Home Prices and Sales - St Louis Real Estate News

Are Distressed Home Sales Gone From St Louis?

By Dennis Norman, on March 1st, 2014

Not long ago distressed home sales (foreclosures, short sales, REO’s, etc) were a dominant force in the St Louis real estate market, accounting for a good portion of St Louis area home sales. Today, however, with a few exceptions, they have all but left the St Louis real estate market. As far as the St Louis housing market is concerned, this is a good thing, for home buyers and investors looking for what are often bargain prices as a result, they may have different thoughts.

As the table below for the five St Louis counties that Continue Reading →

St Louis Home Sales Decline In January

By Dennis Norman, on February 21st, 2014

St. Louis home sales cooled off in January with 1,592 homes sold in the 5-county core St Louis real estate market (the city of St Louis and the counties of St Louis, St Charles, Jefferson and Franklin), a decline of over 15 percent from January 2013 when there were 1,876 homes sold. St Louis home prices, on the other hand, rose almost 12 percent (11.85%) from a median price of $115,000 in January 2013 to $129,625 in January 2014. As the table below shows, all the St Louis core areas so a decline in home sales in January from a Continue Reading →

St Louis Home Affordability Drops Dramatically From Year Ago

By Dennis Norman, on February 20th, 2014

St Louis home affordability has fallen significantly in the past year as a result of increasing home prices as well as rising interest rates, according to a report by MORE, REALTORS. As the table below shows, the hardest hit area was the city of St. Louis where a house payment on a median priced home has increased 50% from the 4th quarter of 2012 to the 4th quarter of 2013. Jefferson county and St Charles county, with the lowest increases in home prices (2% and 7% respectively) had the least amount of damage done to home affordability.

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Is Buying a Home a Good Investment?

By Dennis Norman, on February 16th, 2014

When asked “Is Buying a Home a Good Investment” about half (49%) of the Americans surveyed in a recent Rasmussen Reports survey said yes that a home would be a good investment for their family. Before you “glass is half empty” people say that means then the other half don’t agree, that is not accurate as only 27% percent said they felt that a home is not a good investment for a family presently while the remaining 24% just weren’t sure whether buying a home would be a good investment or not.

The survey results above are pretty consistent with Continue Reading →

Top 20 St Louis Neighborhoods For Reduced Home Prices By Sellers

By Dennis Norman, on February 14th, 2014

Even though the St Louis real estate market is improving, there are still plenty of sellers out there who have had to lower the asking price on their homes in an effort to attract the attention of the increasingly savvy St Louis home buyer. The table below showing the top 20 St Louis neighborhoods for reduced home prices by sellers includes areas of the city of St Louis, and the counties of St Louis, Franklin and Jefferson but none of St Charles county made the list.

(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 35 Continue Reading →

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

By Dennis Norman, on February 8th, 2014

Frigid Temperatures Put The Chill On St Louis Real Estate Market….

Not to worry though for there is plenty of good news about the St Louis real estate market in spite of the recent decline in home sales…Get this, and much more by only investing about 5 minutes of your time watching our newly published video update below.

Thinking of selling and want to know if your neighborhood is a seller’s market? Contact us and we’ll answer that question for you.

Continue Reading →

St Louis Home Prices and Sales Fall In January

By Dennis Norman, on February 7th, 2014

St Louis home prices and home sales fell in January from the month before for the five-county core St Louis market (city of St Louis and counties of St Louis, St Charles, Jefferson and Franklin). In January 2014 there were 1,569 homes sold, down 29% from December and down 16.2% from January 2013 when there were 1,873 homes sold in the St Louis core area. St Louis home prices for homes sold fell to $129,000 in January 2014 down from $141,000 the month before but up over 12% from a year ago when the median price of St Louis homes Continue Reading →

20 Best Neighborhoods in St Louis To Sell A Home

By Dennis Norman, on February 4th, 2014

What are the 20 best neighborhoods in St Louis to sell a home? Well, it depends on how you look at it, but I like using the “Market Action Index” (or “Market Heat Report”) published by my firm, MORE, REALTORS. The reason I like the index, aside from the obvious, is that it gives an unbiased, objective analysis of the St Louis markets and rates them based primarily upon supply and demand which is what drives a market and ultimately drives home prices.

