REALTORS® Association Considers New Rule Requiring All Listings Be In MLS

By , on October 3rd, 2019

The MLS Technology and Emerging Issues Advisory Board, of the National Association of REALTORS® (NAR), proposed a rule change that is sparking some controversy among its’ members. The proposed “Clear Cooperation Policy” requires that all listings be put in the MLS within 24 hours of “marketing a property to the public“. The policy defines “public marketing” as including, but not limited to, “flyers displayed in windows, yard signs, digital marketing on public-facing websites, brokerage website displays (including IDX and VOW), digital communications marketing (email blasts), multi-brokerage listing sharing networks, and applications available to the general public”.

But, isn’t that how Continue Reading →

What Impact Does The School District Have On Home Prices and Sales?

By , on September 27th, 2019

The question in my headline is one of those questions that in the real estate community, and with most homeowners, would elicit a response something like “the quality of the school district has a major impact on the housing market, duh!”. While I don’t think anyone would argue that having quality public education available to everyone in all areas is important, I’m just talking data here and looking at it from the real estate perspective. So, with that in mind, I decided to use one of the reports produced by proprietary software created by MORE, REALTORS® and based upon MLS Continue Reading →

New Home Construction Down From A Year Ago In 5 of 7 St Louis Area Counties

By , on September 26th, 2019

New home construction in St. Louis continues to decline with 4,244 new home permits issued in August 2019 for the St Louis area, a decline of 9.74% from a year ago when there were 4,702 permits issued, according to the latest data from the Home Builders Association of St. Louis & Eastern Missouri.

As the table below shows, 5 of the 7 counties covered in the report saw a decline in new home permits from a year ago. Franklin County has suffered the biggest loss at 44.13% and Warren County has seen the largest increase at 15.57%.

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Home Affordability Improves In St Louis During Third Quarter

By , on September 26th, 2019

Home affordability improved in the St. Louis metro area during the 3rd quarter, with 4 of the 7 largest counties seeing an improvement in their affordability index from the prior quarter and 5 of the 7 seeing an improvement in affordability from a year ago, according to the latest data from ATTOM Data Research.

The greatest improvement in affordability was in Franklin County.

As the table below shows, Franklin County saw a 12% improvement in housing affordability from the prior quarter and an 11% improvement from a year ago. Jefferson, St Charles and St Clair (IL) County saw improvements in Continue Reading →

Ten Fastest SOLD Cities In The St Louis MSA

By , on September 25th, 2019

Homes in Crestwood sold faster in the past 30 days than in any other city in the St Louis MSA, according to the latest data available from MORE, REALTORS®. Homes that closed in the past 30 days in Crestwood were on the market an average of just 21 days.

As the list below shows, 7 of the 10 fastest-sold cities in the St Louis MSA were in St Louis County, 2 in St Charles County and 1 in Jefferson County.

Search St Louis Homes For Sale    Search St Louis Upcoming OPEN HOUSES Fastest SOLD Cities In The St Continue Reading →

Meth Labs and Real Estate

By , on September 24th, 2019

Yesterday, someone shared with me an article that appeared on CBS News online about a couple, Tyler and Elisha Hessel, that discovered the house they purchased had previously been the subject of a meth lab seizure. The home, at 7218 Valley Drive in Barnhart, Missouri, was purchased by the Hessel’s in January of 2018. According to the article, Elisha is expecting a baby and, earlier this year, the results of some standard pregnancy-related tests showed the baby tested positive for amphetamines. This led to the Hessel’s discovering that the home they purchased was on a list of Meth Lab Seizures Continue Reading →

House Flipping In St Louis Drops 12 Percent In 2nd Quarter

By , on September 19th, 2019

There were 902 homes “flipped” in the St Louis metro area during the second quarter of 2019, or 7.5% 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 a decline of 12% from the prior quarter but is an 8% increase from the prior year. As our table below shows, on a national level, house flipping accounted for just 5.9% of the homes sold during the 2nd quarter of this year, which is an 18% decrease from the quarter before and a Continue Reading →

