we looked at.  The next best return is found in Jefferson County with a 9.8% return, followed by St Charles County at 9.3% and finally, St Louis County, at 9.1%.

Data limitations…

There is an excellent source of very accurate market data available with regard to prices of homes sold, that being the REALTOR MLS which is where our sold data comes from.  One of the reasons this data is so accurate is because the lions share of homes sold in St Louis are done through REALTORS and the data that is reported on those sales to the MLS is subject to strict guidelines and rules to insure accuracy.  When it comes to rental and lease data however, the data is much harder to assimilate.  This is because the majority of rentals are leased without the assistance of REALTORS and therefore the lease data does not make it’s way to the MLS and there really is no other reputable data source available for it.  When it comes to rental data for larger apartment complexes and the like, there is such data available, but not for single family homes.  Therefore, we have worked to produce rental data from the leases that are handled by REALTORS.  As you can see from the tables below, the number of leases reported in the MLS is much smaller than sales (1,283 vs 13,330 for St Louis County for example) however, there are enough reported I believe to make the data statistically significant.

We can drill it down more…

We can drill down the data to a more local level, such as at the school district, city or zip level, and do this for our investor clients, but what I’ve compiled here gives an overall view of the market at the county level.  Another thing I suggest investors evaluate as well before investing their money, is the appreciation rate of homes in that area.  This is data we also compile and, when you put the rental return rate data next to the price appreciation data you get a pretty good picture of the areas that make the most overall sense to invest in.

(We work hard on this and sure would appreciate a “Like”)

Search St Louis Homes For Sale HERE
How to Buy Foreclosures – Advice From a 2,000+ Home Investor
Find The Value Of Any Home In Under A Minute!

Continue reading Landlords Get Best Return With Rentals In City Of St Louis

Are Ranch Style Homes A Better Investment?

The ranch-style home has been around a long time with it’s origin going back to 1920’s but this style of home became extremely popular in the 1940’s carrying through the 1970’s.  Ranch-style homes are normally much wider than deep and feature open floor plans with a casual style.  Over time, as incomes increased, as did ground cost making the rather large footprint of a ranch more expensive since it needed a larger not to accommodate it, 1.5 and 2-story homes became increasingly popular.  Recently, it seems there has been somewhat of a resurgence in terms of interest in ranch-style homes by both aging baby-boomers looking for one-level living, as well as by millennial buyers looking for a more modest home.

Is a ranch style home a better investment?

With ranches having been around for so long and appealing to such a broad range of buyers, it makes you wonder as to whether a ranch-style home would be better from an investment standpoint?  With this in mind, I took at look at how ranches have appreciated versus 1.5 or 2 story homes and, as illustrated on the charts below, here is what I found:

  • Median price increase of ranch-style homes sold in St Charles County over past 5 years – 25.8% and for price per square foot – 28.3%
  • Median price increase of 1.5 and 2-story homes sold in St Charles County over past 5 years – 16.6% and for price per square foot – 23.6%
    • In St Charles County ranch style homes appreciated during the period 20.0% more than 1.5 and 2 story homes.
  • Median price increase of ranch-style homes sold in St Lous County over past 5 years – 39.5% and for price per square foot – 39.0%
  • Median price increase of 1.5 and 2-story homes sold in St Louis County over past 5 years – 7.8% and for price per square foot – 18.3%
    • In St Louis County ranch style homes appreciated during the period 113% more than 1.5 and 2 story homes.

(We work hard on this and sure would appreciate a “Like”)

Search St Louis Homes For Sale HERE
See ALL Homes That Will Be Open In St Louis This Weekend
Find The Value Of Your Home In Under A Minute!

Continue reading Are Ranch Style Homes A Better Investment?

St Louis Zip Code Makes List Of Ten Highest For Environmental Hazard Housing Risk

According to the annual Environmental Hazard Housing Risk Index Report, the St Louis zip code of 63133 has the 7th highest Environmental Hazard Housing Risk Index in the nation.  The report, just released this morning by ATTOM Data Solutions, compiles data on homes and condos in zip codes with a high, or very high risk for at least one of four environmental hazards: Superfunds, brown fields, polluters or poor air quality.

