Subscribe to our mailing list

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

St. Louis Real Estate Search

 

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

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

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

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

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

In the second table below, I ranked the zips from both the low priced zip code list as well as the high priced zip code list to show those zips where home prices have recovered the most since the bottom.  On the low priced list, 5 zips have seen home prices increase by double digits, 3 of which are located in the city of St Louis and 2 in St Louis county.  On the high-priced zip list, the highest recovery was in 63341, the Defiance area of St Charles County, then of the next 4 highest increases in prices, 3 zips are in St Louis County and 1 in the City of St Lous.
(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
5 Key Strategies To Assure A Quick Home Sale At The Maximum PriceGet a Market Report with LIVE up to date Home Sales, Prices and Inventory for ANY St Louis Area HERE
Continue reading How Home Prices Have Recovered Since The Bottom In The Lowest And Highest Priced St Louis Area Zip Codes

Big Wildwood Homes At Little Prices

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

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

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

Search St Louis Homes For Sale HERE
See ALL Atrium Ranches For Sale In Wildwood
See ALL Homes That Will Be Open In St Louis This Weekend

Continue reading Big Wildwood Homes At Little Prices

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

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

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

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

St Louis Real Estate Market Update VIDEO – July 2016

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

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

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

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

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

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

Should I Sell My Home Myself?

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

But I know people that are interested in my home…

Yes, finding people “interested” in your home is not that difficult, the tricky part is finding a buyer that is qualified, ready to buy, and is interested in your home at a price and under terms that work for you.  Lately, with the shortage of inventory of homes for sale, the problem hasn’t been finding a buyer, it’s been selecting the right buyer the leads to a successful closing and, for this, there is nothing better than having a professional real estate agent representing you who knows what to look for in a buyer.
(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
5 Key Strategies To Assure A Quick Home Sale At The Maximum PriceGet a Market Report with LIVE up to date Home Sales, Prices and Inventory for ANY St Louis Area HERE
Continue reading Should I Sell My Home Myself?

St Louis’ Slowest Selling Neighborhoods

Ok, this is the list that, if you are a seller, you don’t want to be on however, if you are a buyer looking for an opportunity, here are some places to consider buying a home where the competition from other buyers is not as fierce.  As of today, there are 30 cities/municipalities in the St Louis area that are on our “Slowest Selling Neighborhoods List”, below are the top 10 on the list (click on the list to see the current entire list).  At the top of the list is Byrnes Mill, one of 3 cities in Jefferson County that made the top 10 list, where homes for sale have been on the market an average of over 600 days.  Somewhat surprising is the fact that St Charles county, which has been a pretty has 4 cities on the list.
(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
5 Key Strategies To Assure A Quick Home Sale At The Maximum PriceGet a Market Report with LIVE up to date Home Sales, Prices and Inventory for ANY St Louis Area HERE
Continue reading St Louis’ Slowest Selling Neighborhoods

Falling Interest Rates Make St Louis Homes Even More Affordable

Mortgage interest rates have been falling since last Thursday when the referendum passed for the United Kingdom to exit the European Union.  As the chart below shows, interest rates on a 30 year fixed-rate mortgage today averaged 3.44%, a new 52-week low and a decline of nearly 3/4 of 1 percent from a year ago when they were 4.20%.  The payment on a $160,000 home loan at today’s rates would be $713 (principal and interest), a decline of nearly 9 percent from a year ago when the payment on the same loan amount would have been $782.
(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
LIVE Mortgage Interest Rates – Updated Daily
Continue reading Falling Interest Rates Make St Louis Homes Even More Affordable

Home Affordability in Franklin County Improves By 9 Percent From Year Ago

One of the many benefits to living in the St Louis area has long been the affordability of good homes in nice neighborhoods, but that has even gotten better in the past year in three of the 5 major counties that make up the St Louis market.   As the table below shows, in Franklin County, due to lower home prices as well as interest rates, home affordability increased by 9 percent from May 2015 to May 2016.  Jefferson County, as well as the city of St Louis, also saw improvements in home affordability during the period however, St Louis County and St Charles County saw affordability slip by about 2%.
(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
5 Key Strategies To Assure A Quick Home Sale At The Maximum PriceGet a Market Report with LIVE up to date Home Sales, Prices and Inventory for ANY St Louis Area HERE