Please note, being on this list does not necessarily mean home prices are rising, in fact, perhaps Continue Reading →

St Louis Real Estate Market Outlook 2014

By Dennis Norman, on February 2nd, 2014

What is the St Louis real estate market outlook for 2014? Where are home prices and sales headed? Are we out of the slump and on the path to recovery in the St Louis housing market? What about St Louis new home construction activity and St Louis new home sales?

I had the pleasure this morning of discussing this and much more with Kristi Carson, host of “Today’s Issues” , her show that airs on KSHE 95, Classical 107.3, KHITS 96.3, 105.7 The Point and FM NewsTalk 97.1. In case you don’t catch the show on the radio, you can get it here.

Continue Reading →

Where are home loan rates headed?

By Dennis Norman, on January 30th, 2014

Home loan rates have been near historic lows for a while now but the $64 question is, where are home loan rates headed in the future? While there are, of course, a variety of opinions out there, the majority of the noteworthy ones are thinking interest rates are headed upward. In the Well’s Fargo Securities Economic Outlook report for 2014, interest rates in the year ahead (2014) was addresses, saying “we expect long-term rates to exhibit an upward bias as Fed tapering moves forward. However, the extent of any increase in long-term rates should be modest, given continued low inflation Continue Reading →

St Louis Housing Market Bubble to Burst

By Dennis Norman, on January 28th, 2014

The St Louis housing market bubble of 2006 was followed by the bursting of the bubble shortly thereafter and, even though many of us tried to convince ourselves it would not happen, reality set back in. The reality was, when it came to home prices, the “greater fool theory” would only work so long until the reality of the underlying fundamentals of what makes up the value of a home would rear it’s ugly head and bring everyone down from their real estate high.

So, now that several years have passed, and many market prognosticators (including yours truly) say Continue Reading →

St. Louis Distressed Home Sales Fall Sharply

By Dennis Norman, on January 22nd, 2014

St Louis distressed home sales continue to fall, according to a report published by MORE, REALTORS based upon data released by RealtyTrac. This report supports other market data that indicates the St Louis real estate market is recovering from the devastation brought on it when the real estate market bubble burst back in 2008.

The market crash brought many institutional buyers into the market, buying up homes as prices fell, but the recovery of the St Louis real estate market has slowed this activity as well. Home sales fueled by institutional investors fell 23.6% in December 2013 from the Continue Reading →

St Louis Home Sales Rise 12 Percent In 2013; Prices Up Too

By Dennis Norman, on January 21st, 2014

St Louis homes sales (the 5-county core market*) for 2013 increased from 24,134 for the 2012 to 26,979 for 2013, an increase of 12%, according to the latest data available from MORE, REALTORS. St Louis home prices rose in 2013 to a median sales price of $149,900 an increase of over 11% from 2012 when the median home price was $135,000.

For the past few months I have been saying that the St Louis real estate market is definitely in a recovery and the home sales data continue to support this notion.

(We work hard on this and sure would Continue Reading →

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

By Dennis Norman, on January 14th, 2014

Recovery is underway!

Yes! St Louis home prices are on the rise and the St Louis real estate market is recovering! Find out why I feel this way and where the market is headed in my newly published 5 minute video update below.

Thinking of selling and want to know if your neighborhood is a seller’s market? Contact us and we’ll answer that question for you.

Continue Reading →

St Louis’ Top Ten Neighborhoods For Home Price Increases

By Dennis Norman, on January 9th, 2014

Where in St Louis are home prices rising the fastest? As the St Louis real estate market settles into what appears to be a sustainable recovery, home prices are on the rise in most St. Louis neighborhoods. The table below shows the 10 St Louis neighborhoods where home prices have increased the most over the past year. Keep in mind, this data is based upon the asking price of homes for sale and does not necessarily indicate an increase in the property values of all homes in the areas shown, however, in general, if the prices of homes for sale Continue Reading →

St Louis Neighborhoods Poised For Strong Spring Housing Market

By Dennis Norman, on January 6th, 2014

It doesn’t take a rocket scientist to know that home prices typically rise in the spring as the St Louis real estate market heats up however, it is more of a challenge to find those areas that may out perform the others. So, which St Louis neighborhoods are poised for a strong spring housing market?

