Home Prices and Sales - St Louis Real Estate News

St Louis Distressed Home Sales Down Dramatically In Past Year

By Dennis Norman, on November 28th, 2014

St Louis Distressed Home Sales continue to have less impact on the St Louis real estate market paving the way for sustainable home appreciation, according to the latest data available from RealtyTrac. According to the chart below, short sales in St Louis accounted for just 1% of the overall home sales last month, a 10% decrease from the month before and a decrease of almost 68% from a year ago. Nationally, short sales accounted for 5% of all home sales last month.

St Louis REO’s (bank-owned properties obtained through foreclosure) declined slightly in October from the month before and dropped Continue Reading →

St Louis New Home Sales Slip Slightly In October

By Dennis Norman, on November 26th, 2014

St Louis New Home Sales in October 2014 slipped 3.8% behind October 2013 but increased a little over 16% from the month before. The St Louis new home sales activity followed suit with the Midwest Region of the U.S. which saw a 15.8% increase in new home sales activity in October from the month before but a decline of 2.9% from October 2013, according to data just released by the U.S. Census Bureau and HUD.

As the chart below shows, the median price of new homes sold in St Louis in October 2014 was $205,000 a decline of 4.7% from Continue Reading →

Will Millennials Fuel Home Sales Next Year?

By Dennis Norman, on November 24th, 2014

The Millennial generation, consisting of people born between 1980 and the mid-2000s, make up about one-third of the U.S. population and, as more of them are becoming adults, have been seen as perhaps the saving grace to a lagging home market. Unfortunately, thus far, the Millennial’s have appeared to favor renting rather than buying, although that may be more the result of necessity than desire, the result of increased student loan debt and tight lending standards. However, according to a survey of Millenial’s recently conducted by the California Association of REALTORS, a majority of the Millenial’s plan to buy Continue Reading →

Property Flips In St Louis Down Over 50 Percent From Year Ago

By Dennis Norman, on November 21st, 2014

Property “flips” in St Louis slowed during the 3rd quarter of this year to just 234 properties flipped in the St Louis MSA during the quarter making up 2.6% of overall home sales for the quarter, a decline of 20% from the quarter before and a decline of 55% from the third quarter of 2013, according to data just released by RealtyTrac. Property flipping is a term that has been loosely applied to a variety of real estate transactions but, for the purpose of this report, was considered to be when a single family home sold in during the third Continue Reading →

Will The Mortgage Forgiveness Debt Relief Act of 2007 Be Extended?

By Dennis Norman, on November 20th, 2014

UPDATE December 17, 2014 – Congress has passed an extension of the Mortgage Forgiveness Debt Relief Act of 2007 through December 31, 2014 – It is part of a bill that has been sent to President Obama for his approval. This falls short of the two year extension the National Association of REALTORS (NAR), among other groups, was pushing for which would have covered next year as well, but is at least some relief for those affected this year.

The Mortgage Forgiveness Debt Relief Act of 2007 provided relief for homeowners that receive forgiveness on some of their mortgage debt Continue Reading →

Effect Of School Districts On St Louis Home Prices

By Dennis Norman, on November 18th, 2014

I think most people know that good schools benefit the housing market and home prices in that district by creating more demand for homes in the district. This demand contributes to a healthy market and, the ultimate hope of most home owners, appreciating home prices that yield a good return on the investment over time. Conversely, the opposite is generally believed to be true as well that a poor school district has a negative effect on the housing market and home prices within that district.

How much effect does a school district have on home prices, whether a good district or Continue Reading →

St Louis’ 15 Top Buyer’s Market Neighborhoods

By Dennis Norman, on November 17th, 2014

Over two-thirds of the 68 St Louis neighborhoods that we track favor sellers, according to our Market Action IndexTM, leaving 20 St Louis neighborhoods (32%) that are currently buyer’s markets. As the table below shows, the top buyers market in the St Louis area as of today is Saint Albans with a Market Action Index of 20, followed by House Springs with a 24. Our Market Action IndexTM looks at supply, demand and inventory for an area and then applies an index value to it based upon 30 begin a balanced market not favoring buyers or sellers. The farther the Continue Reading →

St Louis’ Most Expensive Neighborhoods

By Dennis Norman, on November 12th, 2014

Huntleigh is at the top of the list of St Louis’ Most Expensive Neighborhoods with homes selling in the past year at a median price of $1,375,000 followed by Ladue with a median sale price of $797,000, according to MORE, REALTORS. The chart below depicts median sale prices in blue for the 10 most expensive cities in the St Louis area and the median list prices in orange.