The report indicates that, of the 68.1 million homes and condos in the 8.642 zip codes analyzed, 17.3 million, or 25 percent, were located in zip codes with high or very high risk for at least one of the aforementioned environmental hazards.

Thirty-one St Louis Area Zips Have Very High Risk Raising and 18 High Risk Rating

While 63133 was the only St Louis area zip code that made the top-10 list, there are a total lf 49 zip codes in the St Louis core market area that are in the very high or high environmental hazard housing risk index category.  The Wellston 63133 zip has an index of 291, and Valley Park, 63088, is 2nd in the area with an index of 211.   The complete list of St Louis zips is below.

(We work hard on this and sure would appreciate a “Like”)

Search St Louis Homes For Sale HERE
See ALL Homes That Will Be Open In St Louis This Weekend
Find The Value Of Your Home In Under A Minute!

Continue reading St Louis Zip Code Makes List Of Ten Highest For Environmental Hazard Housing Risk

Top Ten Buyers Markets In St Louis

While the bulk of the St Louis area spent most of the past year as a sellers market, real estate is very local and very seasonal, so there are still neighborhoods where buyers markets exist!  So where are the buyers markets?  Well, they are a constantly moving target due to the fluctuations I just mentioned, however, currently, as the list below illustrates, 6 of the top ten buyers market neighborhoods are in St Louis County, with the tony town of Frontenac at the top of the list where there exists a 23 month supply of homes for sale, two are in St Charles County, two in Jefferson County and none are from Franklin County or the City of St Louis.

(We work hard on this and sure would appreciate a “Like”)

Search St Louis Homes For Sale HERE
See ALL Homes That Will Be Open In St Louis This Weekend
Find The Value Of Your Home In Under A Minute!

Continue reading Top Ten Buyers Markets In St Louis

Why You Need A Private Building Inspection When Buying A New Home

As a real estate broker and former real estate developer and builder, I’m surprised how many transactions I see in which a new home buyer forgoes a private building inspection thinking,  since the home is new, an inspection is not necessary.  In my personal opinion, this couldn’t be farther from the truth.  Don’t get me wrong, this is not a condemnation of St Louis home builders as I know most of them, are friends with many, and feel that, for the most part, we have some very qualified, competent and ethical home builders in St Louis.  Having said that though, I do realize that mistakes and accidents happen.  Not to mention, given that a typical home inspection will cost less than $1,000 in most cases, that is a very small price to pay when making what is for most home buyers, the biggest investment they will make.

What could be wrong with a brand new home?
There are a myriad of things that could be wrong with a new home ranging from potential major structural issues, to issues with the systems, such as plumbing, electric, etc,  dangerously high radon levels, to items that are more minor and cosmetic in nature.  Some of the problems, if not discovered during an inspection, may surface quickly after moving in and in time to be covered by the builders warranty but others may lie dormant for a long time and not surface until a time when it may be difficult to get the builder to accept responsibility.  Having a private building inspection will help discover the issues early, before the issue becomes a nuisance to you and while not having to worry about whether it’s covered by the warranty or not as you haven’t closed on the purchase yet.

(We work hard on this and sure would appreciate a “Like”)

Search St Louis Homes For Sale HERE
See ALL Homes That Will Be Open In St Louis This Weekend
Find The Value Of Your Home In Under A Minute!

Continue reading Why You Need A Private Building Inspection When Buying A New Home

Franklin County Has Largest Increase In Both Median Home Prices And Sales In Past 12 Months

The median price of homes sold in Franklin County during the most recent 12 months was $146,000, an increase of 9.57% from the prior 12 month period when the median price was $133,250 marking the highest year over year increase of any of the St Louis area counties.  As the tables below show, Franklin County also led the way with home sales rising to 1,235 homes sold during the past 12 months, an increase of 10.86% from the prior 12 month period, again the highest increase in the St Louis area.