As I wrote about earlier this week, a recovery of the St Louis real estate market is underway, however, some areas will fare better than others of course. For some home buyers the “investment” aspect of their next home is secondary as the school district, Continue Reading →

Important Changes to FHA Home Loans Now In Effect

By Tyler Frank NMLS # 942420, on January 3rd, 2014

Tyler Frank,Paramount MortgageNMLS ID 942420

The Federal Housing Authority (FHA) has made some changes for 2014, which took effect January 1 and affect FHA home loans. First and foremost, you will see a drop in the maximum allowable loan. In the St. Louis metro area, for example, the new max loan amount for a single-family home has been lowered to $271,050 from $281,250.

Other items of note regarding FHA have not changed; so as a refresher let’s look at FHA qualifications and rules:

Borrower must put 3.5% down based on sales price. 100% of the buyer’s contribution Continue Reading →

St Louis Housing Market Recovery Underway

By Dennis Norman, on January 2nd, 2014

It’s hard to believe that it has been over 5 years since the housing market bubble burst but, as we begin this new year, it is good to continue to see market data that supports a St Louis housing market recovery is underway!

As we have been reporting here on St Louis Real Estate News, over the past few months we have seen a solid recovery trend in the St Louis real estate market. Home prices have increased as have home sales, the new home market continues to make progress with new home construction and sales on the rise and Continue Reading →

In What St Louis Neighborhoods Have Home Prices Increased?

By Dennis Norman, on December 27th, 2013

The table below shows the top 25 St Louis neighborhoods where the prices of homes listed for sale have increased in the prior 90 days. This could be an indicator of rising home prices in the area or could be an indicator of a lot of investor or speculator activity resulting in homes being purchased and immediately put back out on for sale to “flip” it at a higher price. This is why it is always important to look at more than just one statistic when trying to determine what is going on in a particular market and why it Continue Reading →

Midwest New Home Sales Plummet In November

By Dennis Norman, on December 26th, 2013

After a 34 percent increase in October from the month before, Midwest new home sales gave back a chunk of the gain in November, falling 26.6 percent from October. New home sales in the midwest region of the U.S. in November were at a seasonally adjusted annual rate of 47,000 homes, down from a rate of 64,000 homes the month before however up slightly from a year ago in November when the rate of new home sales was 44,000 homes.

Looking at actual home sales and not “seasonally adjusted annual rates” we find that, through the end of November 2013, Continue Reading →

St Louis Home Sales Increase In Past Year; Buck National Trend

By Dennis Norman, on December 20th, 2013

St Louis homes sales (the 5-county core market*) for the 12 month period ending November 30, 2013 increased 4 percent from the same period a year ago, in contrast to national home sales which are down 1.2 percent from a year ago. As the table below shows, St Louis distressed home sales (foreclosures, bank-owned and short sales) have declined by more than a third and are currently responsible for just 5 percent of the overall home sales.

St Louis home prices are increasing too with the median home price for the past year coming in at $149,600, an increase of Continue Reading →

St Louis Home Prices and Real Estate Market Update for December 2013

By Dennis Norman, on December 10th, 2013

Recovery is underway!

The St Louis real estate market is definitely showing signs of a sustained recovery trend for the market based upon the latest market contained in our St Louis Real Estate Market update video below.

Invest just 5 minutes of your time watching our market update, and you will be smarter than the average bear about the St Louis real estate market!

Thinking of selling and want to know if your neighborhood is a seller’s market? Contact us and we’ll answer that question for you.

You can now subscribe to our ITUNES Podcast Channel to receive our updated Continue Reading →

Which St Louis Area County Had The Best Home Value Appreciation Pre-Bubble to Post-Bubble?

