There were 5,135 building permits issued for new single-family homes in the St Louis area during the 12-month period ended June 30, 2021 an increase of 12.91% from the same period a year ago when there were 4,548 permits issued, according to the latest data from the Home Builders Association of St. Louis & Eastern Missouri (St Louis HBA). After all seven counties seeing an increase in building permits from the prior period for the prior 4 months, this month six counties covered in the report saw an increase in building permits from the same period a year ago. Also Continue Reading →
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For the past couple of years now you’ve heard how low the inventory of homes for sale is, and, if you are a buyer, you have no doubt experienced some grief or hardship in buying a home as a result. However, this may be changing. As the table below shows, there are currently 3,565 active listings in the St Louis 5-county core market (city of St Louis and counties of St Louis, St Charles, Jefferson and Franklin) which based upon the rate of home sales, works out to a supply of 1.41 months. This is a 50% increase from the Continue Reading → Mortgage interest rates dropped peaked in the spring of this year with the rate on a 30-year fixed rate conventional loan hitting 3.353% in mid-March then staying near that range until mid-April when rates started to ease. In mid-June the rate had crept back up to 3.229% but last week dipped below 3% to 2.982%. As of yesterday, the rate has increased slightly but is still just a tad over 3% (3.019%). Mortgage Interest Rates – 30 Years Conforming Conventional Loan -Past 12 Month Period (click on chart for live, interactive chart and other loan types) Search Continue Reading → In the past couple of days there have been many news reports about new home sales in the U.S. declining and reaching a 14-month low based upon the latest report from the U.S. Census Bureau. As the table below shows, the reports are accurate as new home sales for June 2021 in the U.S. were at a seasonally-adjusted annual rate of 676,000 homes, the lowest annual rate in 14-months and a rate that is 6.6% lower than May and 19.4% lower than June 2020.. However, the good news for us here in the Midwest Region is, the same table shows Continue Reading → What an interesting real estate market we’ve experienced in St Louis over the past few years! Seller’s fully expect their homes to sell the first weekend after hitting the market, with a feeding frenzy by buyer’s and bidding wars that drive the price above the list price. Buyer’s come to realize if they are going to be successful in buying a home they have to think fast, take chances and move quick! Heck, with a market like this, it’s no wonder a lot of folks, particularly sellers, don’t necessarily see a need for a real estate agent. However, the reality Continue Reading → As the chart below illustrates (available exclusively from MORE, REALTORS®), homes in St Charles County sold for a median price equal to nearly 105% of the current list price of the listing in June, which is the highest percentage of list price for the counties that make up the St Louis 5-county core market. For the 9 months up to and including January of this year, 4 of the 5 counties all had a median sold price equal to 100% of the current list price with Franklin County averaging less. In January St Charles county took off followed by Jefferson Continue Reading → There were 5,201 building permits issued for new single-family homes in the St Louis area during the 12-month period ended May 31, 2021 an increase of 17.19% from the same period a year ago when there were 4,438 permits issued, according to the latest data from the Home Builders Association of St. Louis & Eastern Missouri (St Louis HBA). For the forth month in a row, All seven counties covered in the report saw an increase in building permits from the same period a year ago and with double-digit increases in all counties except Franklin. Search St Louis Homes For Continue Reading → In April of this year the Median price of homes sold in the St Louis 5-County core market was $250,000, 4.4% higher than the median list price of $239,450 for those homes sold. This is the highest gap we’ve seen between the median sold price and listing price since we’ve been tracking it. Last month the gap narrowed though with the median price of homes sold in May coming in at $258,000, 3.2% higher than the median list price of $249,900. Worth noting as well is between April and May, the median list price of homes in the St Louis Continue Reading → The Director for the Center for Disease Control (CDC), Dr. Rochelle Walensky, signed an extension to the eviction moratorium extending its expiration from June 30, 2021 to July 31, 2021. The CDC has indicated that “this is intended to be the final extension of the moratorium.” [xyz-ips snippet=”Homes-For-Sale”] For the 12-month period ended May 31, 2021, there were 30,225 homes sold within the St Louis 5-County core market, an increase in home sales of 13.91% from the prior 12-month period, according to the STL Market Report below, available exclusively from MORE, REALTORS®. During the same period, St Louis home prices increased 11.5% from a median of $213,000 to $237,500. As the report also shows, the current supply of listings for sale is low at 0.86 months. [xyz-ips snippet=”Homes-For-Sale”] STL Market Report For the