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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 (with the lone exception being Platte County), 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).

The table shows St Louis County with a 24% decline in home affordability from a year ago, however, I should point out that Attom Data Solutions actually chose to leave this information off their report released to the public due to concern about the underlying data.  For example, their data showed a 33% increase in the median home price in St Louis County during the current quarter from the 4th quarter in 2015 however, as the two tables shows for St Louis County home prices below, there has really only been an increase of 5.7% in the price from last year.  The median price of homes sold in St Louis County during 4th quarter of 2015 was $175,000, for the current quarter it is $185,000. I’m not sure how much the correct home pricing would change Attom’s affordability index for St Louis County but, given the fact their data for the current median home price is pretty close, that makes the current data fairly accurate in that regard.  With that said, the current affordability index for St Louis County is an 89, the lowest of any of the counties in Missouri, which is not good.  An index of 100 means that home affordability is at the historic “norm”, above 100 means it’s more affordable than the historic norm, below 100 means less affordable than the historic norm.  Locally, Jefferson County has the best affordability index, with a 112, followed by St Charles County with a 109.

With affordability on the decline, and interest rates projected to increase to as high as 5% by the end of next year, if you are thinking about buying a home and, in a position to do so now, I would suggest consider buying sooner than later.

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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.

Home prices and sales up at the county level as well!

As the tables below show, home prices and sales for the 12 month period ending November 30, 2016 increased from the prior 12-month period in all the counties that make up the bulk of the St Louis housing market.  The rate of increase in home prices varied from just over 3 percent for the St Louis City/County market to nearly 8 percent in Franklin County.   Home sales for the period increased for each county around the 9 percent level with the exception of Franklin County which saw home sales increase 11.5% from the prior 12-month period.

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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 the fact it’s mid-December.

 

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 – December 2016

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.  The article blames the House Republican Blueprint (announced on June 24, 2016) which “calls for doubling the standard deduction that tax payers receive, which would mean that most people would have no need to take the mortgage interest deduction.”

First, for clarification, lets clarify what the blueprint says.  If you turn to page 19 of it (see below) you will see it states “The Tax Reform Blueprint will consolidate the basic standard deduction, the additional standard deduction, and the personal exemptions for families and individuals. The new larger standard deduction will be $24,000 for married individuals filing jointly, $18,000 for single individuals with a child in the household, and $12,000 for other individuals. These amounts will be adjusted annually for inflation.”  So, what is proposed is taking the current standard deduction of $12,600 for a married couple and the personal exemptions ($4,000 per person in 2015) and rolling those two things into one standard deduction of $24,000 for a married couple.  So, for people without kids, or perhaps only one, they will come out ahead, for people with several kids they will be losing some of their current deduction.  For sake of this article, lets look at a family of four.  Currently, that family would have a standard deduction of $12,600 plus $4,000 personal exemption for each of the 4 in the family, $16,000, so their total deduction between the two would be $26,600.  Under the new blueprint, they would get a flat $24,000 deduction.  In addition, the tax rates would be reduced.

House Republican Blueprint, nor even elimination of the Mortgage Interest Deduction, will hurt the St Louis Housing Market..

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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.

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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.  

Then, as pretty much most of the St Louis housing market was enjoying a slow and steady comeback in home prices and sales in 2014,  came the shooting of Michael Brown by Ferguson police officer Darren Wilson which resulted in riots and violent protests that unfortunately made Ferguson a household name not only around St Louis but around the country and even beyond.  Surprisingly, even though that put yet another damper on the real estate market in Ferguson, as the chart below shows, home prices continued the increase begun after hitting bottom in 2012 in spite of it.

