St Louis distressed home sales share of the St Louis real estate market continues to decline minimizing the negative effect on home prices caused by distressed home sales. In August, distressed home sales, primarily consisting of foreclosures and REO’s (bank owned properties) at this point as short sales have fallen to the point to be statistically insignificant, accounted for just 6 percent of the overall home sales in the St Louis metro area, according to a report just released this morning by RealtyTrac. This is a decline of over 50 percent (56.3%) from a year ago when distressed home sales accounted for 13.7 percent of total home sales in St Louis. Continue Reading →
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The St Louis Real Estate market is still doing well! However, some cities, like Valley Park for example, that were strong sellers markets not that long ago have now become more of a buyer’s market and other cities have flipped the other direction. To find out which neighborhoods are buyers markets, which are sellers markets, what home prices are doing and a whole lot more, check out our newly released 5-minute, market video update for September 2015, below. Continue Reading → There were 2,370 existing homes sold in St Louis during July (in the 5-county core market) an increase of 1.5 percent from August 2014 when there were 2,335 homes sold. August home sales were down 16.9% from the month before as were St Louis home prices which fell from a median of $183,779 in July to $178,500 in August. The St Louis core market consists of the city of St Louis and the counties of St Louis, St Charles, Jefferson and Franklin. Continue Reading → There were 123,546 St Louis homeowners with negative equity, or in a seriously underwater condition on their mortgage meaning they owe more than the current value of their home, in the St Louis MSA during the 2nd quarter of 2015 according to the most recent data by RealtyTrac. This works out to 17 percent of all St Louis metro area homeowners with a mortgage being underwater on their mortgage which is an improvement from 21 percent just 2 quarters prior. Continue Reading → Homes in St Louis (the 5-county core market) sold for 98.1 percent of the current asking price in August down only slightly from the peak of 98.3 percent in May, according to MORE, REALTORS. As the chart below shows, the gap between the ratio of sale price to current list price and sale price to the original list price widened a little in August, but the gap between the two ratios is less than at the same time in the prior few years. St Louis homes sold for 96.7 percent of the original listing price in August, down from the peak of 97.3% in May and June. Continue Reading → New home sales in the midwest declined in July to a seasonally-adjusted annual rate of 54,000 homes, a decline of 6.9 percent from the month before when sales were at a rate of 58,000 homes, according to a report just released by the U.S. Commerce Department. The new home sales rate for the midwest in July 2015 was exactly the same as July 2014. Continue Reading → Home sales in St Louis, for the 5-county core market, in July totaled 3,226 sales, an increase of 16.8 percent from July 2014 when there were 2,762 homes sold. The St Louis core market consists of the city of St Louis and the counties of St Louis, St Charles, Jefferson and Franklin. While all of the 5 counties included in the core saw an increase in home sales from a year ago, the results, as the charts and individual results below show, varied widely by county. Continue Reading → Over half of the St Louis Foreclosures (bank and government owned) sold in July were sold for cash, according to the latest data from MORE, REALTORS. In July 2015, there were a total of 323 foreclosure sales in the 5-county core St Louis market with 179 of them, or 55.4%, being cash sales. As the table below shows, the number of foreclosure sales in St Louis in July 2015 was down 12.5% from July 2014 while the median sales price was up 1.8%. There were a total of 3,754 home sales in St Louis in July 2015, an increase of Continue Reading → The St Louis Real Estate market continues to be strong! Homes are selling quick in St. Louis and at prices that show solid appreciation over the past couple of years. Get the details on the current St Louis real estate market, as well as where in St Louis are the hottest markets as well as the coldest ones, and much more in our newly released, 5-minute, market video update for August 2015, below. Continue Reading → I often find myself very surprised to hear how a consumer chose the real estate agent they hired to represent them and hear things such as “I work with him…”, “She is a friend of….”, “He is my cousin…” etc. When I hear these responses several things come to mind: Continue Reading → One year ago today, the small city of Ferguson gained international attention after Ferguson Police Officer Darren Wilson shot and killed Michael Brown, an incident which spurred weeks of violence and property destruction in Ferguson. This delivered a blow to the Ferguson real estate market which was still struggling to recover from the housing bubble burst in 2008 which had severely impacted the area. Continue Reading → St Louis property flipping activity rose during the 2nd quarter of this year 6.2 percent from the first quarter, however was down 44.3 percent from a year ago, according to information just released by RealtyTrac. During the 2nd quarter of this year, 3.2 percent of all home sales were “flips”, meaning they were purchased and then resold in an arms-length sale within 12 months. The average gross profit on the flipped property was $39,181 down for $50,870 a year ago. Continue Reading → I often talk about the effect the quality of a public school district has on home prices so decided to take a look at a few of the larger (and many of the top ranked) districts to see how home price appreciation has been during the past year. Continue Reading → St Louis pending home sales in July slowed from to 2,332 sales from 2,602 sales the month before in the 5-county core St Louis market, but were still up 2 percent from July 2014 when there were 2,287 pending sales. Continue Reading → In the second quarter of this year, 63.4 percent of the households in the U.S. were homeowners, marking the lowest rate of home ownership since 1967, nearly 50 years ago, according to data just released by the U.S. Census Bureau. Continue Reading → New home sales in the midwest slipped in June to a seasonally-adjusted annual rate of 56,000 homes, a decline of 11.1 percent from the month before when sales were at a rate of 63,000 homes, according to a report just released by the U.S. Commerce Department. Even though new home sales cooled off in June, the pace for June was still 5.7 percent higher than June 2014 when new home sales came in at a rate of 53,000 homes. Continue Reading → Foreclosure Sales In St Louis (the 5-county core market) in June 2015 totaled 374 sales, a decline of 4.3 percent from June 2014 where there were 391 foreclosure sales. The median price of the homes sold in June 2015 was 60,150, and increase of 7.2 percent from a year ago when the median price was $56,100. Continue Reading → St Louis Home sales, for the 5-county core market, in June totaled 3,542 sales, an increase of 15.4 percent from June 2014 when there were 3,068 homes sold. Continue Reading → The St Louis real estate market, like the weather, is HOT! Many of our listings are selling the first day and then for full price or above! Naturally though, this is not true for all areas of St Louis nor all prices ranges. Find where the hot seller’s markets, as well as cold buyer’s markets are in St Louis in our newly released, 5-minute, market video update for July 2015, below. If you have considered selling your home, or perhaps tried and failed in the past year or so, now is the time to consider it again. Give us a Continue Reading → The St Louis real estate market continues to be hot with many sellers benefiting from the low inventory of homes for sale resulting in buyers flocking to new listings and, when the homes are priced right, multiple offers being received in the first day. Happened for one of my clients again this week…took the listing live on Tuesday at noon, had over 8 buyers through that afternoon and evening and multiple offers in hand by the next morning, all above listing price. Granted, there were a couple of weeks of pre-listing marketing we did to generate interest, and the seller worked hard to make sure the home was in show condition, but still, it sold quick! Continue Reading → The median price of homes sold in St Louis (the 5-county core market) this year thus far has been $169,000, an increase of 5.7 percent from when the market peaked in 2006 at $159,900. While the peak of the housing bubble is considered to be 2006, as the chart below shows, St Louis home prices actually peaked in 2007 at $162,000 but, in either event, St Louis home prices have not only regained what was lost when the housing bubble burst, but then some. Continue Reading → St Louis bank and government owned home sales are down as banks and government enterprises such as Fannie Mae, FHA, VA and Freddie Mac whittle down their inventory of foreclosed homes while, at the same time, new mortgage delinquencies and foreclosure rates continue to decline. While this is Continue Reading → St Louis pending home sales in May hit the highest level we have seen in years with 2,558 pending homes sales during the month in the 5-county core market*, an increase of 8.9% from May 2014 when there were 2,348 pending home sales. Year to date this year, through the end of May, there have been 12,595 pending home sales, an increase of 7.8% from the same time last year. Continue Reading → St Louis area homes are already affordable based upon the relationship between the median home price and median income for the area, but can become even more affordable when home buyers take advantage of down payment assistance programs that are available throughout the area. Continue Reading → It wasn’t that long ago that sellers were practically begging buyers to purchase their home but that is not the case today. Today, in some very sought after St Louis neighborhoods the inventory of homes is so low and demand so high that when a new listing hits the market it’s like a feeding frenzy for buyers. This has led to frustration and disappointment for many buyers leading some to become a little too overanxious and buy a home that really is not right for them or overpay for one out of fear of “missing out”. Continue Reading → Further proof of just how “local” real estate is and how important it is for home buyers and sellers to have accurate, targeted, local data is the fact that today the St Louis Business Journal reported “home sales increased 17.9 percent year to date in the St. Louis metropolitan area, more than twice the national rate of 8.4 percent” which would if you are looking to buy a home, say in the City of St Louis, may influence your decision thinking it’s a hot selling area. Continue Reading → We have been in the midst of a pretty crazy real estate market lately in St Louis with new listings in many areas and price ranges being subjected to a “feeding frenzy” by buyers. It is not uncommon at all today to have two or three showings taking place on a new listing at the same time with the total of first day showings easily getting into double digits and a signed contract before the end of the 2nd day on the market. Continue Reading → The St Louis real estate market continues to be on fire in many areas with buyers flocking to new listings like St Louisan’s to a Cardinals versus Cubs game! In some areas and price ranges it is not uncommon to have new listings receive 5 – 10 showings the first day and to sell within the first day or two and be sold before the ink is barely dry on the listing agreement.
St Louis’ Fastest Selling Neighborhood’s Are Selling 35% Faster Than Last Month! Last month around this time I wrote a similar article with a list of Continue Reading → What cities in St Louis County have the highest home prices? Well, based upon homes that are either currently for sale or sold within the past year, the top 3 spots on both lists (current market or past 12 months0 are occupied by the St Louis County cities of Huntleigh, Country Life Acres and Ladue. Continue Reading → The pending home sales index, published by the National Association of REALTORS® ,based upon the number of homes that went under contract but have not yet closed yet, hit 112.4 in April, a 3.4% increase from March and a 14% increase from a year ago marking the largest annual increase in almost 3 years (since September 2012) and the highest level for the index since hitting 112.5 in May 2006 during the height of the boom. Continue Reading → |
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