Jefferson County and Lincoln County saw the next highest increase in home prices with increases of 7.38% and 7.14% respectively and St Louis County the second highest increase in home sales with an increase of 7.99% from the prior 12-month period.

(We work hard on this and sure would appreciate a “Like”)

Search St Louis Homes For Sale HERE
See ALL Homes That Will Be Open In St Louis This Weekend
Find The Value Of Your Home In Under A Minute!
Search Franklin County Homes For Sale
Search Jefferson County Homes For Sale
Search St Charles County Homes For Sale
Search St Louis County Homes For Sale


Continue reading Franklin County Has Largest Increase In Both Median Home Prices And Sales In Past 12 Months

St Louis Condominium Market Going Strong

The condo market in the St Louis area is doing well with condo’s that sold in the past 12 months selling in a median time of just 27 days in the 5-County St Louis Core market.  As the chart below shows, the median price for condo’s sold in the 5-county core market during this period went from $125,000 back in February 2016 to $139,500 in January 2017.  There is currently a 3.3 month supply of condominiums for sale in the this market.

Clayton Condominiums Selling Fast Than Overall Market…

As the table below shows, condominiums in Clayton that sold in the past 12 months sold in a median time of just 21 days on the market, at a median price of $205 per square foot and sold for a median of 97.26% of the current list price at the time of sale.

Chesterfield Condominiums sold in the past 12 months sold in a median time of 30 days for a median price of $146 per square foot. Not shown in the table below (however available in the complete data if you click on it) is the active listing data which shows there is currently about a 3 month supply of condos for sale in Chesterfield at a median price of $162 per square foot.

Central West End Condominiums sold in the past 12 months sold in a median time of 33 days for a median price of $180 per square foot.   Currently, there is over a 7 month supply of condo’s for sale in the Central West End, with a median asking price of $201 per square foot and the median time on market of current listings is 99 days.

(We work hard on this and sure would appreciate a “Like”)

Search St Louis Condominiums For Sale HERE
See ALL Condominiums That Will Be Open In St Louis This Weekend
Find The Value Of Your Condo In Under A Minute!

Continue reading St Louis Condominium Market Going Strong

St Charles County Homes With Finished Basements Sell Faster and For More Per Foot

When considering making an improvement to their home, homeowners often look at it from both the enjoyment value it will give them and their family as well as the investment value of what they are doing.  Granted, there are few, if any improvements, you can make to a home that will give you a 100% return on investment, meaning that, for every dollar you spend, your homes value will go up by a dollar, but there are certainly some improvements that come closer than others.

A common improvement, often considered by homeowners, particularly those in areas with a younger housing stock is a finished basement.  A finished basement when done right, adds additional living space and/or recreational space to a home that sometimes may have deficiencies in those areas.  But how much value does that finished basement add to your home?  Of course, there are many variables that go into the answer to that question including the quality of the space finished, the type of space, location of the home as well as the size of the home, but we can use market data to get a general idea.  I chose to go with St Charles County for this since the housing stock there is fairly young so the basements are, for the most part, modern, poured concrete basements, usually dry and often with adequate headroom to finish.  In addition, many are walkout basements which is a plus for finishing.  To try to keep this as an “apples to apples” comparison I chose only 3 and 4 bedroom homes that sold in the past 12 months.

Homes with finished basements sold for nearly 8 percent more

As the tables below show, in my comparison, homes that had finished basements sold for a median price of $125 per foot and those with unfinished basements for $116 a foot, a difference of 7.8%.  The homes with finished basements also sold faster too, selling in a median time of 14 days, less than two-thirds the time it took to sell a home with an unfinished basement which was 22 days (granted, both sold fast!).  So, if we do the math and assume that the houses with finished basements, which had a median of 1,719 square feet without the basement (which happen to be smaller homes than those without), sold for the same price per foot as their counterparts with unfinished basements, then that would make the median sales price $199,404, or $11,596 lower, than it was.

