St. Louis Real Estate Search

 

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 actiivty 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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Search St Louis Homes For Sale HERE

Search St Louis Foreclosures For Sale HERE

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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Search St Louis Homes For Sale HERE

Search St Louis Foreclosures For Sale HERE

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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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.

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

Black Friday Home Sales In St Louis

Ok, everyone knows Black Friday is a huge shopping day, historically the largest shopping day of the year, but is it a big day to shop for a home as well?  Well, based on our data from last year, maybe not so much.  As our tables show below, while there were 35 homes and condos sold in the core St Louis market (the city of St Louis and counties of St Louis, St Charles, Jefferson and Franklin) that was just over half as many as were sold the Friday before, and the Friday after, Black Friday.  So, it appears on Black Friday the focus is more on the malls and shopping centers than your next home.

Just in case you are in the market for a home today, below are some links to make it easy to do your home search.  Or, if you are going to hit the malls today but be out this weekend house hunting, there are links to listings that will be open this weekend.

Happy Shopping, in whatever form that may be today!

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Homes & Condos Sold On Thanksgiving or Black Friday 2016 – 5-County Core St Louis Market (Table)

Homes & Condos Sold On Thanksgiving or Black Friday 2016 - 5-County Core St Louis Market (Table)

Homes & Condos Sold On Friday Before Black Friday 2016 – 5-County Core St Louis Market (Table)

Homes & Condos Sold On Friday Before Black Friday 2016 - 5-County Core St Louis Market (Table)

 

Homes & Condos Sold On Friday After Black Friday 2016 – 5-County Core St Louis Market (Table)

Homes & Condos Sold On Friday After Black Friday 2016 - 5-County Core St Louis Market (Table)

Happy Thanksgiving!

By the President of the United States of America
A Proclamation
It has pleased Almighty God to prolong our national life another year, defending us with His guardian care against unfriendly designs from abroad and vouchsafing to us in His mercy many and signal victories over the enemy, who is of our own household. It has also pleased our Heavenly Father to favor as well our citizens in their homes as our soldiers in their camps and our sailors on the rivers and seas with unusual health. He has largely augmented our free population by emancipation and by immigration, while He has opened to us new sources of wealth and has crowned the labor of our workingmen in every department of industry with abundant rewards. Moreover, He has been pleased to animate and inspire our minds and hearts with fortitude, courage, and resolution sufficient for the great trial of civil war into which we have been brought by our adherence as a nation to the cause of freedom and humanity, and to afford to us reasonable hopes of an ultimate and happy deliverance from all our dangers and afflictions:

Now, therefore, I, Abraham Lincoln, President of the United States, do hereby appoint and set apart the last Thursday in November next as a day which I desire to be observed by all my fellow-citizens, wherever they may then be, as a day of thanksgiving and praise to Almighty God, the beneficent Creator and Ruler of the Universe. And I do further recommend to my fellow-citizens aforesaid that on that occasion they do reverently humble themselves in the dust and from thence offer up penitent and fervent prayers and supplications to the Great Disposer of Events for a return of the inestimable blessings of peace, union, and harmony throughout the land which it has pleased Him to assign as a dwelling place for ourselves and for our posterity throughout all generations.

In testimony whereof I have hereunto set my hand and caused the seal of the United States to be affixed.

Done at the city of Washington, this 20th day of October, A.D. 1864, and of the Independence of the United States the eighty-ninth.

ABRAHAM LINCOLN.

By the President:

WILLIAM H. SEWARD,

Secretary of State .

St Louis City & County Home Sales This Year On Track To Top Last Year – Prices & Inventory Up Slightly Also

Home sales in the city and county of St Louis this year have pretty consistently, from month to month, been at a pace roughly 5 percent higher than at the same time last year.  As our chart below illustrates, we began this year with 747 homes sold (not including distressed sales) in St Louis city and county, an increase of 5.2% from January 2016 when there were 710 homes sold.  As of the end of October, there were 12,824 homes sold this year, an increase of 5.6% from the same time last year when there were 12,145 in the city and county of St Louis.