St Louis Home Affordability - May 2016 - MORE, REALTORS

                       Copyright 2016 – St Louis Real Estate News – All Rights Reserved

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

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

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

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

Declining Inventory Is The Problem…

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

(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
5 Key Strategies To Assure A Quick Home Sale At The Maximum PriceGet a Market Report with LIVE up to date Home Sales, Prices and Inventory for ANY St Louis Area HERE

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

St Louis Real Estate Market Update VIDEO – June 2016

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

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

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

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

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

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

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

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

 

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

 

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

St Louis’ Fastest Selling Neighborhoods

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

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

(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 Fastest Selling Cities In St Louis Here – Updated Daily!
Get a Market Report with LIVE up to date Home Sales, Prices and Inventory for ANY St Louis Area HERE

Continue reading St Louis’ Fastest Selling Neighborhoods

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

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

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

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

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

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

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

(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
Information On Down Payment Assistance Programs Available In Missouri
Get a Market Report with LIVE up to date Home Sales, Prices and Inventory for ANY St Louis Area HERE

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

Home Flipping in St Louis Declines In 1st Quarter From Year Ago

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

Home flipping in St Louis peaked in 2006…

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

(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
Want to flip property?  Check out my video on how to buy foreclosures here.
Continue reading Home Flipping in St Louis Declines In 1st Quarter From Year Ago

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

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

St Louis Pending Home Sales

Data Source: MARIS

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

(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
5 Key Strategies To Assure A Quick Home Sale At The Maximum Price
Get a Market Report with LIVE up to date Home Sales, Prices and Inventory for ANY St Louis Area HERE

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

A Better Way To Look At St Louis Home Prices

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

Finally…the point….there is a better way to look at St Louis home prices:
(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
5 Key Strategies To Assure A Quick Home Sale At The Maximum Price
Get a Market Report with LIVE up to date Home Sales, Prices and Inventory for ANY St Louis Area HERE

Continue reading A Better Way To Look At St Louis Home Prices

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

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

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

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

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

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

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

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

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

(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
5 Key Strategies To Assure A Quick Home Sale At The Maximum Price
Get a Market Report with LIVE up to date Home Sales, Prices and Inventory for ANY St Louis Area HERE

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

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

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

 

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

(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

St Louis Foreclosure Activity April 2016

St Louis Real Estate Market Update VIDEO – May 2016

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

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

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

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

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

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

Home Mortgage Loan Originations Decline In First Quarter Of 2016

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

More homeowners refinancing than buying…

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

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

Past 5 Years Increase In Regulatory Costs Associated with New Homes Nearly Five Times Higher Than Increase In CPI

The median price of a new home in the U.S. in 2011 was $227,200 and this year, thus far, the median price is $288,000, an increase of 26.7 percent in that five-year period, according to data from the U.S. Census Bureau.  During this same period, the Consumer Price Index (CPI), as the chart below illustrates, rose just 6.1%.  So why did the median price of new homes during this period rise over 4 times as much as the rate of inflation?

What is driving new home prices up?

The two major components to the cost of a new home are construction cost and finished lot cost.  Presently, according to the National Association of Home Builders (NAHB), 61.8% of the price of a new home is construction cost and 18.2% is attributable to the cost of a finished lot.   Both of these costs, which account for about 80% of the cost of a new home, have been severely impacted by costs associated with every increasing government regulations.  In fact, as the chart below shows, regulatory costs for a new home increased almost 30 percent (29.8%) from 2011 to 2016 while, as I mentioned previously, CPI only increased 6.1%.

What about builder profit margins, are they to blame for higher prices?

