Home Prices and Sales - St Louis Real Estate News

St Louis Home Price Appreciation Slowing

By Dennis Norman, on December 8th, 2021

Even though you wouldn’t know it by today’s forecasted high in St Louis of 50 degrees, we are entering the winter housing market. Every year, year after year, the St Louis winter housing market reacts pretty much the same way with home prices dropping a little and sales slowing followed by an uptick in both come spring. With that in mind, the declines we see in home prices in the chart and report below, available exclusively from MORE, REALTORS®, could be attributed to the seasonal change but are a little early for that, and different than last year.

Sold home Continue Reading →

St Louis New Contracts On Listings Outpacing New Listings But By 15 Percent Less Than Last Year

By Dennis Norman, on November 26th, 2021

New sales of listings (an accepted offer) in St Louis in November are outpacing new listings with 1.06 new sales for every 1 new listing. As the leading indicator reports below illustrate (available exclusively from MORE, REALTORS®), for the first 3 weeks in November, there have been 2,139 new sales of listings and 2,026 new listings. At the same time a year ago, new sales outpaced new listings at 1.24 to 1, so the current trend is down 15%.

Worth noting in the data is that new sales of St Louis homes in the first three weeks of November 2021 Continue Reading →

Mortgage Rates Have Increased Significantly This Year

By Dennis Norman, on November 24th, 2021

As the charts below illustrate, at the beginning of this year, mortgage interest rates for a 30-year conforming conventional loan were at 2.771%, FHA loans were at 2.703%, and VA loans were at 2.372%. As of yesterday, those rates have increased to 3.357%, 3.468%, and 3.101% respectively.

While conforming 30-year conventional loans have seen an increase of 21% in rates (from 2.771% to 3.357%), FHA loans have seen an increase of 28% (from 2.703% to 3.468%) and VA loans have seen an increase of 30% (from 2.372% to 3.101%).

What does this mean in terms of the cost of a Continue Reading →

St Louis Beating Region On Percentage Of Homes Selling At Full Price Or Above

By Dennis Norman, on November 17th, 2021

Last week I published an infographic in an article illustrating that 65% of the homes sold in St Louis sold at or above the list price. As the infographic below shows, this is a significantly higher percentage than was experienced in the midwest region as a whole where 55% of the homes sold at or above full price.

Search St Louis Homes For Sale Search St Louis Upcoming OPEN HOUSES Continue Reading →

YTD St Louis Home Sales Through October Up Over 5% From Last Year

By Dennis Norman, on November 14th, 2021

In spite of the challenges of a low-inventory market as well as the threat of inflationary pressure on the economy, St Louis home sales still remain strong. As the infographic below shows (exclusively available from MORE, REALTORS®) year-to-date home sales through October of this year are outpacing last year by over 5% and the prior 3 years as well by an even larger margin!

Search St Louis Homes For Sale Search St Louis Upcoming OPEN HOUSES

Search St Louis Homes For Sale Search St Louis Upcoming OPEN HOUSES Continue Reading →

The House Payment on a Typical St Louis Home has increased just over 5% in 14 years

By Dennis Norman, on November 13th, 2021

Anyone paying even a little attention to the St Louis real estate market will likely be aware of the fact that we have been in a strong seller’s market for the past couple of years and St Louis home prices, as a result, have increased significantly. In fact, as the infographic below shows (exclusively available from MORE, REALTORS®) the median home price for a St Louis home has increased more than 50% in the past 14 years. However, the good news is that during that same period mortgage interest rates have fallen and remained low resulting an increase in the Continue Reading →

Over 40% Of The Luxury Homes Sold In St Louis In October Sold At or Above List Price

By Dennis Norman, on November 12th, 2021

Yesterday, I shared data showing that 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 October 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 107 luxury homes sold (3.7% of all homes sold) during October in the St Louis Continue Reading →

Two-Thirds Of Homes Sold In St Louis Core Market In October Sold At Or Above List Price

By Dennis Norman, on November 11th, 2021

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 October sold for the asking price or above. As the infographic below shows (exclusively available from MORE, REALTORS®) there were 2,888 homes sold during October in the St Louis 5-County core market with 65% of them selling at the list price or above. One thing to remember about home prices though, and something you won’t hear from too many people reporting prices, is that not all sold prices are the “real” price.

[xyz-ips Continue Reading →

Have St Louis Home Prices Finally Increased Too Much?

By Dennis Norman, on October 31st, 2021

For the past few years now, we’ve experienced quite the seller’s market in St Louis fueled, in part, by a low supply of homes for sale. As a result, St Louis home prices have increased over the past few years at rates close to double the historic norm. Of late, we’ve heard a lot from people within, and outside of, the real estate industry expressing concern that home prices have gotten too high and even some have made comparisons to 2008 when the housing market saw the bubble burst. Being the data nerd I am, I’ve tried to keep emotion Continue Reading →

Has the St Louis Real Estate Market Peaked?

By Dennis Norman, on October 18th, 2021

I’ve written a couple of articles lately addressing the news reports about the housing market cooling down. As I’ve addressed in those articles, there has not really been much data supporting a significant cooling in the St Louis real estate market. Additionally, I’ve noted that, due to the seasonality of the housing market, and the fact we are headed toward winter, a cooling of the market would be the seasonal norm.