Home Prices Rise Modestly In St Louis City & County…

As the chart and tables, below show, the price per foot that homes sold for (the most accurate way to compare prices) this year has with the exception of May, been higher than for the same period last year. For the past couple of months, the price per foot has been either side of 3% higher than the corresponding period last year.   As the YTD table for 2017 shows, the actual median price of homes sold this year, in the city and county of St Louis, has been $194,900, an increase of about 1% from last year’s median price of $192,900 for the same period.

Plenty of Homes For Sale in St Louis City and County…

Referring to the tables below again, you can see that, as of today, there is a 6.57 month supply of homes for sale (non-distressed) in St Louis city and county, putting the market into buyers market territory somewhat, and an increase of a little over 7 percent from the same time last year when there was a 6.13 month supply of homes for sale.

Why You SHOULD Be A Data Nerd, or at least, Pick One For An Agent!

Ok, I’ll admit it…I’m a data nerd!  I love analyzing the real estate market and trends.  I could sit for hours studying the market, computing prices, and spotting trends.  I also love teaching our agents to do the same as well as sharing the results I glean from the data with our agents, to help them stay informed, on top of the market and able to better serve their clients.  I also love educating consumers about the real estate market to equip them to make smart decisions when buying or selling real estate, or when choosing an agent.

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Why is this so important?  GIGO!  That’s why!

What in the world is GIGO? A computer science term which means, to quote Wikipedia: “(GIGO) is where flawed, or nonsense input data produces nonsense output or “garbage…..The principle also applies more generally to all analysis and logic, in that arguments are unsound if their premises are flawed.”

So, in a nutshell, if you, or your real estate agent is getting “flawed” or “nonsense” data, then the output, or result, will be “garbage”.  Considering that, for most normal folks, buying or selling a home is often the largest transaction they make, it’s worth avoiding making decisions about that transaction based on bad info.

This is why we work so hard at delivering the best St Louis area home sales, and prices data. I’ll now give you a couple of quick examples of how abundant bad data is out there and how it may differ from what I have here.

  • From a very popular national real estate search site: “The median home value in Saint Louis is $131,300. Saint Louis home values have gone up 18.3% over the past year
  • From a website that gives “neighborhood information”, the median home price in St Louis is currently $136,192.
  • From a trade association in the real estate industry…”While the median sales price (in the city and county of St Louis)  increased 7 percent from $160,000 in October 2016 to $171,000 this year”

Get the idea? Even what appears to be, or may, in fact, be, very credible sources of home price and market data for St Louis, can be very wrong.  None of this is intentional, but, instead, a result of there being “too much” information available today and, without going through some effort to sort through it, it can easily be GIGO data.

How does the GIGO data happen?

  • Much of the home price data you see quotee for St Louis is for the St Louis MSA, which includes 17 counties, 9 in Missouri and 8 in Illinois.
  • We clearly identify what data we are reporting, such as, in this article, data for the City and County of St Louis.
  • Most of the data sources are probably reporting data which includes distressed home sales (foreclosures, short sales, etc) which can, in some areas where there are a lot of them, such as the city of St Louis, dramatically affect home prices.
  • We often filter out distressed sales, particularly when reporting data for an area where they can impact the data significantly (like in the city and county of St Louis) and then clearly identify what the data represents..
  • “Home prices” is generally the term used, but often times, the data reported actually combines condo prices with home prices.  Condo’s sell for different prices, and appreciate and different rates, than homes, so this can skew the data as well.  If we report “home prices” we have filtered out condo sales.

In addition to all of the above, there are many other reasons why it is hard to find accurate and timely home price and sales information for the St Louis area.  The large number of municipalities St Louis county is chopped up into is part of it, as is the fact that the city of St Louis is not within St Louis County and that the REALTOR MLS here requires subdivision names to be entered manually, giving rise to errors and difficulty in getting good subdivision level home price and sales data.