St Louis Foreclosure Rate Drops In August – Down Nearly One Third From Year Ago

By , on September 14th, 2019

During August there was one foreclosure action for every 2,040 housing units in the St Louis MSA, a decline of 6.43% from the month before and a decline of 32.78% from a year ago, according to data just released from ATTOM Data Solutions. As the table below shows, only 4 of the counties in the St Louis MSA saw an increase in the foreclosure rate for August 2019 from the month before, but all counties saw a decline from August 2018.

[xyz-ips snippet=”Foreclosures-For-Sale-and-Homes-For-Sale”]

St Charles County Home Sales Trend Drops To 2015 Level

By , on September 8th, 2019

Yesterday, I shared information showing the home sales trend for the 5-county core St Louis housing market declined 3% but today am going to drill down a little further into the data. I wanted to look at the home sales trend in the 5 individual counties that make up the core market to see which are performing better or worse than the others.

All 5 counties had a decline in their home sales trend in August that was similar to the 5-County Core market, however, the extent of the change varied somewhat. St Charles County’s home sales trend, as our Continue Reading →

St Louis Home Sales Trend Falls In August

By , on September 7th, 2019

For the 5-county core St Louis housing market, there were 26.047 homes sold during the 12-month period ended August 31, 2019, a decline of 3% from the 12-month trend for the prior month. As the chart (a proprietary product developed by MORE, REALTORS to help keep its agents and clients on top of market conditions) below shows, there were 27,753 homes sold during the 12-month period ended August 31st of 2018, so the current period sales of 26,047 homes represents a 6.1% decrease from the same period a year ago.

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The Real Cost of a Home In St Louis Is Lower Now Than It Was In 2006

By , on August 28th, 2019

You are probably saying I’m nuts to be saying that a home in St Louis costs less today than it did 13 years ago, back in 2006, but, note I said the “real cost” of a home. Since nearly all people buying a typical home in St Louis are going to do so with a mortgage, I think to really determine the cost of a home, and certainly, it’s affordability, we have to look deeper than just the price. Therefore, as the table below shows, I analyzed the cost of a home in St Louis during two periods of time, Continue Reading →

St Louis Real Estate Market Update VIDEO – August 2019 – Dirt Cheap Interest Rates

By , on August 23rd, 2019

The St Louis real estate market is still going strong and interest rates are dirt cheap! Not much has changed over the past few months in the St Louis housing market in terms of home prices and sales, prices continue to rise at normal, healthy rates and sales continue along at a rate a little shy of last year. What has changed dramaticaly over the past 9 or 10 months however, are interest rates. The have dropped by a third and in this months market update video I do a little math and show just how much that impacts home Continue Reading →

City of St Louis Property Vacancy Rate More Than Double The Rate For The St Louis MSA

By , on August 16th, 2019

There are 100,478 residential properties in the City of St Louis, 7,604 of which (7.6%), are vacant properties according to the vacancy rate report for the 3rd quarter of 2019 by ATTOM Data Research. The other St Louis area county with a vacancy rate higher than the rate for the St Louis MSA as a whole of 2.9% is St Louis County where 3.1% of the residential properties are vacant.

St Louis MSA Vacant Property And Investor Owned Property Q3 2019

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Half Of The Residential Properties In Franklin County Are Investor-Owned

By , on August 15th, 2019

There are 64,645 residential properties in Franklin County, 32,625 of which (50.5%), are investment properties according to the vacancy rate report for the 3rd quarter of 2019 by ATTOM Data Research. The other St Louis area county with a percentage of investment properties higher than the rate for the St Louis MSA as a whole of 23.8% is the city of St Louis where 41.5% of the residential properties are investor-owned.

