By Dennis Norman, on August 7th, 2020 During the second quarter of 2020, 32.3% of the homeowners with a mortgage within the 63110 zip-code, were equity-rich on their mortgage, meaning their mortgage balances were less than 50% of the value of their homes, according to data just released by ATTOM Data Research. As the table below shows, the zip codes of 63112 and 63143 were not far behind 63110, with equity-rich percentages of 31.6% and 30.0% respectively.
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St Louis Equity-Rich Homeowners
(Click on table for the complete list)
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By Dennis Norman, on August 6th, 2020 During the second quarter of 2020, 45.5% of the homeowners with a mortgage within the 63115 zip code, were underwater on their mortgage, meaning they were in a negative-equity position, according to data just released by ATTOM Data Research. As the table below shows, the north county zip codes of 63137 and 63136 were not far behind at 45.1% and 41.3%, respectively. Of the 10 St Louis-area zip codes with the highest rate of underwater homeowners, 7 were in St Louis County and 3 in the City of St Louis.
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St Louis Underwater (Negative-Equity) Homeowners By Zip Code Continue Reading →
By Dennis Norman, on August 6th, 2020 During the second quarter of 2020, 9.8% of the homeowners in St Louis with a mortgage, were underwater on their mortgage, meaning they were in a negative-equity position, according to data just released by ATTOM Data Research. As the table below shows, this is the lowest level of St Louis homeowners that are seriously underwater since 2013 when this data was first tracked. In spite of financial difficulties and hardships that people may be suffering as a result of COVID-19, the downward trend of underwater homeowners in St Louis that began during the 3rd quarter of 2019 continues.
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By Dennis Norman, on July 29th, 2020 There were 4,468 building permits issued for new single-family homes in the St Louis area during June, an increase of 5.9% from a year ago when there were 4,219 permits issued, according to the latest data from the Home Builders Association of St. Louis & Eastern Missouri (St Louis HBA). However, the increase in new home construction activity was not shared equally around the St Louis area as the counties of St Charles, Jefferson, and Franklin all saw double-digit increases while the other four counties saw declines.
Search St Louis Homes For Sale Search St Louis New Homes For Continue Reading →
By Dennis Norman, on July 29th, 2020 The St Louis MSA rental vacancy rate during the 2nd quarter of 2020 was 4.4%, the lowest rate in over 15 years, according to data recently released by the U.S. Census Bureau. During the 2nd quarter of last year, the St Louis rental vacancy rate was 7.6%..
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St Louis Rental Vacancy Rates – 2005 – Present
(click on table for complete data from 2005 – present)”
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By Dennis Norman, on July 28th, 2020 The homeownership rate in the St Louis MSA for the second quarter of this year was 74.0%, according to the latest data from the U.S. Census Bureau. This is an increase from 68.4% for the first quarter and moves St Louis from having the 22nd highest homeownership rate of the 75 largest MSAs in the US to the 13th highest!
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Homeownership Rates By MSA – 2nd Quarter 2020 Continue Reading →
By Dennis Norman, on July 23rd, 2020 After the COVID-19 pandemic hit St Louis and greatly curbed real estate activity back in March and April, the market was quick to recover and has come back in a pretty robust way. The impact is starting to show more though in home sales in the year-over-year and year to date numbers, however. As our STL Market Report for the St Louis MSA below shows, for the 12-months ended June 30, 2020, there were 36,657 homes sold throughout the St Louis metro area, a decline of just over 1% from a year ago when there were 37,040 homes sold during Continue Reading →
By Dennis Norman, on July 2nd, 2020 Not only has it become common today for homes to sell as soon as they hit the market but receiving offers from multiple buyers and at prices that equal or even exceed the asking price is common as well. While this is an illustration of Economics 101, the rule and supply and demand, when the demand exceeds the supply (such as in the housing market in many price ranges and areas), prices increase this can also be a reminder of times past when home prices rose quickly for several years, then retreated rather abruptly. The most recent example of Continue Reading →
By Dennis Norman, on June 20th, 2020 Yesterday, I shared a report on new sales of listings in the St Louis MSA which showed sales were up 10% for the week from a year ago. Today, I created the report below which shows new listings during the same week, and while the number of new listings was up 8% for the week from a year ago, they still didn’t keep pace with the new sales. As the report reveals, there were 1155 new listings in the St Louis MSA last week and, as yesterday’s report showed, 1245 sales, so nearly 8% more new sales than new listings.
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By Dennis Norman, on June 19th, 2020 COVID-19 who? While it’s still around, it’s impact on the St Louis real estate market has dissipated to the point that we are seeing activity at levels higher than this time last year. For example, as the report below shows, there were 1,245 new sales of residential listings in the St Louis MSA last week, an increase of 10 percent from the same time a year ago. St Charles County was the county with the second-highest number of sales with 217 for the week which was a 32% increase from a year ago! St Louis County, the county with the Continue Reading →
By Dennis Norman, on June 17th, 2020 There were 542 homes “flipped” in the St Louis metro area during the first quarter of 2020, or 8.5% of the total number of homes sold in the St Louis metro area during the quarter, according to data just released by ATTOM Data Solutions. This is an increase of 13.8% from the prior quarter and is a decrease of 2% from a year ago. The median gross profit was 52,900 a 60.8% gross ROI.
