Dennis Norman - St Louis Real Estate News

St Louis Area Percentage Change In Rent Since 2010 Over 15 Times Higher Than Change In Mortgages

By Dennis Norman, on July 31st, 2019

The median rent for counties in the St Louis area in 2010 varied from a low of $620 in Franklin County to a high of $819 in St Charles County. By 2017 rents had increased to $736 and $993 respectively in those counties, according to the latest data available from the U.S. Census Bureau. As the table shows below, the increase in rents from 2010 to 2017 in St Louis area counties varied from 18.3% to 23.0% with a median increase of 18.75%.

For homeowners, the median cost of a mortgage in 2010 ranged from a low of $1,168 in Continue Reading →

Number of Housing Units In St Charles County Increased Over 10 Percent Since 2010-Little change in St Louis City and County

By Dennis Norman, on July 30th, 2019

The number of housing units in St Charles County grew from a total of 141,355 units in 2010 to 156,324 units in 2018, for an increase of 10.6%, according to the latest data available from the U.S. Census Bureau. As the table below shows, during this same period, the number of housing units in St Lous County and St Louis City remained the same. The surrounding counties, Franklin, Jefferson and Warren, all saw fairly significant increases.

Estimated Number of Housing Units By St Louis Area County – 2010-2018

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Inventory of Homes For Sale is 1-Month or Less In Top 10 Sellers Markets In St Louis

By Dennis Norman, on July 27th, 2019

The St Louis housing market has been low on inventory of homes for sale in many areas and many price ranges for the past couple of years. Even as the summer market is down to the last few weeks, we still find the market short on listings in many markets. With the inventory of homes for sale low, the market definitely favors sellers.

Our firm publishes a list showing the current inventory of homes for sale (in terms of months supply based upon the most recent sales trend) and below I show the top 10 St Louis area zip codes Continue Reading →

St Louis Real Estate Market Update VIDEO – July 2019 – Still going strong!

By Dennis Norman, on July 13th, 2019

The St Louis real estate market continues to show strength and favors sellers, however, buyers have shown they are price-sensitive. While most of the St Louis market remains a seller’s market based upon the lack of inventory for sale, this does not mean (and the data backs it up) that it’s a blank check for sellers. Buyers in the market appear to be savvy and are price sensitive. In fact, one frustration I hear from agents with over-priced listings is that, not only do they only have few showings, they are not receiving offers. I think the issue is Continue Reading →

YTD Home Sales Continue To Remain Below Prior Years But Downward Trend Slowing

By Dennis Norman, on July 12th, 2019

Year to date, through the end of June, there were 12,814 homes sold in the St Louis 5-County Core market, a decline of 4.3% from this time last year when 13,389 homes had sold. This marks the lowest YTD home sales through June since June 2015, when there were 12,110 homes sold. As the second chart below illustrates, the St Louis home sales trend (trailing 12 months and represented by the dark green line) peaked in October 2018 with 26,032 homes sold in the prior 12 months but then stalled and has begun a slight downward trend which continues with Continue Reading →

St Louis New Home Construction Slips Again In May

By Dennis Norman, on June 30th, 2019

For the 12-month period ended May 31, 2019, there were building permits issued for 300 new homes in Jefferson County, a decline of nearly 26% from the prior 12-month period according to the latest data from the Home Builders Association of St. Louis & Eastern Missouri. For the same period, there were permits issued for 758 new homes in St Louis County, a decline of 23.50% from the prior 12-month period.

Warren County saw a double-digit percentage increase in building permits again this period, and the City of St Louis again had an increase.

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Home Affordability Drops Significantly In St Louis City and County Increases In Jefferson and Madison

By Dennis Norman, on June 29th, 2019

Home affordability declined in the City of St Louis from a 98 on the affordability index in the first quarter to an index of 73 this quarter, for a decline of 25% in home affordability in the City of St Louis, according to the latest data from ATTOM Data Research. In neighboring St Louis County, the affordability was 116 in the first quarter and 89 the 2nd quarter, for a decline of 23%. On the affordability index, anything under 100 indicates homes are less affordable than the historical average and anything over 100 indicates homes are more affordable than the Continue Reading →