So today, I decided to pick an easier question to answer, “has the St Louis real estate market peaked?” The short answer is yes, I believe it has. This Continue Reading →

St Louis Area Housing Market Report For September

By Dennis Norman, on October 13th, 2021

The St Louis housing market appears to be cooling off slightly with fewer home sales last month than a year ago in 3 of the 5 St Louis area counties that make up the St Louis 5-county core real estate market. As the charts below illustrate, the decline in the overall St Louis market was very slight, with 3,164 homes sold last month just 11 sales fewer than September last year when there were 3,715 homes sold in the St Louis5-county core market. The charts have complete details but below is a recap of home sales and prices Continue Reading →

St Louis Home Sales Trend Remains Strong

By Dennis Norman, on September 24th, 2021

More and more today I’m seeing reports in the media about the housing market cooling down and sales slowing which, quite frankly, I have expected and keep watching for signs of it in the St Louis real estate market. However, in spite of a few blips on the radar, all the data I’m reviewing still shows pretty steady and consistent home sales in St Louis. Don’t get me wrong, I fully expect us to see a cooling of the St Louis market if for no other reason, winter will be here soon and then we’ll be headed toward year-end when Continue Reading →

Number of St Louis Distressed Home Sales Declined Over 90 Percent In Past 10 Years

By Dennis Norman, on September 23rd, 2021

There were a total of 550 home sales in the St Louis 5-County core market during the 12-month period ended August 31, 2021, a decline of over 90 percent (90.5%) from the same period 10 years earlier. As the chart below (available exclusively from MORE, REALTORS®) illustrates, the St Louis distressed home sales 12-month trend peaked in May 2013 with 6,078 distressed home sales in the prior 12-month period and has fallen to just 550 distressed home sales for the 12-month period ended August 31, 2021. For the purposes of this report, distressed home sales include the sale of homes Continue Reading →

St Louis Home Sales Trend Slows Slightly In August

By Dennis Norman, on September 14th, 2021

There continue to be conversations by St Louis REALTORS® as well as other industry professionals as to whether or not the market is cooling off somewhat or slowing down. I keep watching the data closely to look for signs of a substantive change and while there are some, the market adjustments appear to be somewhat insignificant at this point. Last month, in an article about July’s market, I pointed out a slight slowing of the trend in July. Now, I’m taking a look at August, specifically, the number of new listings that came on the St Louis real estate market Continue Reading →

St Louis Area Home Sales Trend Slows Slightly After Setting Record in June

By Dennis Norman, on August 19th, 2021

There has been talk of “the market slowing down” and while there hasn’t been a lot of data to support that, we did see the sales trend slow slightly in July. As the home sales trend chart below shows, exclusively available from MORE, REALTORS®, the home sales trend for the 12-month period ending has increased every month of this year over the prior month through June. For the 12-month period ending in June, there were 30,055 homes sold marking the highest record since we’ve been tracking the data, however, for the 12-month period ending in July home sales decreased slightly Continue Reading →

Sold Price To Listing Price Gap Narrows In July After Setting New Record in June

By Dennis Norman, on August 10th, 2021

In June of this year the Median price of homes sold in the St Louis 5-County core market was $266,000, 6.4% higher than the median list price of $250,000 for those homes sold. This breaks the record of 4.4% set in April and is the highest gap we’ve seen between the median sold price and listing price since we’ve been tracking it, In July the gap narrowed though, albeit slightly, with the median price of homes sold coming in at $265,000, 6.0% higher than the median list price of $250,000. Worth noting as well is between June and July, the Continue Reading →

St Louis Listing Supply Increases 50 Percent in July from June…still low

By Dennis Norman, on July 30th, 2021

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 →

New Home Sales In Midwest Outperforming Other Regions

By Dennis Norman, on July 27th, 2021

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 →

The Value of Good Data Coupled With a Good Agent

By Dennis Norman, on July 13th, 2021

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 →

St Charles County Homes Sold For Largest Percentage Over List Price In June

By Dennis Norman, on July 1st, 2021

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 →

Sold Price To Listing Price Gap Narrows In May After Hitting Record in April

By Dennis Norman, on June 24th, 2021

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 →

St Louis Home Sales And Prices Saw Double-Digit Increase In Past 12-Months

By Dennis Norman, on June 18th, 2021

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.

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STL Market Report For the St Louis 5-County Core Market

(click on report for live, complete report)

Continue Reading →

STL Market Report – May 2021

By Dennis Norman, on June 14th, 2021

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Thirty-Eight Percent Of St Louis LUXURY Homes Sold In Past 12 Months Sold At Or Above List Price

By Dennis Norman, on June 8th, 2021

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 →

Sixty-Three Percent Of St Louis Homes Sold In Past 12 Months Sold At Or Above List Price

By Dennis Norman, on June 2nd, 2021

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 →

St Charles County Real Estate Market On Fire!

By Dennis Norman, on May 27th, 2021

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 →

About Half of Consumers Surveyed Think Home Prices and Interest Rates are Going Up

By Dennis Norman, on May 13th, 2021

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.

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St Louis Area Housing Market Report For April

By Dennis Norman, on May 12th, 2021

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 →

Why St Louis Is Not Headed Toward Another Housing Market Bubble or Crash

By Dennis Norman, on May 5th, 2021

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 →

St Louis Luxury Home Sales Trended Upward For 10 Consecutive Months

By Dennis Norman, on April 26th, 2021

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 →