Home Prices and Sales - St Louis Real Estate News

St Louis’ Most Expensive Housing Markets

By Dennis Norman, on July 18th, 2013

St Louis’ most expensive housing can be found in Ladue today where the median price of homes for sale, as of today, is $1,318,731, according to data compiled by MORE, REALTORS. Closely behind Ladue is Clayton, with a current median price of $1,149,788, then Town & Country at $897,308 and Des Peres (63122) at $864,169. As the chart below shows, all four areas have seen median home prices fall from their peak during the past year, but all four areas are still reporting home prices above where they were a year ago.

The list below shows the current median list Continue Reading →

St Louis Real Estate Home Prices and Sales Market Update VIDEO-July 2013

By Dennis Norman, on July 12th, 2013

St Louis Real Estate Home Prices On The Rise!

It’s still a seller’s market in St Louis, according to the latest market data from MORE, REALTORS. The inventory of homes for sale remains low while home sale and prices are increasing.

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.

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Over half of recent home sales were to Generation X’ers or Y’ers

By Dennis Norman, on July 9th, 2013

Over half (59 percent) of recent sales were to two generations, the X’ers (born between 1965 and 1979) with a median age of 39 and the Y’ers (born between 1980 and 2000) with a median age of 28, according to the National Association of REALTORS Home Buyer and Seller Generation Trends Report. Continue Reading →

Get The “Fax” Before You Buy A Home

By Dennis Norman, on July 3rd, 2013

Yes, I know how to spell “facts” and am aware that “fax” machines have went the way of the dinosaurs and therefore would never advise someone to get one, so what exactly am I talking about in my post title? Actually, my recent discovery of a company that was launched in 2012 called Housefax prompted me to do this post, hence “fax”, however, I also mean to suggest that you should get all the “facts” you can (about the house and market) before you buy a home.

First, about Housefax. The company was launched last year and it’s top Continue Reading →

Will Home Prices Rise Much More In The Next Year?

By Dennis Norman, on June 28th, 2013

Over the past few months we have seen St Louis home prices rise as the inventory of homes declines and buyers snap up the best deals about as fast as they hit the market. The question now is, “will home prices rise much more in the next year” and, if so, will they continue at the current pace? Well, 70 percent the agents surveyed during the month of June by Redfin say they expect home prices to rise “a little” over the next 12 months and just 16 percent said they felt prices would rise “a lot” (down from 44 Continue Reading →

St Louis Home Sales Peak In June

By Dennis Norman, on June 27th, 2013

St Louis home sales peaked around the midpoint of June at the same time our Market Action Index (MAI) for the St Louis MSA peaked as well. The week of June 14th saw 1,964 homes leave the market in the St Louis MSA, most as a result of sale) and during the same week our Market Action Index (the black line on the chart below) hit 42, well into “seller’s market” territory (above 30 up to a max of 60). Since that peak, both the number of homes for sale that have left the market as well as our Continue Reading →

St Louis Housing Markets On The Rebound

By Dennis Norman, on June 24th, 2013

There are St Louis Housing markets on the rebound with prices and demand on the rise and inventories down. For the 9 areas of St Louis where the real estate market is on the rebound listed below, I have charts showing what home prices have done over the past 3 years (the red line) as well as what our Market Action Index is for the area (an index that rates an area based upon supply and demand – the Olive colored line). As the data shows, these markets are seeing home prices on the rise and the market heating up!

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Tina Niemann – A tribute to an amazing person

By John Williams, on June 21st, 2013

I once heard it said that people remember you, not by what you said, not by what you did, but by the way you made them feel. I cannot think of another person that this statement applies to more than Tina Niemann.