President Trump Signs Bill To Eliminate Cap On VA Loans

By Dennis Norman, on June 27th, 2019

This past Tuesday night, President Trump signed into law H.R. 299, the “Blue Water Navy Vietnam Veterans Act” was signed into law by President Trump on Tuesday night. H.R. 299, which, among other things good for veterans, eliminates the cap on VA Loans. Currently, the VA can only “guarantee” (they insure 25% of the loan amount for lenders, which is why lenders are willing to make 100% loans to veterans) loans up to the limit established by the Federal Home Loan Mortgage Corporation Act (FHLMCA). Currently, the loan limit is $484,350 however, after the new law goes into effect on Continue Reading →

St Louis County Assessor Increased Property Values Four Times More Than Market Data Supports

By Dennis Norman, on June 26th, 2019

This year is a reassessment year for real property in Missouri, so assessors throughout the state are going to update the property values that tax assessments are based upon. According to state law, the value should reflect the value of the property as of January 1, 2019. Reassessment is done every two years, so the prior reassessment was in 2017. Given that the real estate market has been performing well now for the past several years, and property values are increasing, it’s not surprising that most property owners will see an increase in their assessment from the 2017 value to Continue Reading →

Frontenac Is The Slowest Selling City In The St Louis MSA

By Dennis Norman, on June 25th, 2019

The city of Frontenac, Missouri is the slowest selling city in the St Louis MSA based upon the average time it took for homes to sell that closed in the past 30 days. As our table below shows, three of the top 10 slowest selling cities are located in St Louis County and all three are affluent areas with higher than average home prices.

Search St Louis Homes For Sale Search St Louis Upcoming OPEN HOUSES St Louis MSA’s Slowest SOLD Cities

(click on table for complete, live data)

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Maryland Heights and Maplewood Are Fastest Selling Cities in St Louis

By Dennis Norman, on June 24th, 2019

The cities of Maryland Heights and Maplewood are currently tied for first place on the list of fasting selling cities in St Louis. As our table below shows, homes that sold in the past 30 days took an average of 15 days to sell in Maryland Heights and Maplewood. Seven of the 10 fastest selling cities are located in St Louis County, two in St Charles County and one in Warren County.

Search St Louis Homes For Sale Search St Louis Upcoming OPEN HOUSES St Louis MSA’s Fastest SOLD Cities

(click on table for complete, live Continue Reading →

St Louis Home Sales Continue Downward Trend – YTD Home Sales Lowest In 4 Years

By Dennis Norman, on June 15th, 2019

Year to date, through the end of May, there were 9,929 homes sold in the St Louis 5-County Core market, a decline of 5.2% from this time last year when 10,477 homes had sold. This marks the lowest YTD home sales through May since May 2015, when there were 9,262 homes sold. As the second chart below illustrates, the St Louis home sales trend (trailing 12 months and represented by the dark green line) peaked in October 2018 with 26,032 homes sold in the prior 12 months but then stalled and has begun a slight downward trend which continues with Continue Reading →

St Louis Foreclosures Rise In May But Still Down Nearly 20 Percent From Year Ago

By Dennis Norman, on June 13th, 2019

The rate of foreclosure in St Louis in May was 1 foreclosure filing for every 2,013 housing units, an increase of 7.7% from the month before but a decline of 18.8% from May 2018, according to data just released by ATTOM Data Research.

As the table below shows, six counties in the St Louis MSA saw an increase in foreclosure activity in May from the month before however, all the counties in the St Louis MSA except 3, saw a decline from a year ago.

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St Louis MSA Foreclosure Rate By County – May 2019

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How To Get The Highest Price For Your Home

By Dennis Norman, on June 11th, 2019

When the time comes for you to sell your home, would you like to sell your home for the highest price? I can’t imagine any homeowner not answering “yes” to that question. So, now that we know what all seller’s want; all we need to do now is determine the best way to go about reaching that goal.

Asking a higher price often doesn’t bring you the highest price..

Simple logic may tell us that, if we want to sell a home for the highest price possible, to make sure we ask a high price for it. However, as the Continue Reading →

Proposed St Louis County Ordinance Would Require Landlords To Accept Section 8

By Dennis Norman, on June 8th, 2019

A bill introduced by St Louis County Councilmember Lisa Clancy would require landlords in unincorporated St Louis County to participate in the Section 8 program as well as pretty much any other rental subsidy program. St Louis County bill number 102 (see complete bill at bottom of article), introduced by Councilmember Clancy, if passed, would amend the existing St Louis County “Fair Housing Code” ordinance adding “lawful source of income” to the list of things that a landlord cannot discriminate based upon.

