Subscribe to our mailing list

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

St. Louis Real Estate Search

 

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

Fastest Selling Cities And Zip Codes In St Louis

Three of the five St Louis area cities where homes are selling the fastest are in north St Louis County.  As the table below shows, which ranks St Louis area cities by the average days current listings of homes for sale have been on the market, which is a good measure of how fast homes are selling, the city of Crestwood, with an average of 29 days on the market, is number 1 on the list.  In 2nd, 3rd and 5th place respectively are the north St Louis county cities of Moline Acres, Dellwood and Black Jack.

Crestwood area zip of 63126 fastest selling zip code..

As the second table below shows, the fastest selling zip code in the St Louis area, 63126, is also in the Crestwood area, putting Crestwood at the top of both “fastest selling” lists.  When ranking by zip code, north county zips didn’t show up on the top five 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 Fastest Selling Cities And Zip Codes In St Louis

St Louis Home Prices Softening In Spite Of Spring Market

St Louis home prices appear to be trending downward a little even though we are in the midst of a fairly robust spring market. This is based upon the current price per foot of active listings for sale compared with what home sales that closed last month, as well as prior 12 months, sold for on a per-foot basis.  As the tables below show, the price per foot trend is down in all 6 counties we track, with the biggest downward trends showing in St Louis County and the city of St Louis, both of which have seen the median price per foot of active listings fall below what homes in those counties sold for in the prior 12 months.

Condo prices trending downward as well..

Beneath the table for home prices is a table showing condo price trends which shows St Louis condo prices trending downward as well.

Remember, real estate (and home prices) are very local…

What I have discussed thus far is at the county level, but you must remember real estate is very local and home prices, sales, etc, can vary greatly within the same county.  For example, see the chart at the bottom of home price trends by zip code – I have shown it two ways…first where the prices are trending upward and next where they are trending downward.  As the tables show, there are several zip codes in the area with definite upward trends in home prices as well as areas going the other direction as well.

(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 Continue reading St Louis Home Prices Softening In Spite Of Spring Market

St Louis Home Sales Increase 8.6 Percent In March From Year Ago

There were 2,869 St Louis Existing Homes Sold in March, an increase of 8.6 percent from March 2015 when there were 2,640 homes sold.  The median home price of homes in the St Louis 5-county core market during March 2016 was $155,500, an increase of 3.3 percent from March 2015 when the median price of existing homes sold was $150,000.

 

Pending home sales on the rise from year ago..

At the chart below illustrates, year to date pending home sales (homes with contracts on them that have not closed yet) have increased from the same time last year.  Through the end of March, 2016, there have been 5,681 pending home sales in St Louis, an increase of 5.7 percent from the same time last year when there were 5,374 pending home sales year to date.

(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 Increase 8.6 Percent In March From Year Ago

New Home Construction In Midwest During March Increases Over 40 Percent From Year Ago

New home construction in the midwest region of the U.S. continued strong in March with home builders beginning construction on new homes at a seasonally-adjusted annual rate of 123,000 home, a 41.4% increase from March 2015 when the new home start rate was 87,000 homes.  March’s rate was a decline of 21.2 from February when an increase of nearly 90 percent from the year before sent the annual rate to 153,000 homes.

(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

“Coming Soon” Listings – Good For Sellers Or Just Listing Agents and Buyers?

It’s hard to drive through a neighborhood today and not see a “coming soon” rider on a for sale sign  in front of a house.  With the St Louis real estate market still favoring sellers in many markets due to a  low supply of homes for sale, it’s not surprising that  coming soon listings create somewhat of a fervor among would-be buyers and their agents.  However, it is not uncommon for a buyer to wait patiently for a coming soon listing to hit the market, only to find that that at the same time it comes on the market “live” in the MLS, it immediately goes to a pending sale status leaving the would be buyer out on the cold.

What’s wrong with this picture?

Assuming the seller was under the impression that, by listing their home with a REALTOR® they would get maximum exposure for their listing, through the MLS as well as the thousands of websites that receive MLS info through syndication, IDX feeds and the like, and therefore obtain the highest price the market would bear for their home (which is what you would expect from maximum exposure to the market) then the seller was short-changed.  By presenting an offer to a seller before the listing was ever taken “live” and given all the exposure the MLS has to offer, then the seller has no way of knowing that they received the highest price and/or best terms the market would bear.  All the seller knows, is that from the few people that happened to call on the coming soon sign, or that the listing agent told about the property, this was the best offer. 

(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
St Louis Market Data (Home Prices, Sales, Trends and MORE) By City, Zip or County
Continue reading “Coming Soon” Listings – Good For Sellers Or Just Listing Agents and Buyers?

St Louis Real Estate Market Update VIDEO – April 2016

The number of months of supply of homes for sale in St Louis has increased in each of the 5 core counties, since last month, but the St Louis real estate market is still going strong!