If you haven’t already heard, Tina passed away on June 14, 2013 after suffering a heart attack. The last time that I saw Tina, was at a luncheon at Bellerive Country Club. Tina saw me and came over and said “I just had to come over and speak to my favorite REALTOR “. Was I really her favorite Continue Reading →

Now is the time to buy a home survey shows

By Dennis Norman, on June 21st, 2013

A survey by LendingTree reveals that now is the time to buy a home if you want to beat the coming higher home prices and interest rates. According to the survey of individuals that say they are considering buying a home in the coming year, 68% say they feel home prices will rise and 64% think interest rates will rise in the next 12 months.

Of the would-be home buyers surveyed, 57 percent are first-time home buyers and 45 percent said they are “actively” shopping for a home while the remaining 55 percent said they are “casual” shoppers.

Click here Continue Reading →

Are St Louis Home Price Gains Threatening Another Housing Bubble?

By Dennis Norman, on June 19th, 2013

It has only been recently that economists started using the word “recovery” in the same sentence as “housing market” and now there is talk about a possible housing bubble? CoreLogic, in it’s June MarketPulse report, citing a 12.1 percent increase in their home price index from April 2012 to April 2013 cautioned that the double-digit home price gains “prompt caution” and makes some ask “are we witnessing a new housing bubble?”

The CoreLogic report encompasses the largest metro areas in the U.S. so I decided to look at the St. Louis area specifically to see if what we are Continue Reading →

St Louis Homeowners With Negative Equity Falls 10 Percent

By Dennis Norman, on June 12th, 2013

There were 88,367 St Louis homeowners with negative equity during the first quarter of this year, according to a report just released by CoreLogic. This represents 15.7 percent of the St. Louis homeowners with a mortgage and is a decline of 10 percent from the prior quarter when there were 98,365 St Louis homeowners with negative equity, or 17.5 percent of all St Louis homeowners with a mortgage.

For the State of Missouri as a whole, there were 120,056 homeowners, or 15.3 percent of all homeowners with a mortgage, with negative equity during the first quarter of this year. On Continue Reading →

Three out of Four People Say Now Is The Time To Buy A Home

By Dennis Norman, on June 11th, 2013

Over three of every four people (76 percent) say now is a good time to buy a home according to the National Housing Survey for May just released by Fannie Mae. Would be sellers are also feeling better about the housing market with 40 percent saying now is a good time to sell a home.

When it comes to financing that home purchase, American’s are getting more optimistic as well, with 46 percent saying it would be easy to get a home loan today, however 50 percent believe it would be difficult to obtain a mortgage.

Thinking of Continue Reading →

St Louis Real Estate Home Prices and Sales Market Update VIDEO

By Dennis Norman, on June 10th, 2013

St Louis Real Estate Market Shows Strengthening in May!

The St Louis Real Estate Market remains in seller’s market territory this month, according to the latest market data from MORE, REALTORS. The inventory of homes for sale remains low while home sale and prices are increasing.

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.

This is not the market to be an uniformed participant in though or not have qualified, professional representation. This can lead to frustration as a buyer as you continue to “miss” Continue Reading →

Missouri Attorney General Offers Tips To Avoid Timeshare Scams

By Dennis Norman, on June 7th, 2013

Missouri Attorney General, Chris Koster, has joined in with Attorney Generals from around the U.S. to combat time share buying scams. According to Koster, deceptive timeshare resellers will often falsely claim to have buyers or renters in place who are ready to pay top dollar for consumers’ timeshare properties. The scamming companies ask timeshare owners to pay hefty up-front fees and do nothing in turn.

The Missouri Attorney General’s office offers the following tips to avoid becoming the victim of a timeshare scam:

Continue Reading →

Report Says St Louis Home Price Appreciation 2nd Worst of Major Metros; Lets take a closer look though

By Dennis Norman, on June 4th, 2013

St Louis was ranked number 2 on the list of “Lowest Performing Major Metro Markets” just released by Clear Capital. The Clear Capital report listed the top 15 performing housing markets in the U.S. as well as the 15 worst performing housing markets in the U.S. during the month of May 2013, based upon home price appreciation on a quarter over quarter basis. At the top of the list of top performing markets is Las Vegas with a 4.5 percent increase in home prices from the prior quarter and a staggering 27 percent increase over the past year. In Continue Reading →

St Louis Foreclosures Up Almost 19 Percent From Year Ago

By Dennis Norman, on May 30th, 2013

St Louis foreclosures rose during the 1st quarter of this year to 2,505 foreclosure sales in the St Louis metro area during the quarter, an increase of 18.83 percent from the year before, according to a newly released report from RealtyTrac. The average sales price of St Louis foreclosures during the quarter was $89,229 and, on average, St Louis foreclosures sold at a 37.95 percent discount from non-distressed sales.