(We work hard on this and sure would appreciate a “Like”)
See St Louis New Homes For Sale – Click HERE
Search St Louis Homes For Sale HERE
See ALL Homes That Will Be Open In St Louis This Weekend
Continue reading Past 5 Years Increase In Regulatory Costs Associated with New Homes Nearly Five Times Higher Than Increase In CPI

Help For Underwater Homeowners – One-time principal reduction plan

In mid-April the Federal Housing Finance Agency (FHFA) announced a new program aimed to help homeowners with a Fannie Mae or Freddie Mac loan that are seriously underwater on equity, meaning that their mortgage balance is at least 115 percent of the current value of their home.  This new principal reduction modification program offers, to those that qualify, a one-time reduction in the balance of their mortgage to bring them out of a negative equity position.

Below is an outline of the program details as well as link to Principal Reduction Fact Sheet:

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

Search St Louis Homes For Sale HERE
Principal Reduction Program Fact Sheet

Find the Current Value of your home in under a minute!
Continue reading Help For Underwater Homeowners – One-time principal reduction plan

St Peters Is Hottest Sellers Market In St Louis Area with Just One Month Supply Of Homes

The St Peters real estate market is the hottest sellers market in the St Louis area, based upon the months supply of homes for sale.  As the table below shows, as of today, there are 69 active listings of homes for sale in St Peters and there were 68 homes sold which translates to a one month supply of homes for sale there today.  There are 11 St Louis area cities today with less than a two month supply of homes for sale.  What a great time to be a seller!

A six-month supply of homes for sale would be considered a “balanced” market, not favoring buyers or sellers.


(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
5 Key Strategies To Assure A Quick Home Sale At The Maximum PriceGet a Market Report with LIVE up to date Home Sales, Prices and Inventory for ANY St Louis Area HERE

Continue reading St Peters Is Hottest Sellers Market In St Louis Area with Just One Month Supply Of Homes

Cash Home Sales In St Louis Decline Over 9 Percent From Year Ago

During the 12 month period ended March 31, 2016, just over 1 of every 5 home sales in St Louis (21.46%) was a cash sale which is a decline of 9.2% from the prior 12-month period when nearly 1 in 4 home St Louis home sales (23.63%)was a cash sale.   The average price of homes in St Louis bought by buyers paying cash was $158,400 for the most recent 12 month period, 33.37% less than the average price paid for homes were buyers obtained financing which was $228,086 for the same 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
5 Key Strategies To Assure A Quick Home Sale At The Maximum PriceGet a Market Report with LIVE up to date Home Sales, Prices and Inventory for ANY St Louis Area HERE

Continue reading Cash Home Sales In St Louis Decline Over 9 Percent From Year Ago

St Louis Buyers Markets

Yes, believe it or not, in spite of how fast some homes, in some price ranges and neighborhoods are selling, often the first day on the market, and in spite of how many St Louis markets are currently seller’s markets, giving seller’s the upper hand in negotiations, there are some buyer’s markets in St Louis, where the buyer actually has an advantage over sellers!  To find these markets, there is no one statistic or piece of data that can identify it, but I use a couple to find those markets and will share what I feel are currently the best places in St Louis to be a home buyer today.

Top St Louis Buyer’s Markets based upon the months supply of listings:

One of the best ways to identify a buyer’s or seller’s market is to look at the month’s supply of homes for sale in a given market.  It’s basic economics 101, supply and demand.  At MORE, REALTORS, we have this data available live, online, at StLouisRealEstateSearch.com and compute it based upon data we obtain straight from the MLS.  We simply look at the number of active listings in each market, then divide that number by the number of homes sold in the past 30 days to come up with how many months supply of homes are on the market at the current sales rate.  As the table below shows, there are currently 19 St Louis neighborhoods that, based upon this data, we are calling buyer’s markets since they have over a 6 month supply of homes for sale (6 months is considered a balanced market).  At the top of the list is Sullivan, in Franklin County, with a 21 month supply of homes for sale, followed by Byrnes Mill, in Jefferson County, with a 17 month supply and then Hillsboro, also in Jefferson County, with a 14 month supply.  The first city to appear on the list from St Louis county is Jennings, with a 13 month supply.