Definition of a “flipped” home…
For the purposes of this report, a flipped home is considered to be any home or condo that was sold during Continue Reading →
By Dennis Norman, on June 16th, 2020 There were 4,4,83 building permits issued for new single-family homes in the St Louis area during April, an increase of 4.28% from a year ago when there were 4,299 permits issued, according to the latest data from the Home Builders Association of St. Louis & Eastern Missouri (St Louis HBA). However, the increase in new home construction activity was not shared equally around the St Louis area and, in fact, really only favored St Charles County and Jefferson County again.
Of the seven counties reported on by the St Louis HBA, 5 saw a decline in building permits from a Continue Reading →
By Dennis Norman, on June 9th, 2020 The St Louis real estate market slowed when the effects of COVID-19 hit the St Louis area in early March but after continuing at a slower pace for a few weeks has quickly shifted gears to a faster pace. The St Louis market has improved to the point that, for the 12-month period ended May 31, 2020, St Louis home sales were down just 1.84% from the prior 12-month period. The median price of homes sold during the past 12-months was $213,000, an increase of 6.55% from the prior period.
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St Louis 5-County Core Market Home Sales and Continue Reading →
By Dennis Norman, on May 30th, 2020 COVID-19 lingers on but the real estate market in St Louis has made a quick recovery from the negative impact it had on the market. The data supports the idea that home buyers are tired of waiting for everything to come back to “normal” (or whatever variation of normal the new normal is) and have been out looking at and buying homes. This is evidenced by the chart below which depicts showings of listings this year and compares each 7-day period with the year before. As you can see, showings this year (the orange line) we down, significantly from last Continue Reading →
By Dennis Norman, on May 26th, 2020 While COVID-19 has not released it’s grip on us, it has eased the grip and certainly, this is true with regard to the St Louis real estate market. As I’ve written about recently, showings of listings have increased to the point they have outpaced the same time as last year and now, the number of new contracts on listings is just about there as well!
As the table below shows, the number of new contracts on residential listings in the last 7 days that have been reported is, for the St Louis MSA, down just 3% from the same time Continue Reading →
By Dennis Norman, on May 21st, 2020 It’s no wonder home buyers are tripping over themselves and getting into bidding wars to buy a house as the supply of homes for sale is at or near historic lows. As our table below shows, there are currently 40 zip codes in the St Louis MSA with a one-month or less supply of homes for sale (7 of the zips have no homes for sale) and a total of 76 of the 127 (60%) zip codes within the St Louis MSA have a supply of homes for sale of 2 months or less.
This low inventory, along with low-interest Continue Reading →
By Dennis Norman, on May 20th, 2020 There were 4,506 building permits issued for new single-family homes in the St Louis area during March, an increase of 4.55% from a year ago when there were 4,310 permits issued, according to the latest data from the Home Builders Association of St. Louis & Eastern Missouri (St Louis HBA). However, the increase in new home construction activity was not shared equally around the St Louis area and, in fact, really only favored St Charles County and Jefferson County.
Of the seven counties reported on by the St Louis HBA, 5 saw a decline in building permits from a year Continue Reading →
By Dennis Norman, on May 16th, 2020 As the St Louis real estate market continues to distance itself from the effects of COVID-19 and the resulting stay at home orders and business shutdowns, I continue to see market activity that is encouraging. For example, as the chart below shows, for the most recent week, reported (through last Thursday) the showing activity on listings in St Louis and surrounding areas were at a level that is 3.9% higher than for the same period last year. This is a huge rebound since showings hit bottom in the middle of the lock-down on April 9th and fell to a level Continue Reading →
By Dennis Norman, on May 14th, 2020 The St Louis real estate market continues to be on the upswing and recovering from the impact of COVID-19. The pandemic did slow the St Louis real estate market down for a while but it appears to be recovering quite quickly. Get all of this and more in this month’s update. Interest rates, the “cherry on top”. In case the market rebound isn’t enough, mortgage interest rates are at near historic lows making now a great time, and an affordable time, to buy a house if you are in a position to do so. [xyz-ips snippet=”Market-Update-Video-Package”] [xyz-ips snippet=”Seller-Resources—Listing-Targeted”] Continue Reading →
By Dennis Norman, on May 13th, 2020 As the St Louis area slowly moves toward starting to come back to life, so to speak, the St Louis real estate market continues to heat up! After getting a gut punch from the COVID-19 pandemic, which I now refer to as “The COVID-19 effect”, the St Louis market has been steadily making a come back. As the table below shows, the total number of new sales of residential listings last week for the St Louis MSA as a whole was down just 6% from the same time last year, and down just 10% for the 5-County core St Louis Continue Reading →
By Dennis Norman, on May 9th, 2020 I may be jumping the gun just a little, but showing activity on residential listings during the past week is just about back to where it was this time last year when there wasn’t a COVID-19 pandemic! As the chart below illustrates, the weekly average for showings through May 8th is just down a little over 2% from the same time last year and is up 40% from the first week of January this year.