By Dennis Norman, on December 10th, 2013

St Louis, like the rest of the country, began the build up to the housing bubble around 2000 only to see the bubble burst in 2008 and then where we find the St Louis market today; in recovery mode. So, during this period , which St Louis area county saw the most home value appreciation overall? Well, the “winner” isn’t even a county per se, it’s the City of St Louis with a 86.85 percent increase in median home values from 2000 to 2012, according to data from the US Census Bureau. As the table below shows, the Continue Reading →

St Louis Short-Sales Dwindling

By Dennis Norman, on December 6th, 2013

“Short-sale” is a term that was relatively unknown until the real estate market bubble burst in 2008. After the bubble burst the term quickly became a common topic of conversation among homeowners that found themselves “underwater” in their homes, meaning they owed more on their homes than they were worth, and also among potential home buyers and investors looking to snag a good deal.

If you are one of those buyers wanting to snag a deal, you may have missed the boat as the volume of short sales in St Louis has fallen dramatically. While, overall, this is good news Continue Reading →

Midwest New Home Sales In October Up Over 20 Percent From Year Ago

By Dennis Norman, on December 4th, 2013

Midwest new home sales in October were at a seasonally adjusted annual rate of 63,000 homes, a 34.0 percent increase from September and an increase of 21.2 percent from a year ago, according to data just released by the U.S. Census Bureau and HUD. Nationally, new home sales in October were at an annual rate of 444,000 homes, an increase of 25.4 percent from the month before and an increase of 21.6 percent from a year ago.

New homes sold during the month of October 2013 were sold for a median price of $245,800, a decrease of 4.5 percent from Continue Reading →

St Louis Short Sales Plummet While REO’s on the Rise

By Dennis Norman, on November 26th, 2013

St. Louis short sales accounted for just 1 percent of the overall home sales activity during October in the core market of St. Louis (the city of St Louis and counties of St Louis, St Charles, Jefferson and Franklin), according to the latest data from RealtyTrac. As the table below shows, Jefferson County had the largest percentage of short sales in October at 7% and St Charles and Franklin both the lowest at 0%. REO sales (prior foreclosures that are now bank owned) on the other hand, made up 7 percent of St Louis area home sales in October, an Continue Reading →

St Charles County Most Expensive Homes For Sale – Slideshow

By Dennis Norman, on November 22nd, 2013

St Charles county’s most expensive homes for sale can be found from Augusta in the southern part of the county to Wentzville in the north, from Foristell to the city of St Charles and come in all shapes and sizes. The live, real-time, slide show below shows the variety of million dollar plus homes currently for sale in St Charles county.

Continue Reading →

St Louis Luxury Home Sales Increase For 5th Consecutive Year

By Dennis Norman, on November 21st, 2013

St Louis luxury home sales (home sales of $1Mil or above) increased in the past 12 months almost 8 percent from the year with 182 homes being sold for $1 million or more in the St Louis core area (city of St Louis and the counties of St Louis, St Charles, Jefferson and Franklin). Luxury home sales in St Louis peaked between 11/06 and 11/07 when there were 268 homes sold. St Louis luxury home prices have not kept pace with sales with the average luxury home price declining for the past two years, however, thanks to increased sales, the Continue Reading →

St Louis Home Sales Increase Slightly In October…Distressed Sales Share Drops By Third In Past Year

By Dennis Norman, on November 20th, 2013

St Louis homes sales (the 5-county core market*) increased slightly in October 2013 to 2,211 sales from 2,207 sales the month before. However, as the table below shows, a couple of key things worth noting are that October home sales increased 6.76 percent from October 2012 and, in October 2013, distressed sales (foreclosures, short sales, REO’s) accounted for just a little over 20% of total home sales, down from almost 31% a year ago.

St Louis home prices, as the chart below shows, have steadily risen in the past year from a median price of $130,000 in October 2012 to Continue Reading →

St Louis Neighborhoods Where Homes Are Selling Fast

By Dennis Norman, on November 19th, 2013

All 10 of the St Louis neighborhoods where homes are selling the quickest are found in St. Louis County, according to the latest data available from MORE, REALTORS. As the table below shows, the 63040 zip in Grover has the lowest median time homes for sale have been on the market at just 35 days.

The chart below the table shows the number of homes that were sold during October 2013 in each of these zip codes that made the top ten list for fastest selling St Louis neighborhoods. Ballwin saw the most home sales with almost 70 in the Continue Reading →