This is why at our firm, MORE, REALTORS, we have worked so hard and spent so much time and money developing our own proprietary software to assure our agents, and their clients, have access to, the most accurate and timely, St Louis area home price and sales data possible.

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

11/22/2017 vs 11/22/2016 No Distressed Sales

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

St Louis City/County YTD 2017 (through 11/22)

St Louis City/County YTD 2017 (through 11/22)

St Louis City/County YTD 2016 (through 11/22)

St Louis City/County YTD 2016 (through 11/22)

St Louis Real Estate Market Update VIDEO – November 2017

Will home sales this year fall short of last years total? Have home prices risen too much in St Louis? Is there still a shortage of homes for sale in St Louis? Find the answers, data behind the answers, as well as complete, and up to date, home price and sales data for the entire St Louis market, 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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St Louis Neighborhoods Where Homes SOLD The Fastest In Last 30 Days

As we head into the holidays and winter months, the St Louis real estate market is slowing as is typical, however, it is still going fairly strong.  Below are the 10 St Louis metro area cities where homes sold the quickest, based upon the days it too homes to sell that closed in the last 30 days.  The time it took homes to sell has only dropped slightly since we last published this list in late August.  In late August the number 1 city on the list took 11 days to sell and #10 on the list, 20 days.  Today’s number one is at 13 days and number ten, 25  days, so just modestly slower.

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 Rental Vacancies At Lowest Rates In Over A Decade

The vacancy rate for rentals in St Louis during the third quarter of this year was 9.8%, significantly lower than the median vacancy rate of 11.5% for that quarter since 2004.  The year to date median vacancy rate for 2017, through the first 3 quarters, is 8.1% which is tied with last years rate, the lowest in more than a decade.  So it’s a good time to be a landlord in St Louis!

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Rental Vacancy Rates In The St Louis Metro Area – 2015 – 2017

(click table below for complete data going back to 2005 as well as rental rates)

Rental Vacancy Rates In The St Louis Metro Area - 2015 - 2017
Data Source: U.S. Census Bureau – Copyright 2017 – St Louis Real Estate News – All Rights Reserved[/caption]

Home Mortgage Lending In Low and Moderate Income Areas On The Rise

There is little doubt that lower-income individuals and, subsequently, lower-income neighborhoods, were impacted more negatively by the housing market bubble burst in 2008 than other areas.  This resulted in extremely high mortgage delinquency rates, high foreclosure rates, and declining home values.  Afterward, citing “loose” lending standards, sub-prime mortgages, etc, the mortgage market tightened the reins on mortgage lending making it more difficult for everyone to get a loan, but particularly, those folks in the lower income brackets.

As time has passed, home loan requirements have eased and it is now easier to obtain a home loan.  Some of the requirements that have eased are minimum credit scores, down-payment requirements as well as rules affecting seller paid closing costs, gifts, etc, which has, in particular, helped lower and moderate-income home buyers.  The Consumer Financial Protection Bureau (CFPB), the government “watch-dog” of all things financial, tracks and reports data related to home mortgages which reveal that, in fact, home mortgage lending has increased to the highest levels in over a decade in low and moderate-income areas.  The CFPB charts below reveal:

  • Home loan volume in low-income areas topped $3.8 Billion in November 2016, the highest level since the CFPB began tracking this data in January 2009.  The CFPB forecast, predicts that, once the data is in, a record $4 Billion in home loans will be reported for August 2017.
  • Home loan volume in moderate-income areas hit $21.7 Billion in October 2016, also the highest level since the CFPB began tracking this data in January 2009.  The CFPB forecast, predicts that, once the data is in, a record of $23+ Billion in home loans will be reported for July 2017.
  • The middle-income areas have fared well also with home-loan volume hitting a record $76.8 Billion in October 2016.  Unlike the low and moderate income area forecasts, the CFPB is forecasting a slight cooling in the middle-income areas with home loan volume dropping to $73.5 Billion for June 2017 and then slightly lower in July once the data is in.
  • High-income areas are trailing the other areas in terms of home loan volume having peaked at $116 Billion over 4-years ago, in January 2013.  The CFPB is predicting lending data will show $90.5 Billion in home loans in high-income areas for June 2017.

