According to a report just released this morning by RealtyTrac, 6,809, of the 103,855 residential properties in the city of St Louis, are vacant. This vacant property rate of 6.6 percent for the City of St Louis is over four times higher than the national rate of 1.6 percent. Continue Reading →
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The St Louis real estate market performed well in January and 2016 is off to a good start! 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! Continue Reading → If you live in St Clair and want to see your home, with an 18 month supply of homes currently listed for sale, you are going to have to either price your home very competitively to make it stand out from the crowd, or be prepared for it to take a while. As the table below shows, second on the list of cities with the highest supply of homes for sale, is Pacific, with more than a 13 month supply of homes for sale. Continue Reading → The St Louis real estate market is off to a good start for 2016 with non-distressed home sales during January increasing 30 percent from a year ago. In the St Louis five-county core market, there were nearly 1,700 total homes sold (1,697) during January 2015, up 19.3% from January 2015 where there were 1,423 total sales. Non-distressed sales (private sales only, no foreclosures, REO’s, etc) accounted for 1,430 of the home sales during January 2015, an increase of 30% from January 2015 when there were 1,101 homes sold. Continue Reading → The St Louis real estate and housing market saw a good year last year but, as we are frequently reminded, real estate is very “local” and prices, as well as market conditions, can vary widely even between cities or towns just a mile or two apart. This is clearly illustrated when I look at a report our company produces, based upon home sales data, obtained directly from the St Louis REALTOR® MLS, that shows the median price per foot for homes sold (or currently for sale) throughout the St Louis area. I like price per square foot data as I believe that is one of the more accurate ways of seeing trends in home prices. We compile this data and publish it live, and real-time, online, for each city in St Louis as well as zip code. Continue Reading → Before I begin, I should point out that what I’m about to tell you runs contrary to what the National Association of REALTORS® (NAR), the largest trade association in the country and one I belong to and support, will tell you. The NAR position on the mortgage interest deduction (MID) is, quoting from their website, “the mortgage interest deduction (MID) is a remarkably effective tool that facilitates homeownership.” Continue Reading → Last year was a pretty good year for the St Louis real estate market with many areas of St Louis seeing an increase in the number of homes sold from the prior year and most of the St Louis area seeing home price appreciation. Many neighborhoods in St Louis saw some new record high home prices so I thought I would take a look at some popular St Louis neighborhoods and the most expensive homes sold in them during 2015. Continue Reading → Today, the U.S. Department of Homeland Security’s Federal Emergency Management Agency (FEMA) announced that federal disaster assistance has been made available to residents of 33 counties in Missouri that suffered damage as the result of severe storms, tornadoes, straight-line winds, and flooding that occurred between December 23, 2015 and January 9, 2016. Continue Reading → The St Louis real estate market performed well in 2015 and, by all indications, 2016 should be an even better year for the St Louis real estate market! Continue Reading → Today, as we celebrate the life of Dr. Martin Luther King, Jr., I wanted to focus on the dramatic change for the good that was brought about in the area of housing as a result of the efforts of Dr. King and the movement he started. Through the efforts of the civil rights movement, Dr. King and others were able to get the attention of our nation resulting in President John F. Kennedy, in a nationally televised address on June 6, 1963, urging the nation to ” take action toward guaranteeing equal treatment of every American regardless of race.” Continue Reading → During 2015, a total of 10,391 housing units, or 1 out of 118 units, in the St Louis MSA had a foreclosure filing, according to a report just released by RealtyTrac. This is an increase of 38.29% in foreclosure activity from 2014. Continue Reading → Last night, the City Council for the City of Florissant passed bill number 9135 which, if approved by voters in April, will increase residential rental real estate license fees. In addition to increasing the rental real estate license fee from $15.00 to $50.00, this ordinance also changes the calculation of the fee from a “per owner” fee to a “per unit” fee. Continue Reading → Yesterday, St. Louis County Circuit Court Judge Gloria Reno granted a temporary restraining order against St Louis County to stop implementation of their recently adopted rental licensing ordinance. This is a huge victory for landlords, and property owners in general, as the new ordinance, as I wrote about previously, trampled property rights in many ways. Continue Reading → Along with the end of 2015 came one of the busiest time periods for listings of homes for sale to expire. To put it in perspective, during the last two weeks of December, there were almost 1,300 listings that expired within the St Louis five-county core market, more than double the number of listings that expired during the last two weeks of November. Continue Reading → As 2015 comes to an end and we welcome everything 2016 has in store for us, we say goodbye to one of the better real estate markets St Louis has seen in a while but eagerly await what, by most indications, appears to be an even better year for St Louis real estate, 2016! Continue Reading → As 2015 quickly comes to an end, we close out what has been one of the better years for the St Louis real estate market in many years! Homes in St Louis