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St. Louis Real Estate Search

 

Home Affordability Falls Throughout St Louis Area






Home affordability throughout the St Louis area declined in the fourth quarter of this year from the same time last year according to a report released this morning by Attom Data Solutions. As the table below shows, the affordability of homes in the St Louis area, as well as every major county in Missouri, declined during the current quarter meaning that it now takes a larger percentage of a persons income (based upon average wages for the county) to buy the “typical” home in that county (based upon a median-priced home). […]

St Louis Home Prices Increased Over 7 Percent In Past Year and Sales Up Over 8 Percent






St Louis home prices rose 7.22 percent in the past 12 months (through the end of November 2016) compared with with prior 12 months, according to newly released data by MORE, REALTORS. As the tables below show, for the St Louis MSA, the median price of homes sold during the 12 month period ended November 30, 2016 was $169,408. For the prior 12 month period, the median sales price of homes sold in the St Louis MSA was $158,000. Home sales increased in the St Louis Metro Area as well during the period with 36,973 homes being sold in the 12 month period ended November 30, 2016, an increase of 8.57% from the prior 12 month period when there were 34,056 homes sold in the St Louis MSA. […]

St Louis Real Estate Market Update VIDEO – December 2016

All five counties in the St Louis core St Louis market are still “seller’s markets” all with under 6 months supply of homes for sale. The best sellers markets in town have a one month, or less, supply of homes for sale making this a great time to sell a home in spite of […]

Threat Of Elimination of Mortgage Interest Deduction Not A Concern For St Louis Housing Market






This morning the National Mortgage News published an article titled “Lenders Fear Congress May Neuter Mortgage Interest Deduction” in which they caution the mortgage interest deduction (MID), referred to as “a pillar of U.S. housing policy” in the article, may be effectively rendered pointless if Congress makes the significant changes to it that they appear ready to consider. […]

Mortgage Delinquency Rates Continue To Fall And Now Back To Normal






Mortgage Delinquency rates, borrowers that are 60 or more days past due, are projected to be 2.21 percent for the 4th quarter of 2016, down from 2.46% the quarter before and marking the 13th consecutive quarter mortgage delinquency rates have fallen, according to a report just released by TransUnion. According to the report, mortgage delinquency rates peaked at 7.21 percent during the 1st quarter of 2010 and have declined for 23 of the last 26 quarters since. TransUnion considers the current mortgage delinquency rate to be normal and is projecting the delinquency rate will fall even further next year down to 2.11% by the end of 2017. […]

Ferguson vs Chesterfield – A Tale Of Two Cities






A lot has happened to affect the real estate market where I grew up in the little town of Ferguson in North County over the past decade. First, like the rest of the country, beginning around 2000, Ferguson saw home prices increase at rates outpacing inflation until finally peaking in 2006 which then led to the housing market bubble burst shortly thereafter. Home prices in Ferguson, and everywhere else, then declined over the next few years until hitting bottom around the end of 2011, or beginning of 2012. […]

Mortgage Rates Hit Highest Rate In 2016 This Week






According to the Freddie Mac Primary Mortgage Market Survey (PMMS) released yesterday for the past week, interest rates on a 30-year fixed rate mortgage increased 5 basis points (1/20th of 1%) to 4.13 percent , the highest rate they have been at during 2016. Last year at this time the PMMS showed average interest rates at 3.95 percent so, while rates have increased over the past year, the amount has been fairly small. […]

St Louis Home Prices – Boom, Bust and Beyond






Home prices in St Louis, like most places in the country, peaked around 2007 at the height of the bubble, then, when the housing bubble burst in 2008, home prices began falling and didn’t hit the post bubble bottom until around late 2011 or early 2012 in most areas. Since hitting bottom, home prices throughout the St Louis area have recovered not only regaining what was lost after the bubble burst, but, in most cases, rising back above the peak levels from the height of the bubble nearly 10 years ago. […]

St Louis Cities Where Median Home Prices Have Increased The Most In Past Year






Which cities within the St Louis area have seen the largest increases in the median price of homes sold during the past year? Well, the cities on the top 10 list are pretty diverse both in price range and location and some may surprise you. As the list below shows, the city of Pacific, in Franklin County, is at the top of the list with the median price of homes sold for the 12 month period ended October 31, 2016 coming in at $175,000, a 42.86 percent increase from the prior 12 month period. […]

What Exactly Is A “Coming Soon” Listing?






While it’s not a new thing, there have certainly been a lot more “coming soon” riders on for sale signs in yards over the past couple of years than in prior years. This has created some questions among home buyers particularly when they ask their buyer’s agent about seeing the listing are told it is not available to be shown yet, then later see the rider on the for sale sign change from “coming soon” to “sale pending”. […]

Happy Thanksgiving!

Thanksgiving Proclamation By the President of the United States of America, a Proclamation.

Whereas it is the duty of all nations to acknowledge the providence of Almighty God, to obey His will, to be grateful for His benefits, and humbly to implore His protection and favor; and—Whereas both Houses of Congress have, by their […]

Existing Home Sales In St Louis Increase Six Percent In Past 12 Months!