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Survey Shows Homebuyers Accepting Reality of Higher Home Prices As Result of Sellers Market

By Dennis Norman, on May 28th, 2013

A survey just conducted by Redfin of recent homebuyers shows that homebuyers are accepting the fact that they must pay higher prices as a result of being in a sellers market.

Here in St Louis we are seeing this with homes selling, as the chart shows below. for a higher percentage of the list price and in shorter time.

St Louis Home Sales and Home Price Increases In April Outpace National Average

By Dennis Norman, on May 22nd, 2013

St Louis home sales in April increased 13.7 percent from a year ago for the five-county core area (City of St Louis and the Counties of St Louis, St Charles, Jefferson and Franklin) while U.S. existing home sales rose 9.7 percent during the same period. During the same time-frame, St Louis home prices rose from a median price of $123,000 13.7 percent to $139,900 while US home prices increased 11.0 percent.

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10 Most Affordable and 10 Least Affordable Places To Own A Home

By Dennis Norman, on May 21st, 2013

The National Association of Home Builders released their housing affordability report for the 1st quarter of 2013 showing that in Mansfield Ohio, the median price for a home was $73,000 and, with the area median family income being $54,600, resulting in 97.5 percent of the new and existing homes for sale being affordable to an average family. At the other end of the list was San Francisco, with a median price of $675,000, median income of $102,000 and only 28.9 percent of its homes affordable to a family with a median income. St. Louis came in at 76 on the Continue Reading →

St Louis’ Top Luxury Home Markets

By Dennis Norman, on May 14th, 2013

The top four markets in the country for $1 Million+ home sales are all, not surprisingly, located in the state of California, according to a recently released luxury home sales report by Redfin. With 474 $1 million+ home sales, San Francisco was #1 on the list, followed by 469 home sales in Los Angeles, 430 in Silicon Valley and 415 in San Diego, all during the 14 month period ended March 31, 2013.

The St Louis Luxury Home market has communities that would have made the list, however Redfin does not cover the St Louis market. As you can see Continue Reading →

St Louis Home Prices Rose 8 Percent In Past Year

By Dennis Norman, on May 14th, 2013

St. Louis home prices rose 8 percent, on a year over year basis, from March 2012 to March 2013, according to new released data from MORE, REALTORS. In March 2012, the median St Louis home price (for the 5-county “core” area) was $111,000 and in March 2013 the median St Louis home price was $119,900.

On a national level, metro area home prices in the first quarter of 2013 rose 11.3 percent from a year ago.

Continue Reading →

Report Ranks St Louis Housing Market As 7th Worst Of Major Metros

By Dennis Norman, on May 8th, 2013

The St Louis Housing Market was delivered a blow by a Clear Capital report just released ranking the performance of the housing market in St Louis as the 7th worst of the major metro areas in the U.S. According to the report, St Louis home prices dropped 0.3 percent in the past quarter and declined 1.0 percent from a year ago, that, coupled with the fact that REO’s (foreclosed property owned by banks) makes up 1/3 of the St Louis market, put us at 7th on the “bad” list. At the top of the “good” list was Las Vegas with Continue Reading →

Real Estate Recovery "On Its Way"

By Tyler Frank NMLS # 942420, on May 3rd, 2013

Tyler Frank,Paramount MortgageNMLS ID 942420

“The (real estate) recovery has been much more like the tortoise than the hare,” said Stephen Blank, a senior resident fellow of the Washington-based Urban Land Institute. “We’ve become used to slow relief. But we have finally turned the corner.”