In terms of median list price, Huntleigh is also number 1 on the list with a median price of $2,350,000 for homes currently listed for sale followed by Westwood with a median Continue Reading →

How To Sell Your Home For The Highest Price In The Shortest Time

By Dennis Norman, on November 11th, 2014

Would you like to know how to sell your home for the highest price in the shortest time? If so, perhaps the best place to find the answer is from prior sellers that have been successful in doing just that. This, and much more information gathered from home owners that sold a home in the past year, was just released in the National Association of REALTORS 2014 Profile of Home Buyers and Sellers. This gives some great insight into what worked for sellers as well as what did not.

Highlights from the NAR 2014 Profile of Home Buyers and Sellers:

Continue Reading →

St Louis Home Sales and Prices Market Update VIDEO-November 2014

By Dennis Norman, on November 10th, 2014

St Louis home prices have increased in the past year while home sales are lagging a little behind last years pace largely due to a lack of inventory of homes for sale. Get more details on this, as well as a complete update on St Louis home sales, St Louis home prices as well as the St Louis Real Estate market in general in our new, 5-minute, market video update below.

There are neighborhoods throughout St Louis that are low on inventory and high on demand creating a seller’s market! If you have considered selling your home, or perhaps tried Continue Reading →

Brinkmann Constructor’s Founders’ St Albans La Charette Estate Hit’s Market

By Dennis Norman, on November 7th, 2014

Robert G. Brinkmann, founder and CEO of Brinkmann Constructors, has listed for sale his 12,000 square foot St Albans estate home for $8.5 million. The Brinkmann estate, named “La Charette”, sits on 15.7 acres overlooking the Missouri river valley and claims to have “the most beautiful views in St Louis”. I was pondering the name given the estate, “La Charette”, and did a little research to try to find a connection between the name and Brinmann, who built the home 12 years ago. I looked first at the french definition of the word which is basically a “cart”, sort of like a chariot or wagon which at first made no sense to me until I discovered this type of French cart was often used to transport drawings. However, the other definition I found of it, which seems perhaps even more fitting, is (from Merriam’s) “the intense final effort made by architectural students to complete their solutions to a given architectural problem in an allotted time or the period in which such an effort is made.” Continue Reading →

St Louis Area Cash Home Sales On The Decline

By Dennis Norman, on November 6th, 2014

Cash home sales’ percentage of overall home sales declined during the 3rd quarter of this year from the 2nd quarter in the city of St Louis as well as St Louis and St Charles County, according to data just released by RealtyTrac. As the table below shows, the counties of Jefferson and Franklin saw cash sales take a bigger share of their home sales during the same period.

Purchases of homes by institutional investors increased during the 3rd quarter from the quarter before in Franklin and Jefferson County as well as the City of St Louis and declined in St Continue Reading →

Top Real Estate Exec’s Thoughts On The Housing Market

By Dennis Norman, on November 5th, 2014

Broker-owners and top executives of leading real estate firms across the U.S., responsible for nearly half of all the home sales in the U.S., were surveyed in October 2013 and then again last month, about their confidence in the housing market as well as their outlook for the housing market. The survey, commissioned by Imprev, revealed that real estate execs are not as optimistic now about the outlook for the housing market as they were a year ago.

Survey results are shown on the info graphics below:

(We work hard on this and sure would appreciate a “Like”)[iframe http://www.facebook.com/plugins/like.php?href=https%3A%2F%2Fwww.facebook.com%2FStLouisRealEstateNews&send=false&layout=standard&width=50&show_faces=false&font&colorscheme=light&action=like&height=35&appId=537283152977556 100 Continue Reading →

St Louis Distressed Home Sales Continue To Decline

By Dennis Norman, on October 28th, 2014

Distressed home sales in St Louis accounted for 7.97 percent of all home sales during the 3rd quarter, down from 9.84 percent the quarter before and down a whopping 40 percent from a year ago when distressed sales accounted for 13.6 percent of all homes sold in the St Louis MSA, according to the latest data from RealtyTrac. State-wide for Missouri, distressed home sales made up 7.12 percent of home sales during 3rd quarter, lower than the rate for St Louis however, at the other side of our state, in Kansas City, distressed home sales share of home sales was Continue Reading →

St Louis Pending Home Sales In September Increase From Last Year

By Dennis Norman, on October 27th, 2014

St Louis pending home sales increased in September to 2,285 for the 5-county core St Louis housing market (St Louis city and the counties of St Louis, St Charles, Jefferson and Franklin) from 2,203 in September 2013, an increase of 3.7%, according to the latest MLS data. Year to date, the number of pending home sales for 2014 is running about 3.3% behind last year however.

