By Dennis Norman, on July 27th, 2023 According to a study released earlier this year by WalletHub, Missouri property tax rates are the 29th lowest in the U.S. To determine the tax rates for this list, WalletHub took the median property tax payment for each state and divided it by the median property value to determine the effective tax rate. For Missouri, the median home price was $171,800 and median property tax was $1,676 resulting in an effective tax rate of 0.98%. Hawaii was the state with the lowest tax rate coming in at a scant 0.29% and New Jersey the highest at 2.47%.
WalletHub also compared Continue Reading →
By Dennis Norman, on July 14th, 2023 Below is the St Louis Real Estate Market Report for June 2023 for the City and County of St Louis combined from St Louis Real Estate Search (the Official site). You can access the full infographic, containing data for St Charles, Jefferson and Franklin Counties as well by clicking on the image below.
In the relentless tug-of-war that characterizes today’s real estate market, it’s imperative not to base your choices on misguided data!
The present property market leaves little room for errors, thanks to a deficit of listings and aggressive buyer interest. A combination of these factors has sparked not Continue Reading →
By Dennis Norman, on July 5th, 2023 For the 12-month period ended June 20, 2023, there were 23,074 homes sold in the St Louis 5-county core market which, as the STL Market Report below (available exclusively from MORE, REALTORS®) shows, is nearly a 20% decline in home sales from the the prior 12-month period when there were nearly 29,000 homes sold. The median price of homes sold during the most recent 12-month period was $270,000, an increase of 5.47% from the prior 12-month period.
St Louis home sales trend continues to fall….
Below the market report is a STL Market Chart showing (also available exclusively from Continue Reading →
By Dennis Norman, on June 15th, 2023 Below is the St Louis Real Estate Market Report for May 2023 for the City and County of St Louis combined from St Louis Real Estate Search (the Official site). You can access the full infographic, containing data for St Charles, Jefferson and Franklin Counties as well by clicking on the image below.
In this competitive market don’t make decisions based upon bad data!
Today’s real estate market is unforgiving for homebuyers, driven by a scarcity of inventory and robust buyer demand. This, coupled with not just bidding wars but “terms wars”, has made it challenging for many. In an Continue Reading →
By Dennis Norman, on June 2nd, 2023 I’ve been in the real estate business since I was 17, which means it has been 45 years of experiencing various market conditions, including recessions, inflation, 18% mortgage rates, the burst of the housing bubble, and a myriad of other good and bad things. However, I can confidently say that I have never witnessed a real estate market quite like the one we have been experiencing in the past couple of years.
So, what makes the current real estate market so unique? First and foremost, I’ve pondered this question extensively, and I honestly can’t recall a time in this industry Continue Reading →
By Dennis Norman, on June 1st, 2023 This might not come as a surprise, given that St. Louis home sales experienced a nearly 20% decline in the past 12 months compared to the previous year, coupled with 30-year fixed-rate loan interest rates approaching 7%. However, mortgage loan originations in St. Louis during the first quarter of this year have reached their lowest level since ATTOM Data began tracking them in the first quarter of 2000. As depicted in the chart below, both home purchase mortgages and total mortgage originations (including purchases and refinances) hit record lows in the first quarter of this year.
During the first quarter, Continue Reading →
By Dennis Norman, on May 24th, 2023 As the infographic below illustrates (which is available exclusively from MORE, REALTORS®) the median price of a home in St Louis (the 5-county core market) has increased 112% since 2000, from $124,900 in 2000 to $265,000 in 2022. During the same time period, the median lease rate, or rental rate, for a St Louis home has increased by just 68%, moving from $955 in 2000 to $1,600 in 2022.
Leasing a home is obviously a better deal, right?
If we set aside the benefits (and responsibilities) of homeownership and the long-term investment aspects, simply looking at the monthly cost might Continue Reading →
By Dennis Norman, on May 12th, 2023 Below is our St Louis Real Estate Market Report for April 2023 for the City and County of St Louis combined. You can access the full infographic, containing data for St Charles, Jefferson and Franklin Counties as well by clicking on the image below.