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Showing Activity For St Louis and Surrounding Market Areas
(click on the chart for a live, interactive chart)
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By Dennis Norman, on May 8th, 2020 Through the end of April, there have been 7,146 homes sold in the St Louis 5-County Core Market, nearly exactly the same as last year when there were 7,153 homes sold. In spite of the challenges caused by Covid-19, including the stay at home orders, over the past 7 weeks, the residential real estate market has managed to fare ok.
The trend is not looking so good though…
One thing to keep in mind is the date I just referenced is somewhat a historical look at the market since we are talking about closings of sales and not new sales. Continue Reading →
By Dennis Norman, on May 3rd, 2020 Prior to COVID-19, there had already been a shortage of residential listings for sale in many areas and price ranges through St Louis going back a couple of years. However, the problem may be getting worse as we are continuing to see new sales of residential listings in St Louis picking up the pace to the point that they are down just 16% from the same time a year ago but, new listings in the St Louis MSA are down 30% from the same time a year ago.
Since we started with a low inventory and now have the sales Continue Reading →
By Dennis Norman, on May 2nd, 2020 The average residential listing in the 63362 zip code area in Lincoln County, Missouri has been on the market for just 15 days, making 63362 the fastest-selling zip code within the St Louis MSA at this time. As our table below shows, Lincoln County zips occupy two of the top spots with the 63379 zip code area in a three-way tie for 3rd on the list with listing having an average time on the market of 25 days. So what’s up with Lincoln County? Maybe with all this social-distancing going on people have decided to head to more sparsely populated Continue Reading →
By Dennis Norman, on May 1st, 2020 Showings of real estate listings in St Louis fell dramatically after the COVID-19 outbreak and hit levels that were about half of what they were the same time last year during the first half of April. Since hitting the low point on April 12th, showings have, as the chart below shows, increased sharply to the point where they are only down 15% from the same time last year. Given that home buyers are much more open to virtual showings and hesitant to look at a home in person without thoroughly vetting it online, resulting in fewer showings per sale, this Continue Reading →
By Dennis Norman, on April 29th, 2020 The homeownership rate in the St Louis MSA for the first quarter of this year was 68.4%, according to the latest data from the U.S. Census Bureau. While this was just a slight increase from the prior quarter, when the St Louis homeownership rate was 68.3%, it was good enough to move St Louis’s homeownership rate from 24th to 22nd on the list of the 75 largest MSAs.
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Homeownership Rates By MSA – 1st Quarter 2020
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By Dennis Norman, on April 25th, 2020 Yesterday, I wrote about how St Louis home sales were on the rebound based upon the latest contract data which showed the number of new contracts on listings in the St Louis MSA had declined by just 16% from the same time a year ago. The question is, will that trend continue? Well, a very good, and reliable, leading-indicator of home sales is home showings, and, as the chart below shows, showings of listings in the St Louis MSA has been on the rise over the past two weeks. As of yesterday, showings were down just 17.7% from the same Continue Reading →
By Dennis Norman, on April 24th, 2020 Maybe it’s the gorgeous weather, a more optimistic outlook after receiving stimulus payments or perhaps just being tired of waiting in limbo, but homebuyers have come out strong in St Louis during the past week! St Louis home sales are still not at the levels we would expect at this time of year but, as my table below shows, for the St Louis MSA as a whole, the most recent 7-day period is down just 16% from the same time last year. This is about half the decline I’ve seen when pulling the data as recently as a week ago.
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By Dennis Norman, on April 23rd, 2020 Fannie Mae issued their monthly housing forecast for April which includes, among other data, a forecast of what mortgage interest rates will be in the coming months. Last months forecast had projected that mortgage rates would continue to decline moving forward but only to a low of 3.1% before the end of 2021 while the April forecast predicted the interest rate on a 30-year fixed-rate mortgage would fall to 2.9% in the 2nd quarter of 2021 and stay there through the balance of the year.
If you’re able, now’s the time to buy!
While the effects of the COVID-19 pandemic, Continue Reading →
By Dennis Norman, on April 20th, 2020 Showings of listings for sale in the St Louis metro area started to decline on March 10th after COVID-19 hit our area and stay at home orders followed. As the chart below shows, the number of showings, compared to the same period last year, continued to fall until hitting the bottom on April 12th.
By the time showings hit rock bottom, they had declined to a level equal to about 25% fewer showings than during the first week of January this year and nearly 50% fewer showings than the same time last year. However, since hitting bottom on the 12th, Continue Reading →
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