St Louis MSA Vacant Property And Investor Owned Property Q3 2019

Search St Louis Homes For Sale    Search St Louis Upcoming OPEN HOUSES Continue Reading →

The Most Expensive Homes In St Louis

By , on August 8th, 2019

St Louis may be the 8th most affordable metro area in the country to buy a home, but it also has areas where home prices are much higher as well. The median price of homes sold in the St Louis metro area during the past 12-months is $184,500 however the average price of homes sold within the past 12-months has exceeded this in 85 of the 205 municipalities within the St Louis MSA.

Below is our list of the 30 cities with the highest average price of homes sold during the past 12 months. St Louis County has the majority Continue Reading →

St Louis Has 21st Highest Homeownership Rate of Metro Areas In U.S.

By , on August 8th, 2019

During the 2nd quarter of this year, the homeownership rate for the St Louis MSA was 68.0% giving St Louis the 21st highest homeownership rate of the 75 largest MSA’s in the country, according to the latest date from the U.S. Census Bureau. This is a move up from the prior quarter when St Louis had the 26th highest homeownership rate.

As the table below shows, the Toledo, Ohio MSA had the highest homeownership rate during the quarter at 77.5% and for the 2nd quarter in a row, Fresno, CA MSA had the lowest at 45.0%.

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St Louis Foreclosure Rate Drops By Double Digits

By , on August 7th, 2019

The rate of foreclosure in St Louis during the 2nd quarter of this year was 1 foreclosure filing for every 759 housing units, a decrease of 15.68% from the prior quarter and a decline of 18.54% from the 2nd quarter of 2018, according to data just released by ATTOM Data Research. St Louis has the 73rd highest foreclosure rate of the 220 MSA’s ranked in the report.

As the table below shows, only three counties in the St Louis MSA saw an increase in foreclosure activity this quarter from the prior quarter and, with the exception of Lincoln County, none Continue Reading →

The Jefferson County Zip Code With The Hottest Real Estate Market

By , on August 3rd, 2019

Yesterday I identified the Zip Code in St Charles County with the hottest real estate market so today I’ll do the same for Jefferson County. I’ll save the long explanation I gave yesterday though about the importance of not looking at just one piece of data, how it takes a qualified agent with good data to really determine the health of a market, etc. If you missed that, you can get it in yesterdays article.

What is the hottest market in Jefferson County today?

Based upon some of the data contained in the charts and tables below, I would have Continue Reading →

The St Charles County Zip Code With The Hottest Real Estate Market

By , on August 2nd, 2019

Which Zip Code in St Charles County is home to the hottest real estate market today? Well, it depends…

63376 based upon the zip code where homes are selling the fastest 63376 based upon where the inventory of homes for sale is the lowest 63367 based upon trending home sales 63341 based upon home price increases over the past year

I could go on, but the point I wanted to illustrate here is that there is no one piece of data, or one list or chart that is going to accurately depict what the “best” market is, or even the Continue Reading →

Strong Economy and Low Inflation Prompt Fed Reserve To Lower Interest Rates

By , on August 1st, 2019

Yesterday afternoon, the Federal Reserve released a statement that was quite a vote of confidence for how the economy is doing. The Fed Reserve’s statement included “…the labor market remains strong and that economic activity has been rising at a moderate rate. Job gains have been solid, on average, in recent months, and the unemployment rate has remained low.” and went on to say “Market-based measures of inflation compensation remain low;”.

As a result of the positive economic conditions, the Federal Open Market Committee announced it would lower the target range for the federal funds rate to 2 to 2-1/4 Continue Reading →

St Louis Area Percentage Change In Rent Since 2010 Over 15 Times Higher Than Change In Mortgages

By , on July 31st, 2019

The median rent for counties in the St Louis area in 2010 varied from a low of $620 in Franklin County to a high of $819 in St Charles County. By 2017 rents had increased to $736 and $993 respectively in those counties, according to the latest data available from the U.S. Census Bureau. As the table shows below, the increase in rents from 2010 to 2017 in St Louis area counties varied from 18.3% to 23.0% with a median increase of 18.75%.