Search St Louis Homes For Sale Search St Louis Upcoming OPEN HOUSES St Louis Real Estate Report for April 2023
(click on infographic for complete report including other counties)
Continue Reading →
By Dennis Norman, on April 27th, 2023 What strange and confusing times we live in! Some seemingly credible predictions made by qualified experts suggest that our banking system could collapse, our currency may become worthless, and our country may face a significant downturn. Meanwhile, others claim that there is no cause for alarm. Here in St. Louis, the real estate market continues to thrive as if everything is great in our economy, despite the fact that interest rates have doubled in the past year. I have been in this business for 43 years, and although I have seen many ups and downs in the market, I have Continue Reading →
By Dennis Norman, on April 19th, 2023 A report released today by Redfin reveals that the median U.S. home sale price in March was $400,528 marking a 3.3% decline from March 2022 when the median home price was $414,196. However, the situation in St. Louis is quite different. According to the STL Market Chart (available exclusively from MORE, REALTORS®) below the median price of homes sold in St Louis in March was $260,000, which represents an increase of 4% from March 2022 when the median home price was $250,000.
The chart also depicts the 12-month home sales trend for St. Louis, indicated by the dark green line, Continue Reading →
By Dennis Norman, on April 6th, 2023 Earlier this week I wrote an article addressing some of the current issues that will likely significantly impact the residential real estate business. IIn the article, I suggested that, as a result of the various challenges to present-day practices, sellers may no longer be required to pay commissions to the buyer’s agent in the near future. Does this mean the role of the buyer’s agent in a transaction is going away and that buyer’s agents are not needed? The short answer is no, buyer’s agents are not going away.
So, buyer agents won’t be impacted by these changes?
Wait, I Continue Reading →
By Dennis Norman, on March 25th, 2023 For the past several months there have been many reports anticipating the moves of the Federal Reserve regarding interest rates then followed by tons of articles, blog posts and videos analyzing then predicting the impact of the Fed’s decision on the economy. The other popular topic in this area is the “Money Supply”, usually M2 money supply and whether it’s increasing or decreasing as well as the impact on the economy.
Should St Louis homeowners and potential home buyers really care about the Fed Funds rate or M2 money supply?
First, let’s talk about the Fed Funds rate and what Continue Reading →
By Dennis Norman, on March 19th, 2023 Should I rent or buy a home in St Louis? This is a question St Louis REALTORS® are often asked, especially in the past few years while homes appeared to be increasing weekly, there were often more than a dozen offers on a listing and generally the market seemed out of control. Granted, some of that pandemonium has eased somewhat lately given the increase in interest rates and questions about the economy but the question still remains. While there are many non-financial reasons people choose to buy their own home or condo versus rent, we’ll just look at the cost Continue Reading →
By Dennis Norman, on March 17th, 2023 There were 28,500 homes sold in the St Louis 5-county core market during the 12-month period ended February, 28, 2023 a decline of 16.80% from the prior 12-months when 34,256 homes were sold according to MORE REALTORS® exclusive STL Market Report below. As the report below shows, the median price of homes sold in St Louis increased 7.62% during the same period.
While the supply of St Louis homes for sale is still historically very low, it has increased significantly over the past two years rising from under a 1-month supply to the current 1.64 month supply of homes currently Continue Reading →
By Dennis Norman, on March 13th, 2023 Below is our St Louis Real Estate Market Report for February 2023 for the City and County of St Louis combined. You can access the full infographic, containing data for St Charles, Jefferson and Franklin Counties as well by clicking on the image below.