St Louis 5-County Core Market (click on report for live, complete report) [xyz-ips snippet=”Homes-For-Sale”] Last week I shared data showing that nearly two-thirds of the homes sold in the St Louis 5-County core market (St Louis city and the counties of St Louis, St Charles, Jefferson and Franklin) during the past 12 months sold for the asking price or above. Today, I wanted to focus on just the luxury home market to see how that compared with the overall market. I included homes that sold for $750,000 or higher in this analysis. As the infographic below shows (exclusively available from MORE, REALTORS®) there were 1,120 luxury homes sold (about 3% of all homes sold) Continue Reading → There were 5,138 building permits issued for new single-family homes in the St Louis area during the 12-month period ended April 30, 2021 an increase of 13.67% from the same period a year ago when there were 4,520 permits issued, according to the latest data from the Home Builders Association of St. Louis & Eastern Missouri (St Louis HBA). For the forth month in a row, All seven counties covered in the report saw an increase in building permits from the same period a year ago and with double-digit increases for six of the seven counties. Lincoln County, for the Continue Reading → It’s no secret how competitive the St Louis housing market is currently. In effort to get their offer accepted, homebuyers are waiving financing contingencies, building inspections and doing everything they can to convince the seller to take their offer. However, in addition to those aforementioned things, while it’s not necessarily the most important thing, price is pretty close to the top of the list. As a result of everything mentioned above, almost two-thirds of the homes sold in the St Louis 5-County core market (St Louis city and the counties of St Louis, St Charles, Jefferson and Franklin) during the Continue Reading → While most of the current real estate market is doing quite well, and has for some time, the St Charles County real estate market has been on fire lately! Highlights from the the reports and charts below include (which are available exclusively from MORE, REALTORS): For the 12-month period ending April 30, 2021 there were 6,620 homes sold in St Charles County, an increase of 13% from the prior 12-month period. For the most recent period noted above, the median price of homes sold in St Charles County was $271,240, and an increase of nearly 9% from the prior period. Continue Reading → Every month Fannie Mae surveys consumers about owning and renting a home as well as about other issues related to the housing market and economy and from the results publish their Home Purchase Sentiment Index® (HPSI). One of the components of the index is what the sentiment is on whether now is a good time to buy a home or sell a home. In the April 2021 HPSI 49% of consumers felt home prices would go up in the next 12-months and 54% felt interest rates would increase in the next 12-months. [xyz-ips snippet=”Homes-For-Sale”] [xyz-ips snippet=”Interest-Rates-and-Mike-McCarthy-Promo”] Every month Fannie Mae surveys consumers about owning and renting a home as well as about other issues related to the housing market and economy and from the results publish their Home Purchase Sentiment Index® (HPSI). One of the components of the index is what the sentiment is on whether now is a good time to buy a home or sell a home. In the April 2021 HPSI consumers sentiment on now being a good time to buy a home hit an all-time low with just 47% of respondents saying now is a good time to buy a home. Continue Reading → In spite of the challenge of a low-inventory housing market, St Louis City and County, St Charles County and Franklin County all saw double-digit increases in the number of homes sold in April while Jefferson County saw a double digit decline. As the charts below illustrate, the median price of homes sold in those counties increased from a year ago in all the counties, two of them in the double digits. Not all housing data is the same….nor accurate for that matter… One thing worth noting is that there are housing market reports out there from many different Continue Reading → While lately there’s been a lot of talk about the skyrocketing lumber prices and the impact on the cost of a new home but that’s not the only thing impacting the price of new homes. The National Association of Home Builders (NAHB) recently released the results of its 2021 Land Developer Survey on Regulatory Costs which, as the detailed table below shows, the average total cost of regulatory items in the price of a new home is $93,870. The NAHB in the same report indicates the average price of a new home is currently $397,300 so the cost of Continue Reading → There were 5,045 building permits issued for new single-family homes in the St Louis area during the 12-month period ended March 31, 2021 an increase of over 10.5% from the same period a year ago when there were 4,564 permits issued, according to the latest data from the Home Builders Association of St. Louis & Eastern Missouri (St Louis HBA). For the forth month in a row, All seven counties covered in the report saw an increase in building permits from the same period a year ago and with double-digit increases for four counties. Lincoln County, for the third consecutive Continue Reading → UPDATE: After the decision by to overturn the eviction moratorium was decided upon