sold at a brisk pace and St Louis home prices showed solid appreciation! We saw a spring market that brought home buyers racing to new listings often competing with other buyers to see who could make the best offer the quickest, often-times with the final sale price equaling or exceeding the asking price followed by a steady market throughout the summer and into the winter months. Continue Reading → I have the honor of serving as chairman of the St Louis Industry Forum which consists of leaders of professional and trade associations that are engaged in some aspect of the real estate industry in St Louis (such as REALTORS, Builders, Mortgage Lenders, Bankers, etc) and at our bi-monthly meetings millennial’s are often the topic of conversation with regard to this generations thoughts on home ownership vs. renting, where they want to live and other related matters. Continue Reading → Wishing you and your family a very Merry and Blessed Christmas! Photo by: John Pavelka New home sales in the U.S. in November rose 9.1 percent from a year ago, and increased 4.3 percent from the month before, according to a report just released by the U.S. Commerce Department. In the midwest region however, new home sales slid in November, falling 8.6% to a seasonally-adjusted annual rate of 53,000 homes from 58,000 the month before and decreasing 10.2 percent from November 2014 when new home sales in the midwest were at an annual rate of 59,000 homes. Continue Reading → When trying to decide whether to buy a home or condo instead of continuing to rent, many would-be first-time home buyers compare the cost of buying a home or condo versus renting something similar. Granted, there are other benefits that come with ownership (along with some additional responsibilities and risks, of course) including potential return on the investment, stability, etc but, if the first thing often considered is the cost of a house payment versus rent…if difference is too large and, therefore, the sacrifice to buy is too great, the consideration of buying often ends at that point. Continue Reading → It’s no secret that home sales slow down this time of year but there are still plenty of neighborhoods where homes are selling quickly. So where are homes selling the fastest in St Louis? As the table below shows, the 63126 zip code area of St Louis county, which consists mainly of the Crestwood area, is where homes are currently selling the fastest at as of today, with active listings of homes for sale having been on the market an average of just 49 days. Continue Reading → As of the end of the 3rd quarter this year, seven percent of all St Louis homeowners with a mortgage were in a negative equity position meaning their current mortgage balance exceeds the current value of their home, according to a report just released by Corelogic. Continue Reading → As 2015 quickly nears the end, the St Louis real estate market continues to perform well (no doubt fueled, in part, by the unusually warm weather we are having) with year-to-date home sales through the end of November up nearly 9 percent from the same time last year and St Louis home prices up almost 4 percent from the same time last year. Continue Reading → St Louis Foreclosure activity increased in November to 1 foreclosure activity on 1 of every 1,086 housing units in the St Louis MSA, a decrease of 8.06 percent from the month before but an increase of 62.59 percent from November 2014, according to a report just released by RealtyTrac. Continue Reading → St Louis Home Sales cooled a little in November with 1,519 homes sold during the month (in the 5-county core market) down slightly from a year ago in November when there were 1,531 homes sold. The median home price of homes sold last month in the 5 county market was $165,898, a decline from $170,000 the month before however an increase of 3.7 percent from a year ago when the median home price was $160,000. Continue Reading → Distressed home sales in St Louis during the month of October 2015 accounted for about 11.6 percent of all home sales during the month, a decline of about 50 percent from a year ago when St Louis distressed home sales accounted for 23 percent of the all home sales, according to the latest data just released by RealtyTrac. Continue Reading → Homeownership in the U.S. is down 7.58% in the past 10 years, according to the latest information available from the U.S. Census Bureau. The St Louis homeownership rate for the 3rd quarter of 2015 was the lowest rate for the 3rd quarter of any year in over 10 years. In addition, as our table below showings, the 12 month rolling average St Louis homeownership rate at the end of the 3rd quarter was at 69.9%, the lowest rate in well over a decade. Continue Reading → 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 → The St Louis Real estate market remains fairly strong however, winter is coming! St Louis home sales in 2015 continue to outpace the year before however, as draw nearer and nearer to winter and the inevitable slowdown in the real estate market that comes along with the cold weather, we are seeing St Louis home prices trending downward and the supply of homes for sale trending upward. Currently, 4 of the 5 counties in the St Louis core market still have a median supply of homes for sale of less than 6 months, which is good, but it’s on the rise. Continue Reading → St Louis County has 6 Elementary Schools that have tested at least 50% higher on standardized tests than the average for the state of Missouri and are located in neighborhoods where home prices are affordable, according to a report just released by RealtyTrac. According to the report, these 6 good elementary schools are surrounded by homes that with house payments that will take less than 30% of the families monthly wages to buy, making them very affordable. In fact, for McKelvey Elementary, in Maryland Heights, the average family will need to spend less than 18% on a house payment to live near by. Continue Reading → |
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