Search St Louis Homes For Sale Search St Louis Upcoming OPEN HOUSES St Louis Real Estate Report for February 2023
(click on infographic for complete report including other counties)
Continue Reading →
By Dennis Norman, on February 21st, 2023 There have been a fair number of reports about the increase in distressed home sales in various markets around the country and on the national level. However, in St Louis, distressed home sales are on the rise, they are still at levels that are historically quite low.
Distressed home sales that involve some sort of distress or other condition that would typically result in the home not selling for a normal “retail” price like it would if it were a typical listing in market ready condition with normal marketing time allowed. The chart below shows distressed home sales in the Continue Reading →
By Dennis Norman, on February 15th, 2023 Last week, there were 405 new listings of homes for sale in the St Louis 5-county core market, according to the STL Real Estate Trends Report from MORE, REALTORS®. During the same week, there were 365 new sale contracts written on homes for sale resulting in a new listing to new contract ratio of 1.11. As the tables below illustrate, the only county that had more new sales last week than new listings was Franklin County with 16 new sales and 15 new listings.
Listing supply remains low…
As the table at the bottom shows, as of today, there is Continue Reading →
By Dennis Norman, on February 5th, 2023 For the 12-month period ended January 31, 2023, there were 24,993 homes sold in the St Louis 5-county core market which, as the STL Market Report below (available exclusively from MORE, REALTORS®) shows, is nearly a 17% decline in home sales from the the prior 12-month period when there were over 30,000 homes sold. The median price of homes sold during the most recent 12-month period was $266,500, an increase of 6.6% from the prior 12-month period.
St Louis home sales trend falling fast….
Below the market report is a STL Market Chart showing (also available exclusively from MORE, Continue Reading →
By Dennis Norman, on January 19th, 2023 A report just released by ATTOM data shows that St Louis home prices are rising at a rate significantly higher than the rate wages in St Louis are rising and St Louis rental rates are increasing at rates higher than home prices. As the chart below shows, during the past year, wages in the St Louis metro area increased 3.8% however, home prices in St Louis increased 7.9% and rental rates increased 11.2%.
Search St Louis Homes For Sale Search St Louis Upcoming OPEN HOUSES St Louis MSA – Housing Affordability
Data source: ATTOM Data – Continue Reading →
By Dennis Norman, on January 13th, 2023 The median price of homes sold in Franklin County increased from 2021 to 2022 at nearly double the rate the price of homes sold in St Louis County did during the same period. As the chart below shows, the median price of homes sold in Franklin County during 2021 was $206,000 and then increased 6.7% to $219,800 in 2022. During the same period, the median price of homes sold in St Louis County increased 3.4% from 246,500 to $255,000.
[xyz-ips snippet=”Franklin-County-For-Sale-and-Open-Houses”][xyz-ips snippet=”St-Lous-County-Homes-For-Sale”]
Franklin County vs St Louis County Home Prices – 2021-2022
(click on chart for live, interactive Continue Reading →
By Dennis Norman, on January 6th, 2023 Kind of an attention-getting headline, huh? At least it’s not as bad as a lot of the gloom and doom headlines I’m reading today about the real estate market. Many folks out there are predicting a total meltdown of the housing market, and our economy as a whole for that matter. Don’t get me wrong, I’m not drinking the “there’s nothing to see here” Kool-Aid, I do believe we are in for some rough times ahead, I am just not convinced it’s going to be as bad here in St Louis as in many parts of the country.
So back Continue Reading →
By Dennis Norman, on December 21st, 2022 Even though the number of new home building permits in the St Louis area has been on the decline, they’re been on the increase in the midwest region of which St Louis is a part. As the chart below illustrates, for the 12-month period ended last month, there are been 2,850 building permits issued for new privately-owned housing units in the midwest region of the U.S. an increase of 3.6% from he prior 12-month period when there were 2,746 permits issued. For just the month of November 2022, there were 197 permits, down nearly 8% from November 2021 when 214 Continue Reading →
By Dennis Norman, on December 15th, 2022 There were 900 homes and condominiums “flipped” during the third quarter in the St Louis M.S.A., according to data just released by ATTOM Data Solutions. As the chart below illustrates, these flips represent 6.6% of all sales during the 3rd quarter of 2022, a decrease of 28.8% from the prior quarter but an increase of over 15% from a year ago.