As I mentioned above, there is a lot more that needs to be considered, but, as the data shows, there is definitely a return, both in price as well as time to sell, for having a finished basement, but certainly not enough to do it for just investment return reasons.  However, if you are going to get enough benefit from the space for an adequate amount of time, it may end up making a lot of sense in the end.

(We work hard on this and sure would appreciate a “Like”)

Search St Louis Homes For Sale HERE
See ALL Homes That Will Be Open In St Louis This Weekend
Find The Value Of Your Home In Under A Minute!

Continue reading St Charles County Homes With Finished Basements Sell Faster and For More Per Foot

What Are The Fastest Selling Zip Codes In St Louis?

The winter months may be the “slow” season for real estate but there are plenty of areas throughout St Louis where homes are still selling fast!  So, where are homes selling the fastest in St Louis?  As the table below shows, the 63143 zip code area which is the Maplewood area, is currently the fastest selling neighborhood with an average of just 40 days on the market for current listings.  Coming in second, with homes on the market just 1 day longer at 41 days, is the 63126 zip code area, the Crestwood area.

St Louis County Dominates The Fastest Selling Zip Code List-

Seven of the ten fastest-selling zip codes in the St Louis area are in St Louis County, with St Charles County claiming 2 of the remaining zips and the City of St Louis one zip.

 

(We work hard on this and sure would appreciate a “Like”)

Search St Louis Homes For Sale HERE
See ALL Homes That Will Be Open In St Louis This Weekend
Find The Value Of Your Home In Under A Minute!

Continue reading What Are The Fastest Selling Zip Codes In St Louis?

Homeownership Rate In U.S. Rises In 4th Quarter of 2016; Slips in Midwest Slightly

After the homeownership rate in the U.S. fell to 63.1% during the 2nd quarter of 2016, the lowest level since the U.S. Census Department began tracking this data in 1968, it rose to 63.4% during the 3rd quarter and then to 63.5% during the 4th quarter of 2016, according to data just released by the U.S. Census Bureau.

Here in the Midwest Region, the homeownership rate slipped slightly during the 4th quarter of 2016 to 68.4% from 68.6% the quarter before, hitting the lowest rate since the 4th quarter of 2015 when it was 68.1% in the Midwest.  As the bottom chart below illustrates, the Midwest Region of the U.S. continues to have a homeownership rate that is higher than the U.S. rate as well as every other region.

(We work hard on this and sure would appreciate a “Like”)

Search St Louis Homes For Sale HERE
See ALL Homes That Will Be Open In St Louis This Weekend
Find The Value Of Your Home In Under A Minute!

Continue reading Homeownership Rate In U.S. Rises In 4th Quarter of 2016; Slips in Midwest Slightly

Survey Shows Nearly 70 Percent of Americans Feel Housing Market This Year Will Be Better Than 2016

If you caught my 2016 Recap and 2017 Forecast then you know the housing market had a good year here in St Louis during 2016 and that my forecast for 2017 was pretty optimistic as well.  Well, according to a survey conducted by ValueInsured (a company that allows homeowners to buy insurance against a loss in value), I’m not the only one optimistic about 2017 as the survey revealed that 69 percent of Americans surveyed believe 2017 will be a better year for the housing market than 2016.

Millennial’s That Don’t Own A Home Yet Are The Most Optimistic

The biggest increase in optimism for the housing market came from millennial non-homeowners whose confidence in the housing market doing well was up 5.0 points to 61.3 from 56.3 the prior quarter.

Most Feel Trump Will Be Good For Housing Market in 2017

The survey also revealed that 52 percent of Americans believe the housing market will do better under the Trump administration.  When it comes to the millennial generation, 59 percent of that generation feel the Trump administration will be good for the housing market.

(We work hard on this and sure would appreciate a “Like”)

Search St Louis Homes For Sale HERE

See ALL Homes That Will Be Open In St Louis This Weekend
See Tables For All St Louis Counties Showing Home Sales And Price Increases in 2016 From 2015

Home Improvements That Bring The Highest Return On Sale

Where do you get the most bang for your buck when it comes to remodeling or making improvements to your home?  Homeowners make many improvements and upgrades to their home simply because they want the added enjoyment or comfort they receive as a result, however, other homeowners, particularly those contemplating a move in the future, also focus on the investment aspect of the improvement.  Under normal conditions, I don’t know of an improvement you can make to a home that, if you sell the home, will bring you 100% return on your investment, meaning if you spent $10,000 on the improvement, your home will sell for $10,000 more than had it not had the improvement.