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 – April 2016

St Louis Foreclosure Activity Down In Most Areas

St Louis foreclosure activity during the first quarter of this year in the St Louis metro area was at a rate of 1 of every 469 homes, ranking St Louis 99th, in terms of foreclosure rate (a list that is good to be low on), of metropolitan areas in the U.S. with a population in excess of 200,000 people, according to a report just released by RealtyTrac.   The foreclosure rate in St Louis during the 1st quarter of 2016 declined 10.55 percent from the quarter before and declined 13.67 percent from the first quarter of 2015.

As the table below illustrates, foreclosure activity in all but two of the counties in Missouri that make up the St Louis MSA saw a decline in foreclosure activity from the prior quarter and all, but the city of St Louis, saw a decline from 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 St Louis Foreclosure Activity Down In Most Areas

What do 90 municipalities cost?

St. Louis County is entertaining the idea of adding the City of St. Louis to its list of incorporated municipalities. All legal opinions firmly show that the County will absorb NONE of the City’s nancial responsibilities. If this were to happen the City of St. Louis will be no different than municipalities such as Clayton, Ellisville, or Chester eld. It would simply be another city located in St. Louis County. I am an advocate for this move. The City needs to cease County functions and turn them over to the County. Currently, practices and city functions run at inefficient levels.

If the city were to join the St. Louis County roster then we would have about 91 municipalities in the County. It should be noted though that 23 of them have less than 1,000 in population. Why does that make sense for a few blocks of St. Louis County to incorporate? If you ask them, they want to control their neighborhood, perhaps a worthy endeavor. However, we then have 90+ City Administrations for a population of 1.3 million (City and County). Some may suggest that this is very inefficient and a misuse of funds.  But how inefficient is it really?

(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
St Louis Market Data (Home Prices, Sales, Trends and MORE) By City, Zip or County
Continue reading What do 90 municipalities cost?

St Louis Pending Home Sales Fall In February From Year Ago

There were 1,875 home pending home sales in the St Louis area (5 county core market) in February, 13.7 percent less than a year ago when there were 2,172 pending home sales.  Listings with a contract on them from a buyer, but have not closed yet, are counted as pending home sales.

On a year to date basis, for the first two months of 2016, there have been 5,251 pending home sales in St Louis, down 2.3% from the same period last year when there were 5,372 sales.  For the 12 month period ending February 29, 2016 there were 25,477 pending home sales, an increase of 8.8% from the prior 12 month period when there were 23,425 pending sales.

On a national leve, pending home sales in February reached their highest level in 7 months and were up from a year ago, according to the National Association of REALTORS.

(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
St Louis Market Data (Home Prices, Sales, Trends and MORE) By City, Zip or County
Continue reading St Louis Pending Home Sales Fall In February From Year Ago

Home Affordability Rises In St Louis County, Falls In St Charles County

A recent article by STL Today indicated that home affordability in St Louis had fallen, specifically noting that affordability in St Louis County had fallen below historic “norms”.  As is always the case with stats, it depends upon which data you are taking into account and the accuracy of the data.  I decided to take a look at the data and see if my data showed the same result as the STL Today article.

 Affordability is UP in St Louis county, not DOWN…

As the table below shows, home affordability in St Louis county has actually increased in the past year, not decreased as reported in the aforementioned article.  For the purposes of my analysis, I used  home sales data for “non-distressed” sales only, so not including foreclosures or short sales, to get a more accurate picture of the true market.

Affordability has improved in Jefferson County as well but, as the table below shows, has declined in the past year in the city of St Louis, Franklin county and St Charles county.
(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 Home Affordability Rises In St Louis County, Falls In St Charles County

St Louis Home Sales Rise Slightly In February But At Slower Rate Than Last Year

St Louis Home Sales in February rose to 1,973 sales for the 5-county core St Louis market, an increase of 4.9 percent from January’s 1,880 sales.  February home sales (closings) in St Louis, while increasing 3 percent from a year ago, did not increase from January’s sales at the same rate as last year.  From January 2015 to February 2015, in St Louis, we saw an increase in home sale closings of over 23 percent which, coming out of the historically slowest closing month of the year (January) and headed to the biggest selling market of the year (spring), we would expect.  This year, however, we saw just a 4.9 percent increase in sales (closings) from January to February.

Don’t panic yet, it is still a strong real estate market in St Louis..

Even though this sales data could possibly indicate a cooling in the market and perhaps slower times ahead, I think when we look at the big picture, including other vital data such as inventory of homes for sale, supply, time on market, etc, it shows the reduced increase in home sale rate is probably more of a factor of limited supply than of lack of demand.

Pending home sales show increased rate…

All of the data I’ve talked about thus far is based upon closed home sales, so what has already taken place, so to speak, but for a look ahead we can looking at pending home sales, meaning homes with a contract on them from a buyer but still in the process and not yet closed, so, assuming everything goes as planned, a future closing that will reflect in home sales numbers.  Beneath the home sale chart below is a chart showing year to date pending home sales (through the end of February) for this year, for the 5-county core St Louis market, as well as for the prior 4 years.  The chart shows that year to date St Louis pending home are up about 12 percent from the same time last year which should help get the March home sales numbers up.