The St Louis County Fair Housing Ordinance (section 717.020) currently makes it unlawful for landlords to discriminate on Continue Reading →

Flipped Homes in St Louis Down From Year Ago

By Dennis Norman, on June 6th, 2019

There were 528 homes “flipped” in the St Louis metro area during the first quarter of 2019, which equated to 7.7% of the total number of homes sold in the St Louis metro area during the quarter, according to data just released by ATTOM Data Research. This is down 14% from the 1st quarter of 2018 but does reflect a 3% increase from the prior quarter. As our table below shows, on a national level, house flipping accounted for 7.2% of the homes sold during the 1st quarter of this year, which is a 23% increase from the quarter before Continue Reading →

How To Appeal Your Property Tax Reassessment

By Dennis Norman, on May 27th, 2019

If you are a homeowner, then during the past week or so you probably received a change of assessment notice from your county assessor informing you of the Assessor’s new assessment of the value of your property. While most people purchase a home with the expectation of it going up in value and, generally, are excited when they find out it has increased in value, this is not one of those occasions. An increase in the Assessor’s opinion of your property value generally results in just one thing…a higher property tax bill.

What can you do if you don’t agree Continue Reading →

St Louis Year To Date Home Sales Off To Slowest Start In 4 Years

By Dennis Norman, on May 23rd, 2019

Home sales in St Louis through the end of April this year, are lower than they have been at the same time of year since 2015. As our exclusive year-to-date sales chart for the St Louis 5-County Core Market below shows, there have been 7,101 homes sold YTD this year (through 4/30) which is down 5.7% from the same time last year when there were 7,529 homes sold. The last time year-to-date home sales were lower at this time of year than now was back in 2015 when there were just 6,727 homes sold.

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St Louis Area New Home Construction Continues To Decline In Most Areas

By Dennis Norman, on May 22nd, 2019

For the 12-month period ended April 30, 2019, there were building permits issued for 757 new homes in St Louis County, a decline of 22.80% from the prior 12-month period, according to the latest data from the St Louis HBA. As the table below shows, St Charles County saw a decline of 6.38% during the same period. In February of this year, only two counties showed a downward trend in building permits, but in March that grew to 4 counties and for April, 5 of the 7 counties we are reporting on, show a decline in new home building permits. Continue Reading →

Foreclosure Rate In St Louis Continues To Fall As Market Remains Strong

By Dennis Norman, on May 21st, 2019

The strong St Louis housing market, as well as the strong economy, continues to help improve mortgage delinquency rates and foreclosure rates in St Louis. The rate of foreclosure in St Louis in April was 1 foreclosure filing for every 2,167 housing units, a decline of 17.4% from the month before when the rate was 1 in every 1,865 housing units, according to the latest data from ATTOM Data Solutions. The April St Louis foreclosure rate was down 17.9% from the year before.

As the table below shows, over half the counties in the St Louis MSA saw an increase Continue Reading →

St Louis Real Estate Market Update VIDEO – May 2019 – Still A Sellers Market!

By Dennis Norman, on May 16th, 2019

The number of home sales in St Louis may be down from the recent past but it’s still a Seller’s market! The lack of home sales in St Louis is certainly not a result of a lack of interest, on the part of home buyers, but more a lack of sellers. This is clear in the data I presented in this months market update video. Find out more, as well as get information on some of St Louis’s best resources for home buyers and sellers in our just-released market update video.

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[xyz-ips snippet=”Market-Update-Video-Package”] [xyz-ips Continue Reading →

St Louis Has 26th Highest Homeownership Rate of Metro Areas In U.S.

By Dennis Norman, on May 14th, 2019

During the 1st quarter of this year, the homeownership rate for the St Louis MSA was 66.5% giving St Louis the 26th highest homeownership rate of the 75 largest MSA’s in the country, according to the latest date from the U.S. Census Bureau. As the table below shows, the North Port-Bradenton-Sarasota, FL MSA had the highest homeownership rate during the quarter at 78.0% and Fresno, CA MSA had the lowest at 48.0%.

Search St Louis Homes For Sale Search St Louis Upcoming OPEN HOUSES Homeownership Rate By MSA – 1st Quarter 2019 Continue Reading →

Missouri Has 14th Highest Homeownership Rate In U.S.

By Dennis Norman, on May 13th, 2019

The rate of homeownership in the state of Missouri was 70.2% during the 1st quarter of this year, giving Missouri the 14th highest rate of homeownership throughout the 50 states plus the District of Columbia, based upon the latest data from the U.S. Census Bureau. As the table below illustrates, New Hampshire had the highest rate of homeownership at 74.0% and the District of Columbia the lowest at 38.4%.