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Low-Income Areas – Home Mortgage Volume

Low-Income Areas - Home Mortgage Volume

Moderate-Income Areas – Home Mortgage Volume

Moderate-Income Areas - Home Mortgage Volume

Middle-Income Areas – Home Mortgage Volume

Middle-Income Areas - Home Mortgage Volume

High-Income Areas – Home Mortgage Volume

High-Income Areas - Home Mortgage Volume

St Louis Homeownership Rate Hits Highest Level In Two Years

The homeownership rate in St Louis, during the 3rd quarter of this year was 68.0 percent, the highest level since the 3rd quarter of 2015 when the rate was 70.3 percent, according to data just released by the U.S. Census Bureau.

Homeownership Rate St Louis MSA

Homeownership Rate St Louis MSA

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The homeownership rate for the State of Missouri during the 3rd quarter of 2017 was 70.4 percent, the highest level for the state since the 4th quarter of 2014 when the rate was 72.9 percent.

Homeownership Rate State of Missouri

Number of St Louis Homeowners With Negative Equity Continues To Drop In Most Areas

Over the past couple of years, as the St Louis real estate market has continued performing well, mortgage delinquencies and foreclosures have continued to decline.  Rising home value has also caused the number of “underwater” homeowners, also known as homeowners in a negative-equity position (meaning their mortgage balance exceeds their homes current value) to decline as well.  As the table below shows, 5 of the seven St Louis area counties listed saw a decline in the number of underwater properties in the 3rd quarter of this year from a year ago.  The largest decline in underwater properties was St Charles with a 35% decline.  The two exceptions, the city of St Louis and St Clair County, Il, saw an increase in underwater property of 2% and 14% respectively.

St Louis Underwater (Negative-Equity) Properties – 3rd Quarter 2017

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St Louis Underwater (Negative-Equity) Properties - 3rd Quarter 2017

New Home Construction On The Rise In Warren County And Other Outlying Counties

New home construction in the St Louis and surrounding areas for the first three quarters of this year is up slightly from the same time last year, according to the latest permit data from the Home Builders Association of Greater St Louis.  However, as the table below shows, only 4 of the 7 counties reviewed had an increase in building permits while the other three, including the county with the greatest number of building permits, St Charles County, saw a decline.

 

St Louis Area New Home Building Permits – Year to Date Through September 30, 2017

St Louis Area New Home Building Permits - Year to Date Through September 30, 2017

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City of St Louis Has Second Highest Vacant Property Rate In The U.S.

As of the end of September, in the city of St Louis, 7,265 of the 104,288 residential properties in the city were vacant, giving the city a vacant property rate of 6.97 percent, the 2nd highest of all the counties in the U.S., according to a newly released report by ATTOM Data Solutions.  The number of vacant properties in the city of St Louis increased 4.4% from the same time last year.  Baltimore Maryland had the highest vacant property rate at 8.14 percent.

As the table below shows, St Clair County, Illinois was the next St Louis area county on the list coming in at number 11, followed by Madison County, Illinois at #42, St Louis County at #47.

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St Louis Area Vacant Property Rate By County- 3rd Quarter 2017

St Louis Area Vacant Property Rate By County- 3rd Quarter 2017

More Than 100 Zombies In The St Louis Area!

“Zombie” is the name that has been given to vacant property which delinquent mortgages and destined for foreclosure, not but in foreclosure yet.  These properties are in a “no man’s land” so to speak, and often become an eyesore and a burden on the neighborhood as well as city located in.  As the table below shows (compiled from the ATTOM Data report), St Clair County, IL has the highest number of “Zombies” at 99 and also has the highest Zombie foreclosure rate at 14.39%.

St Louis Area Zombie Foreclosures By County- 3rd Quarter 2017

St Louis Area Zombie Foreclosures By County- 3rd Quarter 2017