Visit StLouisMLS.com Find ALL Homes Open This Weekend Continue Reading →

St Louis New Home Sales In September Increase Slightly From Last Year

By Dennis Norman, on October 24th, 2014

St. Louis new home sales in September 2014 increased 3.26% from September 2013 while the average St Louis new home sales price increased 10.97% during the same period, according to the latest data from Maris.

On a national level, new home sales in September 2014 were up 17% from September 2013 and in the Midwest region sales were up 6.7% during the same period. The average new home sales price in the U.S. in September 2014 was $259,000, a 4% decline from a year ago when the average price was $269,800, according to the U.S. Census Bureaiu.

See St Louis Continue Reading →

Where The Real Estate Market Is Headed In 2015

By Dennis Norman, on October 22nd, 2014

Around this time of year every year, people start asking me “Where is the real estate Market headed next year?” The real estate market is affected by so many factors that predictions on what the market will do are hard, however there are some basic fundamentals that can be looked at to make a good educated guess. One of the industry experts out there that I think does a good job at this and, offers a somewhat less biased look at the market than some, is Frank Nothaft, Chief Economist at Freddie Mac. Below are highlights of his most recent report on the outlook of the housing market along with my comments relating his projection to our St Louis market: Continue Reading →

St Louis Home Sales and Prices Increase in September From Year Ago

By Dennis Norman, on October 20th, 2014

St Louis Home Sales increased 2.66 percent in September 2014 from a year ago and St Louis home prices increased 3.19 percent during the same period, according the latest data available from MORE, REALTORS.

As the table below shows, three of the five counties that make up the St Louis core market, saw an increase in home sales in September 2014 from a year ago and four of the five saw an increase in home prices during the same period.

Search all St Louis Homes For Sale HERE

(We work hard on this and Continue Reading →

Should I Buy A Home Directly From The Listing Agent?

By Dennis Norman, on October 14th, 2014

One of the most frequent questions I have been asked over the years by home buyers is “Should I Buy A Home Directly From The Listing Agent?” While no answer is correct for every situation, I would say that, in most cases, the answer to this question is “no”, you should not buy a home directly from the listing agent. You may be thinking though “won’t I get a better deal by cutting out the middle man?” In reality by going to the listing agent you are in fact NOT cutting out the “middle man” because in 99.99%* of the Continue Reading →

St Louis Home Sales and Prices Market Update VIDEO-October 2014

By Dennis Norman, on October 11th, 2014

St Louis home sales are failing to maintain the pace of last years home sales but still remain fairly strong, especially when you take into account the small inventory of homes for sale compared with last year. St Louis home prices have increased in the past year which, along with other market signs, support that our housing market recovery in St Louis continues, albeit at a rather slow pace.

There are neighborhoods throughout St Louis that are low on inventory and high on demand creating a seller’s market! If you have considered selling your home, or perhaps tried and failed Continue Reading →

HUD Releases Fair Market Rent Amounts for 2015 For Missouri

By Dennis Norman, on October 9th, 2014

Today, the U.S. Department of Housing and Urban Development (HUD) released it’s Fair Market Rent amounts for 2015 which are used for several purposes including computation of section 8 rents in a given area. The table below shows the fair market rents for 2015 for all Missouri Counties as well as Missouri Metropolitan Areas.

Search St Louis Foreclosures Search St Louis Short Sales

Continue Reading →

Wells Fargo Agrees To $5 Million Settlement of Claim Of Discrimination of Pregnant Women & Women On Maternity Leave

By Dennis Norman, on October 9th, 2014

The U.S. Department of Housing and Urban Development (HUD) just announced that Wells Fargo Home Mortgage has agreed to a $5 Million settlement to resolve allegations that Wells Fargo discriminated against women who were pregnant, or had recently given birth, and were on maternity leave. (Click HERE for settlement agreement)

There have been a total of 190 maternity leave discrimination complaints filed with HUD against lenders in the past 4 years and those complaints have resulted in 40 settlements for a total of $1.5 million, prior to today’s settlement with Wells Fargo.