Real estate markets on both coasts in places like; New York, San Francisco, Los Angeles and Boston were the first to emerge from recession and will pick up their pace of recovery through 2013, said Blank, a principal researcher for Emerging Trends. He was the main speaker at the annual outlook presented by Continue Reading →

St Louis Is 4th Best Place In The U.S. For Investors To Buy Property

By Dennis Norman, on May 2nd, 2013

St. Louis is the 4th best place in the U.S. for investors to buy property, based upon a recent report by Radar Logic. In compiling the list of cities, Radar Logic examined where institutional investors (i.e., corporations, LLC’s, partnerships and trusts) were buying property and how big of discounts they were receiving compared to other home sales in that area.

The Top 10 Markets For Investors Based Upon Discounted Home Prices: Continue Reading →

St Louis Home Sales Increase In March

By Dennis Norman, on April 29th, 2013

St Louis Home Sales Up Over 11 Percent In March

St Louis home sales rose in March to 2,729 homes sold in the five-county St Louis core area (city of St Louis and counties of St Louis, St Charles, Jefferson and Franklin) which is an increase of 11.3 percent from March 2012 when there were 2,451 homes sold. St Louis home prices rose 3.7 percent in March to an average sales price of $146,146 from $140,904 a year ago.

On a national level, the Pending Home Sales Index from the National Association of REALTORS (NAR) was at 105.7 for March, Continue Reading →

New Home Sales On The Rise While Inventory is Low

By Dennis Norman, on April 23rd, 2013

New home sales continued the upward trend in March with new homes in the US selling at a seasonally-adjusted annual rate of 417,000 homes, an increase of 1.5 percent from the month before and an 18.5 percent increase from a year ago, according to the US Census Bureau and HUD.

New home sale prices declined in March to a median price of $247,000, down 6.7 percent from February’s median new home price of $264,900 but up 3 percent from a year ago when the median new home sales price was $239,800. The inventory of new homes for sale remained steady Continue Reading →

St Louis Home Sales Up 11.7 Percent From Year Ago

By Dennis Norman, on April 22nd, 2013

St Louis Home sales rose in March to 2,397 homes sold, up from 1,817 homes sold in February and up 11.7 percent from a year ago when there were 2,145 homes sold. St Louis’ year-over-year increase in home sales in March actually topped the increase in US home sales for the month which rose 10.3 percent from the year before.

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Survey Shows Bankers Feeling Better About Housing Market

By Dennis Norman, on April 19th, 2013

FICO Survey Shows Bankers Are More Optimistic About Housing Market

Most bankers surveyed (83.7 percent) in FICO’s first quarter 2013 survey, said they felt mortgage delinquencies would decline, or at worst stay the same, during the next 6 months. Additionally, 70.8 percent of the bankers feel home prices are rising at a sustainable pace.

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Home Prices Set To Rise, Thanks To The Fed

By Tyler Frank NMLS # 942420, on April 15th, 2013

Tyler Frank,Paramount MortgageNMLS ID 942420

Home Prices Nationwide Shooting Up Faster Than Anyone Thought Possible Not Long Ago

The US housing market has broken out of a deep slump, and prices are shooting up faster than anyone thought possible a year ago.

Prices of existing homes rose 10% in February nationally from a year ago. What is causing this increase?

Continue Reading →

Washington DC And 3 California Cities Most Likely To See Housing Bubble

By Dennis Norman, on April 12th, 2013

“Nationwide, we’re not in a bubble,” says Glenn Kelman, CEO of online real estate company Redfin, however Washington D.C., Los Angeles, San Francisco and San Diego may be headed that direction, according to Redfin’s data. Redfin is not in St Louis so our city was not on their list but in the coming weeks I plan to do an analysis of the St Louis market in the same manner they did of other markets and will publish what I find at that time. In the meantime, here’s the info from Redfin.

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