(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
5 Key Strategies To Assure A Quick Home Sale At The Maximum PriceGet a Market Report with LIVE up to date Home Sales, Prices and Inventory for ANY St Louis Area HERE

Continue reading St Louis Buyers Markets

New Home Sales In Midwest Rise Over Ten Percent In March From Year Ago

New home sales in the midwest region of the U.S. during March rose 10.3 percent from March 2015, according to a report just released by the US Census Bureau.  In March 2016, new homes were sold in the Midwest at a seasonally adjusted annual rate of 64,000 new homes, an increase of 18.5 percent from February, when the rate was 54,000 homes and a 10.3 percent increase from March 2015 when the rate of new home sales in the midwest was 58,000 homes annually.

 

On a national level, new homes sales in March were at a seasonally adjusted annual rate of 511,000 homes, down 1.5% from February and up just 5.4% from a year ago.

(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

Information On Over 1,000 St Louis Open Houses For Today

St Louis Open HousesIt’s a beautiful spring Sunday morning in St Louis and many people will spend part of the afternoon touring open houses…some looking for their next home, some to see what homes in their neighborhood are selling for and some simply to kill time, satisfy curiosity or get some decorating ideas.  Whatever your reason for seeking out St Louis open houses, the best source to find information on all the homes that are scheduled to have open houses today (with information from a database that is updated direct from the MLS!) is StLouisOpenHoues.com.  On this site, you can search open houses in a variety of ways:

As of the time I wrote this article, there are 1,188 St Louis Open Houses scheduled for today and showing on StLouisOpenHouses.com


(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
5 Key Strategies To Assure A Quick Home Sale At The Maximum PriceGet a Market Report with LIVE up to date Home Sales, Prices and Inventory for ANY St Louis Area HERE

HUD Issues Directive Warning Refusing To Rent Based Upon Tenants Criminal History May Be Discrimination

Earlier this month, General Counsel for the U.S. Department of Housing and Urban Development (HUD) issued guidance on the “Application of Fair Housing Act Standards to the Use of Criminal Records by Providers of Housing and Real Estate-Related Transaction“.  This guidance has caused concern among many landlords as many, in an effort to assure safe housing for their tenants, do criminal background checks on prospective tenants and have a policies against renting to applicants with a criminal background, a practice that, according to this guidance, may very well be considered to be discriminatory now.

Do landlord have to rent all all convicted felons?

While the guidance does not appear to remove a landlord’s ability to establish some restrictions on who they rent to with regard to prior convictions, however does say:

“But housing providers that apply a policy or practice that excludes persons with prior convictions must still be able to prove that such policy or practice is necessary to achieve a substantial, legitimate, nondiscriminatory interest.”

The guidance goes on to make it clear that a blanket prohibition against any person with any conviction, is not going to fly:

“A housing provider that imposes a blanket prohibition on any person with any conviction record – no matter when the conviction occurred, what the underlying conduct entailed, or what the convicted person has done since then – will be unable to meet this burden.”

So, as is often the case, there is a lot of gray area here.  Below I have the entire guidance letter which goes into much more detail.


(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
5 Key Strategies To Assure A Quick Home Sale At The Maximum PriceGet a Market Report with LIVE up to date Home Sales, Prices and Inventory for ANY St Louis Area HERE

Continue reading HUD Issues Directive Warning Refusing To Rent Based Upon Tenants Criminal History May Be Discrimination

Earth Day Housing Facts

Today is earth day, so here are some interesting housing facts from the U.S. Census Bureau, related, more or less, to earth day issues:

  • 48.8% of all homes in the U.S. have gas as a primary heat source;
  • 2.1% of all homes in the U.S. have wood as a primary heat source;
  • <1% of all homes int he U.S. have solar energy as their primary heat source;
  • 91% of the new single-family homes built in the U.S. in 2014 have air conditioning;
  • The median size of a new single-family house completed in 2014 was 2,453 square feet.
  • The median price of a new single-family house completed in 2014 was $345,800
  • There were 11,000 multi-family buildings built in the U.S. in 2014 – 63% of them have electricity for their primary heat source.

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

Search ALL Homes For Sale – Updated MLS-Direct Every 5 Minutes!
2016 SMART Guide For Home Buyers
2016 SMART Guide For Home Sellers