(We work hard on this and sure Continue Reading →

Best College Towns For Renting and Flipping Property

By Dennis Norman, on October 7th, 2014

If you are one of the many parents of college-bound kids that is considering investing in a property to provide housing for your college student rather than waste money or dorms or rent, then this newly released info will help. Below is a list of the best college towns for renting property as well as the best college towns for flipping property, as compiled by RealtyTrac. St Louis didn’t make either list, actually nothing in Missouri did, however, many of the colleges and universities listed have plenty of kids attending from this area.

(We work hard on this and sure Continue Reading →

St Louis Short Sales

By Dennis Norman, on October 3rd, 2014

St Louis short sales are definitely fewer and farther between than they were a couple of years back however, they are still out there and still often offer a great opportunity to a buyer. A short sale is where a home is being sold by it’s owner at a price less than the current mortgage on it in the hope that the lender will agree to accept the proceeds from the sale and release the loan since the equity is simply not there to sell the home and pay off the loan. Of course, there has to be some hardship Continue Reading →

Pending Home Sales Down In August; Sales Pace Falling Short Of Last Year

By Dennis Norman, on September 29th, 2014

There were 2,017 Pending Home Sales in St Louis in August, down from 2,293 pending home sales in July and down 6.6% from August 2013 when there were 2,159 pending home sales,, according to MORE, REALTORS. There have been a total of 15,998 pending home sales in St Louis year to date through the end of August 2014 which is a decline a 4.9% from the same time last year when there were 16,829 pending home sales. Continue Reading →

St Louis Home Sales Down From A Year Ago; Prices Up

By Dennis Norman, on September 22nd, 2014

St Louis Home Sales were down 5.21 percent in August 2014 from a year ago however St Louis home prices increased 6.44 percent during the same period, according the latest data available from MORE, REALTORS.

As the table below shows, Franklin County and Jefferson County saw an increase in home sales during the past year however the other counties that make up the core St Louis market did not. All of the five counties that make up the bulk of the St Louis real estate market saw an increase in home prices from last year with Continue Reading →

Home Builders Optimism Regarding New Home Market Hits Highest Level In Almost 9 Years

By Dennis Norman, on September 17th, 2014

The new home market is improving and home builders indicate they have more confidence in the new home market now than they have had since November 2005, according to the National Association of Home Builders/Wells Fargo Housing Market Index (HMI) released today. According to the HMI, home builders confidence is presently at 59, the highest level the index has been at since November 2005.

The HMI is comprised of several components including builder’s opinions of current sale conditions, buyer traffic and future sales. The response from builders indicate they feel optimistic about current sale conditions and very optimistic about future sales, Continue Reading →

A Look At The Ferguson Real Estate Market

By Dennis Norman, on September 10th, 2014

One month ago yesterday, officer Darren Wilson shot Michael Brown and suddenly Ferguson, the little city where I grew up and began my career in real estate in 1979, became the focus of national news and headlines for days and weeks ahead. Unfortunately, the coverage of the shooting has cast Ferguson in a very negative light and no doubt will hurt the progress the city has made over the past several years to revitalize its city and make it an attractive place to live, work and start a business. This website is about real estate, so while I think this Continue Reading →

Almost Two-Thirds Of St Louis Foreclosures Sold Were Cash Sales

By Dennis Norman, on September 9th, 2014

The number of St Louis Foreclosures (bank and government owned) continues to decline resulting in just 335 St Louis Foreclosures being sold during the month of August 2014 in the St Louis Core market, a decline of 44% from August 2013 when there were 598 St Louis Foreclosures sold. What hasn’t changed though is the fact that nearly two-thirds (62%) of the foreclosures sold were cash sales for both periods. For the St Louis real estate market as a whole, cash sales made up for fewer of the home sales in August 2014 with just 22% of all homes being Continue Reading →

St Louis Home Prices and Sales Market Update VIDEO-September 2014

By Dennis Norman, on September 8th, 2014

St Louis home prices have increased 7 percent in the past year for the St Louis core market as a whole, but St Louis home sales have not followed suit and are on track for fewer home sales this year than last. You can find out more about this as well as get other useful information on the St Louis real estate market, including where the SELLERS MARKETS are in St Louis and the GOOD BUYERS MARKETS in our 5-Minute Market Update Video For September 2014 below.

Many areas of St Louis have become sellers markets due to increasing demand Continue Reading →