(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 Rise Slightly In February But At Slower Rate Than Last Year

St Louis Real Estate Market Update VIDEO – March 2016

Today may be the first day of spring, but the St Louis spring real estate market has been here for a while already!    Spring is always brings a better real estate market and this year, thanks no doubt partially to the mild winter we had here in St Louis, the spring market arrived early!  Homes that are priced appropriately for the market, and in areas and price ranges of moderate demand, are selling fast!

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 – March 2016

Report Shows Relationship Between Registered Criminal Offenders And Home Prices

This morning RealtyTrac released a report identifying neighborhoods with higher rates of registered criminal offenders (including sex offenders, child predators, kidnappers and violent offenders) and then comparing the housing statistics for those neighborhoods to ones with lower rates of registered criminal offenders.  For the report, cities were given an index, from 0 to 100, with a higher value indicating a higher percentage of offenders, then these cities were sorted into five categories, based upon their index, from Very High Offender Rate to Very Low Offender rate.

 The findings from this report are below:

  • Cities in the U.S. at the top of the Very High offender index were Greenville, South Carolina (73 percent); Columbia, South Carolina (66 percent); Boise, Idaho (66 percent); Pensacola, Florida (60 percent); and Flint, Michigan (57 percent).
  • Cities in the U.S. where more than one-fourth of all homes were in zip codes with a Very High offender index included Detroit (39 percent), Nashville (32 percent), San Antonio (31 percent), St. Louis (31 percent), and Tampa (26 percent).
  • Cities at the top of the Very Low offender index  were Minneapolis-St. Paul (90 percent); Portland, Oregon (88 percent); Trenton, New Jersey (62 percent); New York (61 percent); and Boston (52 percent).
  • The higher the offender index, the lower the home value and amount of equity:
    •  The average home value in zip codes with a Very Low offender index is $512,841, more than three times higher than home values in zip codes with a Very High offender index which have an average value of $157,844.
    • The average home owner in zip codes with a Very Low offender index has 29 percent equity, nearly three times the average equity of just 10 percent for homeowners living in zip codes with a Very High offender index.

(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
St Louis Market Data (Home Prices, Sales, Trends and MORE) By City, Zip or County
Continue reading Report Shows Relationship Between Registered Criminal Offenders And Home Prices

New Home Construction In Midwest In February Up Nearly 89 Percent From Year Ago

Home builders began construction on new homes in the Midwest region of the U.S. in February at a pace of 153,000 new homes annually, an 88.9% increase from February 2015 when new home starts in the midwest was at an annual rate of 81,000 homes.  February’s spike in new home construction was an 18.6% increase from January’s annual rate of 129,000 homes.

(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

St Louis HOT Real Estate Markets

Just like the early arrival of spring temperatures in St Louis, the spring real estate market has arrived early in St Louis as well!  New listings of homes priced appropriately for the market and, in price ranges and areas of good demand, are having multiple showings the first day of hitting the market and are often under contact by day 2 or 3 of hitting the market.

Where are the HOT markets in St Louis?

There are a few ways to identify those areas of St Louis that I would consider a hot market and, below, I have listed a couple of the best ways as well as the lists of the markets identified:

Cities in St Louis where homes are selling fast!

The table below shows the ten neighborhoods in the St Louis area where homes are selling the fastest, determined by the average days on market of the current listings.

(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
St Louis Market Data (Home Prices, Sales, Trends and MORE) By City, Zip or County
Continue reading St Louis HOT Real Estate Markets

St Louis Homeowners With Negative Equity Declines Over Eighteen Percent In Past Year

In the St Louis area there were 44,674 (7.9 percent of all residential properties) with negative equity, or underwater, during the 4th quarter of 2015, according to a report just released by Corelogic.  This is a decline of 18.6 percent from the year before when there were 54,604 St Louis homeowners in a negative equity position (9.7 percent of all residential properties) .

Wha is negative equity or being “underwater’

For homeowners considered to be in a negative equity, or underwater, position, means that the current balance of their home mortgage exceeds the current value of their home making it impossible to sell their home without bringing money to the closing table.  This takes many would-be sellers out of the market as, even though they may like to sell their home and buy another, they just don’t have the cash available to cover the shortfall on their sale as well as cover downpayment and closing costs on a new home.  Hence, one of the reasons for the low inventory of homes for sale in many parts of the St Louis area.

Near negative equity can prevent owners from selling as well…

In addition to the 44,674 St Louis homeowners that are currently in a negative equity position, there are an additional 16,720 homeowners (3.0 percent of the total in St Louis) that are in a “near-negative equity” position meaning that, while they are in a positive equity position, they are at risk of going into a negative equity position of home prices fall and most likely do not have enough equity in their home to cover the typical costs of a home sale and move to another home.

(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
St Louis Market Data (Home Prices, Sales, Trends and MORE) By City, Zip or County
Continue reading St Louis Homeowners With Negative Equity Declines Over Eighteen Percent In Past Year