Yesterday, the National Association of REALTORS (NAR) released their existing home sales data for October 2016 which revealed home sales in the U.S. during that month were at a, seasonally-adjusted, annual, rate of 5.6 million homes, an increase in rate of 2 percent from the month before. We track St Louis home sales data in a little different manner, comparing the most recent 12 month period with the prior 12 month period, so a rolling 12 month average of sorts, and, as the table below shows, home sales in the St Louis MSA for the 12-month period ending October 31, 2016, increased 6.64% from the prior 12 month period and we have branded the St Louis MSA housing market as a “Hot Seller’s Market”. […]

St Louis Home Prices Rose Three Percent In Past Year






Home prices in St Louis rose in the past 12 months compared with with prior 12 months, according to newly released data by MORE, REALTORS. As the report below shows, for St Louis City and County, the median price of homes sold during the 12 month period ended October 31, 2016 was $169,900, an increase of 3% from the prior 12 month period when the median sales price of homes sold in the city and county of St Louis was $164,900. Home sales increased as well during the period with 16,233 homes being sold in the 12 month period ended October 31, 2016, an increase of over 7% from the prior 12 month period when there were 15,149 homes sold in the city and county of St Louis. […]

Boeing’s Consolidation Will Be Boost To St Louis Real Estate Market






This past week Boeing Co., one of St Louis’s largest employers (5ht or 6th largest give or take) announced they would be moving 500 jobs to St Louis from Huntington Beach, California as part of it’s Defense, Space & Security business. The jobs they are bring to St. Louis are good jobs and will mean that roughly 500 employees, many with families, will be relocating to St Louis soon. […]

St Louis Real Estate Market Update VIDEO – November 2016






The supply of homes for sale in St Louis continues to decline in spite of entering the “slow season”. As revealed in our market update video for November, the supply of active listings throughout the St Louis area remains low and, in 4 out of 5 of the “core-market” counties, has decreased since last month. Contrary to popular opinion that spring is the best time to sell your home, if you are located in one of the areas with a very low supply you may very well want to take a hard look at selling now while the opportunity is there. […]

Ten Neighborhoods In St Louis Where Homes Sell The Fastest






When I last published our list of fastest selling neighborhoods, back in the height of the spring/early summer market in mid June, the city of Shrewsbury was at the top of the list with an average time on market for listings of just 29 days. Well, here we are approaching mid-November, the beginning of the typical seasonal slow down and Shrewsbury is still at the top of the list of fastest selling neighborhoods in St Louis and, to top it off, the average time on market of current listings is 34 days, just 5 days more than back in June! […]

St Louis Median Home Prices In October Increase Nearly Eight Percent From Year Ago






The median price of homes sold in the St Louis MSA during the month of October was $165,000, a 7.8 percent increase from the median sold price of $153,1000 from October 2015 in the St Louis MSA. As the chart below shows, […]

Distressed Home Sales Fall To Lowest Level In 9 Years






A report recently released by ATTOM Data Solutions revealed shows distressed home sales in the U.S. (foreclosures, short sales and bank-owned real estate) accounted for just 12.9 percent of the home and condo sales in the U.S. during the 3rd quarter of this year which is down from 15 percent during the 2nd quarter and down from 15.9 percent a year before. This is the lowest level for distressed home sales since the 3rd quarter of 2007, according to the report. […]

St Louis Rental Vacancy Rate Rises In 3rd Quarter But Still Down From A Year Ago






The rental vacancy rate in the St Louis MSA the U.S. during the third quarter of this year rose to 9.5 percent from 5.5 percent the prior quarter, according to the latest data released by the U.S. Census Bureau. It is worth noting though that the 5.5 percent vacancy rate seen during 2nd quarter was the lowest quarterly vacancy rate for the St Louis MSA in well over a decade and 9.5 percent for the 3rd quarter of 2016 is still much lower than the 13.9 percent vacancy rate we saw for St Louis during the 3rd quarter of last year. […]

Homeownership Rate In St Louis Increases In Third Quarter; Still Near Record Low






The homeownership rate in the St Louis MSA rose to 67.2 percent in the 3rd quarter of 2016, up from 66.2 percent during the prior quarter but still not far from the 4th quarter 2015 rate of 65.2 percent, the lowest homeownership rate in well over a decade. As the table below shows, which is based upon data from the U.S. Census Bureau, the St Louis homeownership rate peaked this year at 67.9 percent during the first quarter. I believe the best way to see the trend in this data is to look at the 12 month rolling average, so we the seasonality of the data does not affect it. As the table below illustrates, the current 12-month rolling average of the St Louis homeownership rate is at 66.6%, the lowest rate in well over a decade. […]

Home Loan Applications Decline As Do Mortgage Interest Rates; St Louis bucks trend






New mortgage applications for a home purchase declined last week 7.0 percent from the prior week, according to a report just released by the Mortgage Banker’s Association (MBA). The MBA’s Market Composite Index, which is how they track the volume of loan applications, fell to it’s lowest level for home loans for a purchase since January 2016. […]