However, there are some home improvements that bring a good return on the investment: For example, here in the west north central region, upgrading insulation, which an average project cost of $1,340 brings an 89.1% return on the investment, increasing the value of the home by $1,193, according to the Remodeling 2017 Cost vs. Value Report (www.costvsvalue.com) .  Other projects bringing the best return on investment, according to the report, are:

  • Minor Kitchen Remodel (cost $21,213, return $15,845 (74.7%)
  • Manufactured Stone Veneer  (cost $7,903, return $5,860 (74.1%)
  • Entry Door Replacement (steel) –  (cost $1,423, return $1,026 (72.1%)
  • Siding Replacement   (cost $14,948, return $10,297 (68.9%)

(We work hard on this and sure would appreciate a “Like”)

Search St Louis Homes For Sale HERE

See ALL Homes That Will Be Open In St Louis This Weekend
See Tables For All St Louis Counties Showing Home Sales And Price Increases in 2016 From 2015

Want To Buy A Foreclosure Or Short Sale? Better move quick and pay up!

When I first got in the real estate business in 1979 buying foreclosed property was something pretty well limited to speculators at the time.  People like the broker I started with, and what I became a few years later, that bought property for cash, as-is generally to fix up and resell.  Foreclosures, and how to buy them, were a mystery at the time, not only to the general public but to many in the real estate business as well.  This is what gave us speculators an edge…we knew how to get the information on foreclosures and how the process worked. Ditto for tax sales and sheriff sales and short sales were something that didn’t even exist at the time.

Today, it’s all different however.  Thanks largely to the internet and reality TV, it seems everyone knows about foreclosures, tax sales, and just about every other way of finding and buying distressed property.  While this is good for sellers and for listing agents, it’s made it tough on investors and other buyers looking to take advantage of the opportunity offered through distressed sales.  The result has been a highly competitive market and higher prices.  This was evidenced by the sales data from last year.  As the tables below show, most of the distressed homes sold during 2016 sold for a median of 100% of the current list price at the time of sale.

(We work hard on this and sure would appreciate a “Like”)

Search St Louis Foreclosures For Sale HERE

Search St Louis Homes For Sale HERE Continue reading Want To Buy A Foreclosure Or Short Sale? Better move quick and pay up!

St Louis Real Estate Market 2016 Recap and Outlook for 2017

St Louis home sales during 2016 hit the highest level in years! Home prices rose as well while the inventory of homes for sale remained low during the year.

So, how does the St Louis Real Estate Market look for 2017?
Will home sales and prices top last year or are we headed for a change?

The answers to the above and more can be found in our just-released video below which gives a recap for 2016, including a report on home sales, prices and inventory as well as a scorecard showing how our forecast for last year compared with what actually happened.  The video also includes our forecast for the 2017 St Louis real estate market….what we think 2017 holds in store for St Louis with regard to home sales, prices, inventory and interest rates.

St Louis Real Estate Market 2016 Recap and Forecast for 2017

St Louis Real Estate Market 2016 Recap and 2017 Forecast

Which St Louis Area County Saw Biggest Increase In Home Prices & Sales During 2016?

As I have reported over the past couple of days, the St Louis MSA as well as all of the counties that make up the St Louis, Missouri house market, saw an increase in home sales and prices during 2016 from the year before.  But which county fared the best during 2016, seeing the highest increase in the median price of homes sold as well as the biggest increase in the number of homes sold?  Well, at the top of the list is Franklin County.

