The number of distressed home sales in St Louis has been on the decline while distressed home prices have remained relatively flat. For the purposes herein, a “distressed” home sale includes short sales, foreclosures, bank-owned and government-owned homes. Thus far, as the chart below illustrates, there have been 2,170 distressed home sales in the St Louis 5-County Core market (the City of St Louis and Counties of St Louis, St Charles, Jefferson and Franklin) this year which is a decline of 23% from last year when there were 2,871 distressed homes sold and down 38.4% from 2014 when there were Continue Reading →
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Number of Distressed Home Sales In St Louis Declines Nearly Forty Percent In 2016 From Two Years AgoFastest selling areas at the end of December? Yes, it happens today, even at the end of December and as we approach what is historically the slowest home-selling month of the year, January. No doubt the low inventory of homes for sale is playing a part in this as well as, perhaps, the recent uptick in interest rates and threat of higher rates in 2017 may be encouraging home buyers to speed up their home search. Continue Reading → 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, 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). Continue Reading → 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. Continue Reading → 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 Continue Reading → 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. Continue Reading → 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. Continue Reading → 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. Continue Reading → 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, and, as the table below shows, home sales in the St Louis MSA for the 12-month period ending October 31, 2016, increased 6.64% from the prior 12 month period and we have branded the St Louis MSA housing market as a “Hot Seller’s Market”. Continue Reading → 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. Continue Reading → 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. Continue Reading → 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. Continue Reading → 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! Continue Reading → 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, Continue Reading → 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. Continue Reading → 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. Continue Reading → 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. Continue Reading → 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. Continue Reading → 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: Continue Reading → 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. Continue Reading → 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). Continue Reading → 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 Continue Reading → 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. Continue Reading → There were 184 distressed homes (short-sales and foreclosures) sold in St Louis (the 5-county core market) during the month of August, an increase of 44 percent from July when there were just 128 distressed home sales. Continue Reading → New home sales in the midwest region of the U.S. during August 2016, increased 39.7 percent to a seasonally-adjusted, annual rate, of 81,000 new homes from a rate of 58,000 homes a year ago. Continue Reading → Existing home sales in St Louis during August 2016 were up 9.2 percent from August 2015, according to the latest data from MORE, REALTORS. There were 3,230 existing homes sold in the St Louis MSA during the month of August, an increase of 2.7 percent from the prior month, when there were 3,143 homes sold. Continue Reading → For some time now, if you are a home buyer wanting to buy a home in St Charles County, you didn’t have a lot to choose from and had to move fast when you did find a home and, for at least the near future, it doesn’t appear this will change. Continue Reading → Last week, National Mortgage News, published an article on a report which indicated home prices and homeownership rates are “out of whack”. Continue Reading → The inventory of homes for sale is creeping up, but still low! In this month’s video you will see that the St Louis real estate market remains strong as we close out the summer selling season and head into fall. The inventory of homes for sale has risen slightly, which is to be expected this time of year, but, overall, the market still favors sellers. Continue Reading → For couples planning to get married before you spend the time doing the bridal registry thing at stores, picking out housewares, china and perhaps some other things you don’t really need or won’t use, consider putting a house on your list! Continue Reading → |
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