St Louis Area $5Mil+ Homes For Sale






St Louis, with a current median home price of about $165,000 is one of the more affordable places to live in country, however, St Louis also has it’s expensive real estate as well. Granted, a couple of million bucks goes a lot further here than it does in, say, San Francisco, where the median home price is about $1.1 million and, at a median price of about $950/sq ft, only buys you a home with about 1,100 square feet. Here in St Louis, while even the most expensive homes don’t usually fetch anything close to $950/foot, we do have homes that sell for several million dollars. […]

City of St Louis Makes List of Top Millennial Rental Meccas






The city of St Louis is one of the “Top 17 Single Family Rental Millennial Meccas”, according to a report just released by Attom Data Solutions. As the interactive info graphic below shows, St Louis joins the likes of Baltimore Maryland, Milwaukee Wisconsin and El Paso Texas, along with others, as a place that is ripe for investors to rent homes to millennials. For the report, millennial were defined as people born between 1979 and 1993. According to the report, investors that purchased rental homes in the city of St Louis during the first half of 2016 saw a gross rental yield of 12%, nearly 50% higher than the national average of 8.7%. In addition, millennials make up nearly a third of the population of the city of St Louis (29.3%) and 29.8% of the city is rental property, making for a solid rental market. On the downside, the average wages in the city of St Louis is down 2% from last year. […]

St Louis Real Estate Market Update VIDEO – October 2016






St Louis home sales and prices continue to trend favorably throughout the area. The inventory of homes for sale in the St Louis area has increased over the past month but that is expected given the seasonal slow down in home sales. Even though we are headed toward winter and the slower home selling season it brings, if you live in St Charles County or one of the other areas where the supply of homes for sale is low, you may want to strongly consider going on the market now to take advantage of what is still steady demand with little competition. […]

17 Million First-Time Homebuyers Could Hit The Market During Next Five Years






Up to 17 million first-time homebuyers may buy a home during the next five years according to a new study just released by TransUnion. Of these 17 million homebuyers, almost three million are expected to buy next year throughout the U.S. The study reveled some interesting facts about the first-time homebuyer market, as well as the impact of the millennial generation on the market, such as: […]

Florissant Tramples the Rights of Landlords and Tenants With Passage of Crime Free Bill






On October 10th (well, technically October 11th since the final vote was not taken until reportedly 1:00 am) the city of Florissant dealt it’s latest blow to landlords and tenants clearly, in my humble opinion, sending a message that they (Florissant) want neither within their city limits. […]

Foreclosure Activity Falls to Pre-Bubble Levels – Distressed Home Sales In St Louis Getting Harder To Find






There were 293,190 foreclosure filings in the U.S. during the 3rd quarter of 2016, which is a decrease of 10 percent from a year ago, according to a report released today by Attom Data Solutions. This marks the fourth consecutive quarter in which foreclosure activity has decreased on a year-over-year basis and continues the steady downward decline in foreclosure activity we have seen for 6 years and has now finally fallen back to levels we saw prior to the housing bubble. […]

Check Out St Louis’s $2Mil+ Home Sales From The Past Year






Last month the median price of homes sold in the St Louis MSA was a very-affordable $169,000 however, during past 12 months, homes have sold for as much as over 50 times that amount in St Louis. That’s right, during the past year there was a home that sold for $9,000,000 in St Louis, over 53 times the median St Louis home price. The $9,000,000 St Louis home that was sold was at 2105 South Warson and sold in November of last year for $9,000,000. The next highest home sale was a $4,000,000 one at 760 Kent Road, followed by 2 more Ladue homes. In all, 13 of the 31 homes that sold in St Louis for more than $2,000,000 (based upon MLS data) were in Ladue, 7 were in Clayton (3 of those being condo’s), 3 in Town & Country, 2 in Huntleigh, 2 in Chesterfield, 2 in Creve Coeur and 2 in the Central West End (both were condos at the Private Residences in Chase Park Plaza). […]

Finally Others Agree That The Mortgage Interest Deduction Isn’t Critical To The Housing Market

Over the past 5 years or so I have written a few articles on the topic of the mortgage interest deduction (MID) and how, in spite of what many others in the industry say, I didn’t think it was that critical to the housing industry. All the while, the National Association of REALTORS (NAR) […]

If You Live In One Of These Areas NOW Is A Good Time To Sell Your Home!






Yes, it is October and yes, home sales, and prices, do tend to soften around this time of year as we head into the winter months, but, having said that, it can still be a great time to sell a home, especially if you are in one of the areas I’ve identified below! Why? Well, for one, there is VERY LITTLE COMPETITION but good demand from buyers. So, even though the St Louis housing market, including home prices, can be following suit with the weather and cooling off, when you are in a market with good demand and no competition, you can sell your home for more than you could under normal conditions this time of year. Plus, it’s a lot easier to please a buyer and motivate a buyer to act when there aren’t many homes to choose from and the buyer feel’s they’ll miss out if they don’t act quick enough. […]