During 2016, the median price of homes sold in Franklin County was $146,500, an increase of 10.98 percent from 2015 when the median home price of homes sold in the Franklin County was $132,000, according to MORE, REALTORS and depicted in the table below.  There were a total of 1,215 homes sold in Franklin County during 2016, an increase of 10.15 percent from 2015 when there were 1,103 homes sold.  As the chart below the table illustrates, St Louis home prices and sales have been trending upward at a fairly consistent rate over the past two years.

(We work hard on this and sure would appreciate a “Like”)

Search St Louis Homes For Sale HERE
See ALL Franklin County Homes For Sale HERE
See ALL Homes That Will Be Open In St Louis This Weekend
See Tables For All St Louis Counties Showing Home Sales And Price Increases in 2016 From 2015

Continue reading Which St Louis Area County Saw Biggest Increase In Home Prices & Sales During 2016?

St Louis 5-County Core Market Home Prices Increase Over 5 Percent in 2016, Sales Increase Over 8 Percent

During 2016, the median price of homes sold in the St Louis 5-County Core Market was $179,000, an increase of 5.29 percent from 2015 when the median home price of homes sold in the St Louis 5-County Core Market was $170,000, according to MORE, REALTORS and depicted in the table below.  There were a total of 27,231 homes sold in the St Louis 5-County Core Market during 2016, an increase of 8.1 percent from 2015 when there were 25,191 homes sold.  As the chart below the table illustrates, St Louis home prices and sales have been trending upward at a fairly consistent rate over the past two years.

(We work hard on this and sure would appreciate a “Like”)

Search St Louis Homes For Sale HERE
See ALL Homes That Will Be Open In St Louis This Weekend
Get a Market Report with LIVE up to date Home Sales, Prices and Inventory for ANY St Louis Area HERE

Continue reading St Louis 5-County Core Market Home Prices Increase Over 5 Percent in 2016, Sales Increase Over 8 Percent

St Louis Median Home Prices Increase Over 5 Percent in 2016, Sales Increase Over 3 Percent

During 2016, the median price of homes sold in the St Louis MSA was $167,400, an increase of 5.68 percent from 2015 when the median home price of homes sold in the St Louis MSA was $158,400, according to MORE, REALTORS and depicted in the table below.  There were a total of 35,571 homes sold in the St Louis metro area during 2016, an increase of 3.3 percent from 2015 when there were 34,434 homes sold.  As the chart below the table illustrates, St Louis home prices and sales have been trending upward at a fairly consistent rate over the past two years.

(We work hard on this and sure would appreciate a “Like”)

Search St Louis Homes For Sale HERE
See ALL Homes That Will Be Open In St Louis This Weekend
Get a Market Report with LIVE up to date Home Sales, Prices and Inventory for ANY St Louis Area HERE

Continue reading St Louis Median Home Prices Increase Over 5 Percent in 2016, Sales Increase Over 3 Percent

Number of Distressed Home Sales In St Louis Declines Nearly Forty Percent In 2016 From Two Years Ago

The number of distressed home sales in St Louis has been on the decline while distressed home prices have remained relatively flat.  For the purposes herein, a “distressed” home sale includes short sales, foreclosures, bank-owned and government-owned homes.   Thus far, as the chart below illustrates, there have been 2,170 distressed home sales in the St Louis 5-County Core market (the City of St Louis and Counties of St Louis, St Charles, Jefferson and Franklin) this year which is a decline of 23% from last year when there were 2,871 distressed homes sold and down 38.4% from 2014 when there were 3,533 distressed home sales in St Louis.  The median price of distressed homes sold in St Louis has not fluctuated much over the past 3 years however, with the median price of distressed sales in 2014 at $61,750, then decreased to $60,000 in 2015 then went up to $62,500 this year.

As the table below the chart shows, currently there are 394 active listings of distressed homes at a median list price of $64,950 which, based upon current sales trends, is a supply of just under 3 months.

(We work hard on this and sure would appreciate a “Like”)

Search St Louis Foreclosures For Sale HERE

Search St Louis Homes For Sale HERE Continue reading Number of Distressed Home Sales In St Louis Declines Nearly Forty Percent In 2016 From Two Years Ago