For comparison purposes, I decided to put a 10 year chart of home prices for Ferguson next to the same for the City of Chesterfield.  Chesterfield is an affluent city in west St Louis County that has enjoyed a fairly robust housing market for a long time now and has not had anything to deal with like Ferguson did with the shooting.  When you look at the two charts (which you can click on to see a live chart with actual prices shown as you move your mouse over data points) you will see there is quite a disparity between the two cities.  For example, during 2016, the median sales price for a home in Chesterfield was $387,000, a 3.2 percent increase from 2006 when it was $375,000.  For Ferguson, the median price of homes sold during 2016 was $43,509, a decline of nearly 42 percent from 2006 when the median home price in Ferguson was $75,000.

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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.

However, mortgage interest rates are being forecasted by many economists and industry guru’s to hit 4.5% – 5.0% during 2017.  While we’ve seen predictions like that for a couple of years in a row now, I think it’s going to come true this time therefore, if you have been thinking about buying, you may want to start looking now!

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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.

Where are home prices today in relation to the bubble?

Below I have 10-year charts for the St Louis MSA, the St Louis Core Market (the 5 major Missouri counties that make up the St Louis market) as well as the 5 major St Louis area counties individually, showing home sales, listing prices and sold prices for the past 10 years.  As the charts show, home prices in all counties have fully recovered home values lost when the bubble burst and, with the exception of St Charles County and Jefferson County, all have returned to levels above the peak during the bubble in 2007.  St Charles County and Jefferson County home prices are teetering around 2007 levels.  If you click on the charts you will go to our live charts and can put your mouse over the chart to see actual home prices for each period.

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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.  Other cities on the top 10 list include St John and Overland, both mid-St Louis County communities with entry-level homes, as well as the affluent city of Ladue.

Now, before you get too excited, you should note that the list only represents the change the median price of homes sold, but does not necessarily indicate that each home in that community has increased by the percentage shown.  The change in median price could be largely the result of a big change in distressed sales, an influx of them at one period of time and diminishing quantity at another time or a new subdivision in a different price point hitting the market during a period of time.  This is why you don’t ever want to base decisions about the market, or on the value of your home, or one you are looking to buy, on simply one data point, or source of data.

With this in mind, I have included a second table, one that I believe more accurately reflects changes in home prices, below the first.  The second table looks at the median price per foot of homes in each city, therefore more of an “apples to apples” comparison.  As you will see, there are several cities that made both top ten lists which I think would be a very good indicator home prices are definitely rising in those markets no matter how you look at it.  You can click on either list to get the complete, live list as well.

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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 a 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”.  So, what’s the deal with “coming soon” listings?

The good and the bad of coming soon listings:

The Good – Many good listing agents use “coming soon” as a way of generating interest in their client’s (the seller) home in advance of it hitting the market, perhaps while the seller is completing repairs or tweaks suggested by the listing agent or the agent is finalizing marketing materials.  Typically, this is done for a short period, perhaps a week or two, and then the agent makes it known to everyone the date the listing will be available for viewing which, when done on a properly priced listing in a market with reasonable demand, results in multiple showings the first day or two the listing is available for viewing, which is good for the seller and often results in a quick sale at, or near, the list price.

The Bad – While it’s rare, there are some listing agents that use “coming soon” as a way of trying to keep the listing to themselves.  They use it to attempt to force potential home buyers to contact them for info and to avoid having to cooperate with another agent on the sale, thereby saving both sides of the commission for themselves.  As I said, this is rare as most agents out there take their fiduciary responsibility to the seller seriously and practice their craft in an honest and ethical manner, however, it only takes a few to spoil it for all.

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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 joint committee, requested me “to recommend to the people of the United States a day of public thanksgiving and prayer, to be observed by acknowledging with grateful hearts the many and signal favors of Almighty God, especially by affording them an opportunity peaceably to establish a form of government for their safety and happiness:” Continue reading Happy Thanksgiving!

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.  Using this method, as the table below shows, home sales in the St Louis MSA for the 12-month period ending October 31, 2016, increased 6.0% from the prior 12 month period and we have branded the St Louis MSA housing market as a “Hot Seller’s Market“.