by Judge Dabney L. Friedrich on May 5th, at 6:54pm that evening the U.S. Government filed a notice of appeal as well as a motion for an emergency stay to not have the eviction moratorium lifted until after the appeal. Judge Dabney L. Friedrich through a Minute Order, granted the stay, thereby leaving the eviction moratorium in place for now but noting that “This Minute Order should not be construed in any way as a ruling on the merits of the defendants’ motion.” The judge allowed the Continue Reading → Lately, I’ve noticed several articles questioning whether the kind of crazy real estate market we’ve in for a while now is reminiscent of the early 2000’s which lead to a housing bubble that eventually burst in 2008. Granted, even in St Louis where we tend to not see the market extremes one way or the other like the coasts do, one could get the idea that maybe we’re headed that way with buyer’s fighting over new listings and bidding wars that have homes often selling for over the list price. However, in my humble opinion, this market is very different Continue Reading → The St Louis MSA rental vacancy rate during the 1st quarter of 2021 was 6.4%, the highest rate since the 4th quarter of 2019, according to data recently released by the U.S. Census Bureau. During the 1st quarter of last year, the St Louis rental vacancy rate was 5.5%.. [xyz-ips snippet=”Foreclosures-For-Sale-and-Homes-For-Sale”] St Louis Rental Vacancy Rates – 2005 – Present (click on table for complete data from 2005 – Continue Reading → The homeownership rate in the St Louis MSA for the first quarter of 2021 was 73.1%, according to the latest data from the U.S. Census Bureau. This is a big jump upward from the 4th quarter of last year when St Louis ranked 23rd on the list. [xyz-ips snippet=”Homes-For-Sale”] Homeownership Rates By MSA – 1st Quarter 2021 There were a total of 7,863 residential building permits issued in the St Louis MSA during 2020 with 5,719 of this being for single-family homes both of which represent the highest number of building permits issued since 2007. As the table below shows, there were 110 building permits issued for 2-unit buildings, 57 permits for 3-4 unit buildings and nearly 2,000 (1,977) issued for buildings with 5 units or more last year. We’re not even close to the early 2000’s though… As the chart below does such a great job of illustrating, even though the number of residential building permits Continue Reading → The St Louis luxury home market (homes priced at $700,000 or above) after remaining relatively flat for about a year has been steadily trending upward for now 10-months in a row. Even though April is not over, there have already been more sales of Luxury homes closed than for the month before, so April will make the 10th month of increased sales activity. As the STL Market Chart below shows (available exclusively from MORE, REALTORS®), sales of luxury homes in St Louis City and County and St Charles County, have increased from 694 sales for the 12-month period ended April Continue Reading → Mortgage interest rates dropped below 3% this past week with an average interest rate of 2.97% on a 30-year fixed-rate mortgage according to the Freddie Mac Primary Mortgage Market Survey. As the chart below shows, mortgage interest rates have not been below 3% since February 25, 2021 when they also averaged 2.97%. Rates are still up from the record low rate of 2.65% in January, but as you can see on the chart, are still at a rate that is historically low! Now is the time to buy or perhaps refinance your existing mortgage. Anyone that has been thinking of Continue Reading → With the inventory of homes for sale remaining at historically low levels for the last couple of years home buyers may be wondering why there aren’t more new homes being built? Actually, in St Louis, new home construction has been increasing at a pretty good rate but it appears more homes can be absorbed by the market than are being built. The answer to why more homes are not being built is probably the result of many things such as a lack of available ground in areas that are in demand, a shortage of contractors and tradesmen, the complication of, Continue Reading → LendingTree just released a list of the 50 large metro areas with the most competitive housing markets in the U.S. on which St Louis was ranked as the 6th most competitive market. This list was based upon LendingTree’s assessment of the quality of the buyer’s in each market, based upon their strength as a buyer from a financing standpoint. So, while not an analysis of which cities have the most buyers showing up at a listing or where listings are receiving the highest number of offers, it’s about the quality of the home buyer’s from a competitive standpoint. This makes Continue Reading → There were 4,956 building permits issued for new single-family homes in the St Louis area during the 12-month period ended February 28, 2021 an increase of 11.0% from the same period a year ago when there were 4,465 permits issued, according to the latest data from the Home Builders Association of St. Louis & Eastern Missouri (St Louis HBA). For the forth month in a row, All seven counties covered in the report saw an increase in building permits from the same period a year ago and with double-digit increases for four counties. Lincoln County saw the largest increase at Continue Reading → |
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