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 →
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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 → 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 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 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 → 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 → Dodge Data & Analytics just released a report on “Green and Healthier Homes” in which it was revealed that many builders are seeing building green as a way to increase business and new home sales. In fact, according to the report, 83 percent of homebuilders and remodelers believe consumers are willing to pay more for a healthier home. Continue Reading → According to a report just released by TransUnion, the mortgage delinquency rate for borrowers that are 60 days or more delinquent, declined almost 30 percent during the 3rd quarter of 2015 from a year ago. During the third quarter of this year, the mortgage delinquency rate was 2.40%, down from 3.36% during the third quarter of 2014. Continue Reading → The number of homes sold “For Sale By Owner” (FSBO) dropped to a record low of just eight percent of all homes sold, according to the National Association of REALTORS (NAR) 2015 Profile of Home Buyers and Home Sellers report. A commentary posted on the Economist’s Outlook Blog by Amanda Riggs, Research Survey Analyst for NAR. on the NAR website indicated that homeowners that sell as a FSBO often find it doesn’t turn out as they expected either in the amount of time it will take on their part nor in the price they ultimately receive. Highlights from Rigg’s commentary include: Continue Reading → Nearly one in every 4 home sales in St Louis (23.9%) during the 3rd quarter of 2015 were financing with an FHA loan, according to data just released by RealtyTrac. This is a slight decrease from the quarter before when 24.3% of the homes sold were financed with an FHA loan, but is an increase of 30% from a year ago when FHA financing was used on just 17.45 of the homes purchased in St Louis. Continue Reading → Distressed Home Sales accounted for just 13 percent of St Louis home sales thus far in 2015, a decline of 37.6 percent from two years ago when over 1 in every 5 (20.83%) St Louis home sales was a short sale or foreclosure. Continue Reading → Four of the five counties that make up St Louis’ core real estate market appear to continue to be in a Seller’s market although the markets are cooling somewhat as prices on active listings are trending downward a little and inventories are increasing somewhat, according to the latest data from MORE, REALTORS. The remaining county, Franklin, is indicating a buyers market with a supply of homes for sale in excess of 7 months and home prices trending lower. Continue Reading → In St Louis Nearly One In Every Home Sales Is A Condo – As the table below shows, during 2015 nearly one of every 8 (12.22%) home sales in St Louis has been a condominium, exactly the same as last year, and higher than the 11.61% rate on the national level shown in the second table below. Continue Reading → Pending home sales in the U.S. fell again in September, to the second lowest level this year, according to a newly released report from the National Association of REALTORS (NAR). According to the report, pending home sales in the U.S. dropped 2.3 percent in September from the month before. St Louis Pending Home Sales Increase In September.. In contrast to the national picture, as the charts below show, St Louis Pending Home Sales rose in September, increasing 8.6 percent from September 2014 and on a year to date basis, through the end of September, pending home sales for 2015 are Continue Reading → New home sales in the U.S. in September lost some steam declining 11.5 percent from August, however, let’s not forget, August was a record month for U.S. New Home Sales which sold at the highest annual rate since February of 2008, according to a report just released by the U.S. Commerce Department. New homes sold in September at a seasonally-adjusted, annual-rate, of 468,000 homes, a decrease of 11.5 percent from the month before an an increase of 2.0 percent from September 2014 when new homes sold at an annual rate of 459,000 homes. Continue Reading → St Louis Home Sales rose to 2,209 homes sold during September (in the 5-county core market) from 1,992 homes sold in September 2014, an increase of 10.9 percent! September home sales declined 7.3% from the month before which is to be expected due to the seasonality of the market. Continue Reading → The St Louis Real estate market continues to out perform last year! However, as we head into winter, home prices in all five primary counties of the St Louis market are trending downward somewhat. However, as I’ve said so many times, real estate is very local so, as I would expect, some local markets are out performing others and home prices are trending upward. So, if you are a homeowner, how do you know if now is a good time to sell? Well, if the supply of homes for sale in your market is low now could be a Continue Reading → If you live in Crestwood, Glendale, Warson Woods or Rock Hill and have considered selling your home, now is the time! With less than a 2 month supply of homes for sale, these four St Louis communities are definitely seller’s markets and now would be the time to list your home for sale. In addition to those 4 areas, as the list below reveals, there are 17 other St Louis neighborhoods that are also very attractive seller’s markets, each with less than a 3 month supply of homes currently listed for sale. Continue Reading → Since the real estate market bubble burst in 2008, the number of foreclosed homes that the U.S. Department of Housing and Urban Development (HUD) has had to manage and sell to investors and new home owners has increased significantly, averaging around 100,000 homes sold per year and hitting a peak of 111,416 HUD homes sold during fiscal year 2013. Continue Reading → Where are the buyers markets in St Louis? You cannot determine the health of a real estate market with just one piece of data, however, a good indicator of a potential buyers market would be areas with a high supply of homes for supply. Note that I said supply and not number. This is important, as some areas, such as Chesterfield for example, may have what seems like a large number of homes currently for sale, but given the size of the market and number of sales, it could still well be a sellers market. The supply of homes for sale on the other hand, takes into account the number of active listings as well as the rate of home sales and then determines how many months it would take to “sell out” of homes on the market if no new listings came on the market. A supply of around 4 -5 months has historically been pretty typical. The list below, which is from our real-time data that you won’t find anywhere else and is always up to date, shows the cities within St Louis with the highest supply of homes for sale based upon the current sales rate thus indicating a slow market with too much supply and very possible some good buying opportunities. Continue Reading → St Louis home prices have made a strong recovery since bottoming out in 2011 as a result of the housing market bubble bursting in 2008. In fact, for the 5-county St Louis area I often focus on (the city of St Louis and counties of St Louis, St Charles, Jefferson and Franklin) home prices have increased 27 percent to a median price of $168,313 after hitting a post-bubble low of $132,500 in 2011. In fact, as my chart below shows, the median 5-county home price for 2015 has topped the peak price of $160,000 at the height of the market in 2007 by over 5 percent. Continue Reading → New home sales in the U.S. in August sold at the highest annual rate since February of 2008, according to a report just released by the U.S. Commerce Department. New homes sold in August at a seasonally-adjusted, annual-rate, of 552,000 homes, an increase of 5.7 percent from the month before an an increase of 21.6 percent from August 2014 when new homes sold at an annual rate of 454,000 homes. 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