There were 36,139 homes sold in the St Louis MSA in the 12 month period ending last month, up from 34,089 homes sold during the prior 12 month period. During the most recent 12-month period, homes in St Louis sold for a median price of $167,837, an increase of 6.64% from the prior 12-month period when homes in the St Louis MSA sold for a median price of $157,388.

If we look at home sales for just the month of October, using the chart beneath the table below, we see that there were 2,925 homes sold in the St Louis MSA during the month, an increase of 8 percent from October 2015 when there were  2,711 homes sold.  The median price of homes sold last month was $165,000, a 7 percent increase from October 2015 when the median price of homes sold in the St Louis MSA was $154,000.

 

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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.

On a year over year basis, home prices in the city and county of St Louis were down just over 1/2 of 1 percent with the median home price for October 2016 slipping to $162,000 from $163,000 in October 2015 as the chart below the table indicates.  This helps illustrate why our reporting of a 12-month rolling period is more accurate then how many news outlets report year over year or month over month numbers.

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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 which will be a nice little boost to the St Louis housing market.  Granted, there were about 20,000 homes sold in St Louis and St Charles County (the two counties that stand to benefit most from the relocated Boeing employees) so 500 home sales is a just a small percentage, but given that the concentration of the buyers will most likely be within a 30 minute commute or so of Boeing, which is only a fraction of both of those counties (and a little part of the city of St Louis), it will have a fairly significant impact on that market.

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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.

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

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

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!  As the table below shows, #10 on the top ten list has an average time on market of 59 days, just 14 days higher than #10 on the list back in June.

Does being a fast selling neighborhood drive prices up?

Just because a neighborhood is on our fastest-selling list, it doesn’t necessarily mean there is strong buyer demand which is making homes sell quickly and driving up home prices but, in most cases, that is part of the equation.  On the other hand, it could be price, more specifically price reductions by seller’s to find the “sweet spot” in the market, that is driving the demand and sales activity therefore, a neighborhood on this list could see declining home prices as well.   In the case of Shrewsbury, home prices are definite on the rise!  I have included below our exclusive Market Data Report for Shrewsbury which shows, over the past 12 months compared with the prior 12 months, the median price of homes sold in Shrewsbury increased over 15 percent from $150,000 to $172,750 while the number of homes sold in Shrewsbury has increased nearly 20 percent from 77 sales to 92 sales.

Near the bottom of the top ten list is the city of Overland which, while in a lower price range and more impacted by distressed sales than Shrewsbury, has seen an even larger increase in median home prices with the median price of homes sold increasing almost 25 percent in the most recent 12 month period from the prior 12 month period.   Home sales in Overland for the past 12 months remained flat with about the same number of sales as in the prior 12 months.

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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, there are, as always, seasonal fluctuations in prices but the two year trend, has been a steady, and nearly normal, increase in home prices.  As I have mentioned before, looking at home prices for just a one month period versus a year ago is not the best way to really see the big picture of the market but it is a good way to spot trends.  This is why, below the chart, I have tables showing the sales data for the 12 month period ending October 31, 2016 as well for the prior 12 month period.  Those tables reveal that, for the most recent 12 month period, the median home sales price in the St Louis MSA was $164,789, an increase of 3 percent from the prior 12 month period when the median home sales price was $160,000.  On a price per foot basis, one of the best ways to truly look at home price appreciation, homes in the St Louis MSA sold for a median of $109/foot for the most recent 12 month period, an increase of 3.4 percent from the prior period when homes sold for $105.45/foot.

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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.  Distressed home sales peaked during the first quarter of 2009 when they accounted for 43.9 percent of all home and condo sales in the U.S.

St Louis Distressed Home Sales:

St Louis distressed home sales have followed suit and are on the decline as well.  As the chart below shows, there were 167 distressed home sales last month, down 17 percent from a year ago when there were 207 distressed homes sold during the same period.  However, if look at the past 3 months, there were 561 distressed homes sold in St Louis, down just 6.7 percent from the same period a year ago when there were 601 distressed home sales.