Search St Louis Homes For Sale Search St Louis Upcoming OPEN HOUSES Homeownership Rate By State – 1st Quarter 2019

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St Louis Rental Vacancy Rate Rises For First Time In A Year

By Dennis Norman, on May 12th, 2019

The St Louis MSA rental vacancy rate during the 1st quarter of this year was 8.1%, an increase from 6.6% the prior quarter, according to data recently released by the U.S. Census Bureau. Given that for 2018 the median rental vacancy rate of 6.8% in the St Louis MSA was a 13 year low, it’s not surprising we may see an uptick in vacancies.

As the table below shows, the rental vacancy rate for the St Louis MSA for the first quarter of 2018 was 9.6% and then fell to 5.6% during the 2nd quarter so perhaps we’ll see a Continue Reading →

St Louis Homeownership Rate Slips But 12-Month Rolling Average At Highest Level In 3 Years

By Dennis Norman, on May 11th, 2019

During the 1st quarter of 2019, the homeownership rate for the St Louis MSA was 66.5%, down from 70.5% the prior quarter, according to the latest data from the U.S. Census Bureau. As the table below shows, the 12-month rolling average for the St Louis homeownership rate was 67.5.% in the 1st quarter of 2019, the highest 12-month rate since the 1st quarter of 2016.

Search St Louis Homes For Sale Search St Louis Upcoming OPEN HOUSES St Louis MSA Homeownership Rate -2016 – 2019

(click on table for complete data from 2005 – present)

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The Percentage Of Equity-Rich Homeowners In St Louis Drops At Beginning Of This Year

By Dennis Norman, on May 9th, 2019

As of the end of the first quarter of this year, 16.2% of the homeowners in St Louis were “equity-rich”, meaning their mortgage total is less than 50% of their homes current value, according to the latest data available from ATTOM Data Research.

Search St Louis Homes For Sale Search St Louis Upcoming OPEN HOUSES Equity-Rich St Louis Homeowners – 1st Quarter 2019

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The Number Of Underwater Homeowners In St Louis Increases Slightly

By Dennis Norman, on May 8th, 2019

During the first quarter of 2019, 14.5% of the homeowners in St Louis with a mortgage, were underwater on their mortgage, meaning they were in a negative-equity position, according to data just released by ATTOM Data Research. As the table below shows, this slight increase follows a decline in the rate for the two prior quarters. The St Louis negative-equity rate is about one and a half times that for the U.S. as a whole.

Search St Louis Homes For Sale Search St Louis Upcoming OPEN HOUSES St Louis Underwater (Negative-Equity) Homeowners – 2013-2019

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New Home Construction Trending Downward in Over Half The St Louis Area Counties

By Dennis Norman, on April 24th, 2019

For the 12-month period ended March 31, 2019, there were building permits issued for 748 new homes in St Louis County, a decline of 23.60% from the prior 12-month period, according to the latest data from the St Louis HBA. As the table below shows, St Charles County saw a decline of 11.23% during the same period. Last month, those were the only two counties showing a downward trend, but, this month, Franklin County and the City of St Louis have also seen new home construction trend downward. Warren County again showed the greatest upward trend in new home construction Continue Reading →

How Many Real Estate Agents Are There And How To Find a Good One?

By Dennis Norman, on April 23rd, 2019

According to the latest estimates by the National Association of REALTORS® (NAR), there are approximately 2 million licensed real estate agents in the United States. Last year, according to the NAR, there were a total of 5.341 million existing homes sold which equates to one agent for every 2.67 homes sold during the year in the U.S. Wow, talk about competition! Granted, not all licensed agents sell residential real estate as many focus us on commercial real estate, including industrial, retail, office, multi-family, and land, and others focus on farms, large tracts of land, recreational property, etc. Nonetheless, there is Continue Reading →

St Louis Home Sale Trend Continues To Slow….Rising Price Trend Remains

By Dennis Norman, on April 18th, 2019

Year to date, through the end of March, there have been 4,829 homes sold in the St Louis 5-County Core market, a decline of 6.3% from this time last year when 5,156 homes had sold. As the second chart below illustrates, the St Louis home sales trend (trailing 12 months and represented by the dark green line) peaked in October 2018 with 26,032 homes sold in the prior 12 months but then stalled and has begun a slight downward trend since with 25,583 homes sold in the 12 month period ending in March 2019.

Meanwhile, St Louis home prices continue Continue Reading →