[xyz-ips snippet=”Foreclosures-For-Sale-and-Homes-For-Sale”]
St Louis Home Flipping Trends
Continue Reading →
By Dennis Norman, on November 30th, 2022 The National Association of REALTORS (NAR) just released its pending home sales report for October 2022 which revealed pending home sales in the U.S. were down 37% from October 2021. The Northeast market had the smallest decline in year-over-year pending home sales with a decline of 29.5% followed by the Midwest with a decline of 32.1%, the South with a decline of 38.2%. The west region of the U.S. saw the biggest decline in pending home sales with a decline of 46.2% from October 2021 to October 2022.
The St Louis market is performing better…
While the NAR does not Continue Reading →
By Dennis Norman, on November 23rd, 2022 Is the St Louis real estate market going to crash? The national news is filled lately with reports of slowing housing markets throughout the country, increasing inventories, falling sales and prices. Some prognosticators are predicting some metro areas will see home prices fall by as much as 40 or 50 percent. Is the St Louis real estate market on a similar trajectory?? While I can’t predict the future, I can share data to help you see where the St Louis real estate market is currently as well as where the data shows it’s headed.
[xyz-ips snippet=”Market-Update-Video–Media-Center”]
[xyz-ips snippet=”Seller-Resources—Listing-Targeted”]
Continue Reading →
By Dennis Norman, on November 11th, 2022 Below is our St Louis Real Estate Market Report for October 2022 for the City and County of St Louis combined. You can access the full infographic, containing data for St Charles, Jefferson and Franklin Counties as well by clicking on the image below.
Search St Louis Homes For Sale Search St Louis Upcoming OPEN HOUSES St Louis Real Estate Report for October 2022
(click on infographic for complete report including other counties)
Continue Reading →
By Dennis Norman, on November 9th, 2022 The National Association of Home Builders (NAHB) and Wells Fargo, jointly publish quarterly their Housing Opportunity Index (HOI) which shows the affordability, or lack thereof, of homes to a typical family. To arrive at an index value the median home price of recently sold homes for an area is taken into account as well as the median income for a family in that area. From this data the index is computed to show how affordable the typical home is to a typical family. The higher the index, the more affordable homes are to buyers in that market and the lower Continue Reading →
By Dennis Norman, on October 28th, 2022 As the tables below show, so far during October there have been 52 home sales closed in Franklin County, down 43% from the same period last year when there were 91 sales closed. The median sold price this month for those closed sales in Franklin County has been $210,000 an increase of over 12 percent from the same period last year when the median prices homes in Franklin County sold for was $187,000.
The time it took listings to sell actually improved slightly with the median time being 43 days last October and 4o days this month. Last year the Continue Reading →
By Dennis Norman, on October 28th, 2022 As the tables below show, so far during October there have been 704 home sales closed in St Louis County, down 26% from the same period last year when there were 955 sales closed. The median sold price this month for those closed sales in St Louis County has been $255,000 an increase of over 10 percent from the same period last year when the median prices homes in St Louis County sold for was $231,000. The time it took listings to sell has not changed with both periods having a median of 12 days and homes sold for a Continue Reading →
By Dennis Norman, on October 27th, 2022 As the tables below show, so far during October there have been 278 home sales closed in St Charles County, down 28% from the same period last year when there were 388 sales closed. The median sold price this month for those closed sales in St Charles County has been $337,000 an increase of over 12 percent from the same period last year when the median prices homes in St Charles County sold for was 300. Another bit of data which is illustrates the overbidding we’ve seen in the past that has quickly come to an end for the most Continue Reading →
|
Recent Articles
Helpful Real Estate Resources
|