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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, as the historical table below shows, 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.

 

 

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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.

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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.

Interest rates decline as well…

While the number of loan applications declined, so did the interest rate on home mortgages, according to the MBA report:

  • 30 year fix rate conventional mortgages decreased to 3.71 percent from 3.73 the week before,
  • 30 year fixed rate jumbo loans (larger than $417,000) decreased to 3.71 percent from 3.72 percent the week before,
  • FHA loans bucked the trend with interest rates increasing to 3.56 percent from 3.54 percent the week before,
  • 5/1 ARMS decreased to 2.93 percent from 2.97 percent.

St Louis home sales increase 5 percent during the same period:

The tables below reflect St Louis home sales for the same one-week period, compared with prior week, as in the MBA’s report and illustrate that St Louis perhaps appears to be bucking the trend.  St Louis  saw an increase in home sales during the most recent week, which, theoretically, should translate into an increase in home mortgage applications, contrary to what we see in the MBA report on a national basis.

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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.

What kind of house can you get for $5 million in St Louis?

Currently, there are 6 $5 Mil+ homes on the market in the St Louis with the most expensive one being the Dennis & Judy Jones home in Ladue for $10.75 million, followed by 3 more in Ladue, one home in Pacific and one in Augusta.  See all of the $5Mil+ homes on the market below.

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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.

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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.

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 – October 2016

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:

Number of First-Time Homebuyers In The Market:

  • 4th Quarter 2000 (“normal” housing market, pre-boom era) – 768,0000
  • 4th Quarter 2005 (housing boom) – 1,087,000
  • 4th Quarter 2010 (during the “bubble burst” period for housing market) – 493,000
  • 4th Quarter 2015 – 550,000

Millennial Generation Market-Share of First-Time Homebuyer Market:

  • 4th Quarter 2000 – <1%
  • 4th Quarter 2005  – 13%
  • 4th Quarter 2010  – 32%
  • 4th Quarter 2015 – 49%

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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.  The blow by way of  Crime Free Bill No. 9226 which was introduced by the Florissant City Council as a whole and was passed unanimously by the council in spite of opposition to the bill expressed by the St Louis Association of REALTORS, EHOC and others.  I have provided below a complete copy of Article XVII: Residential Real Estate of the city of Florissant ordinances as this was the section that was changed by the bill.

Highlights of changes as a result of Crime-Free Bill No. 9226:

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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.

St Louis Distressed Home Sales Decline

Given the downward trend in foreclosure activity, it is not surprising that distressed home sales in St Louis (foreclosures, REO’s and short-sales) have declined as well.  As the chart below shows, over the past 24 months distressed home sales in the St Louis core market (the city of St Louis and counties of St Louis, St Charles, Jefferson and Franklin) peaked in April of 2015 with 300 distressed home sales but have trended downwardly since to 165 distressed home sales last month.  St Louis distressed home prices have remained fairly constant over the past 24 months. with a median sales price of $61,276 over the 2-year period and a median sold price of $60,550 in September.

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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).  See below for addresses, photos and details.

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

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) (of which I’m proud to be a member, just happen to disagree on this topic) has staunchly supported the MID and warned that if the deduction went away the housing market and home buyers would suffer.  NAR published a fact sheet on the topic stating:

  • Repealing the Mortgage Interest Deduction (MID) is a form of tax increase. Families with children would bear more than half of the total increase.
  • IRS data show that taxpayers in the 35-45 age group take the largest MID on average compared to any other age group of taxpayers.
  • First time home buyers would be hurt the most if the MID is curtailed.
  • Current data from the IRS show that 65% of the taxpayers who have claimed the MID made less than $100,000.
  • The housing market has not emerged from the crisis that began in 2007.

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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.

The St Louis markets where NOW is the time to sell your home!

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