For homeowners, the median cost of a mortgage in 2010 ranged from a low of $1,168 in Continue Reading →

Number of Housing Units In St Charles County Increased Over 10 Percent Since 2010-Little change in St Louis City and County

By , on July 30th, 2019

The number of housing units in St Charles County grew from a total of 141,355 units in 2010 to 156,324 units in 2018, for an increase of 10.6%, according to the latest data available from the U.S. Census Bureau. As the table below shows, during this same period, the number of housing units in St Lous County and St Louis City remained the same. The surrounding counties, Franklin, Jefferson and Warren, all saw fairly significant increases.

Estimated Number of Housing Units By St Louis Area County – 2010-2018

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Inventory of Homes For Sale is 1-Month or Less In Top 10 Sellers Markets In St Louis

By , on July 27th, 2019

The St Louis housing market has been low on inventory of homes for sale in many areas and many price ranges for the past couple of years. Even as the summer market is down to the last few weeks, we still find the market short on listings in many markets. With the inventory of homes for sale low, the market definitely favors sellers.

Our firm publishes a list showing the current inventory of homes for sale (in terms of months supply based upon the most recent sales trend) and below I show the top 10 St Louis area zip codes Continue Reading →

St Louis Real Estate Market Update VIDEO – July 2019 – Still going strong!

By , on July 13th, 2019

The St Louis real estate market continues to show strength and favors sellers, however, buyers have shown they are price-sensitive. While most of the St Louis market remains a seller’s market based upon the lack of inventory for sale, this does not mean (and the data backs it up) that it’s a blank check for sellers. Buyers in the market appear to be savvy and are price sensitive. In fact, one frustration I hear from agents with over-priced listings is that, not only do they only have few showings, they are not receiving offers. I think the issue is Continue Reading →

YTD Home Sales Continue To Remain Below Prior Years But Downward Trend Slowing

By , on July 12th, 2019

Year to date, through the end of June, there were 12,814 homes sold in the St Louis 5-County Core market, a decline of 4.3% from this time last year when 13,389 homes had sold. This marks the lowest YTD home sales through June since June 2015, when there were 12,110 homes sold. As the second chart below illustrates, the St Louis home sales trend (trailing 12 months and represented by the dark green line) peaked in October 2018 with 26,032 homes sold in the prior 12 months but then stalled and has begun a slight downward trend which continues with Continue Reading →

St Louis New Home Construction Slips Again In May

By , on June 30th, 2019

For the 12-month period ended May 31, 2019, there were building permits issued for 300 new homes in Jefferson County, a decline of nearly 26% from the prior 12-month period according to the latest data from the Home Builders Association of St. Louis & Eastern Missouri. For the same period, there were permits issued for 758 new homes in St Louis County, a decline of 23.50% from the prior 12-month period.

Warren County saw a double-digit percentage increase in building permits again this period, and the City of St Louis again had an increase.

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Home Affordability Drops Significantly In St Louis City and County Increases In Jefferson and Madison

By , on June 29th, 2019

Home affordability declined in the City of St Louis from a 98 on the affordability index in the first quarter to an index of 73 this quarter, for a decline of 25% in home affordability in the City of St Louis, according to the latest data from ATTOM Data Research. In neighboring St Louis County, the affordability was 116 in the first quarter and 89 the 2nd quarter, for a decline of 23%. On the affordability index, anything under 100 indicates homes are less affordable than the historical average and anything over 100 indicates homes are more affordable than the Continue Reading →

President Trump Signs Bill To Eliminate Cap On VA Loans

By , on June 27th, 2019

This past Tuesday night, President Trump signed into law H.R. 299, the “Blue Water Navy Vietnam Veterans Act” was signed into law by President Trump on Tuesday night. H.R. 299, which, among other things good for veterans, eliminates the cap on VA Loans. Currently, the VA can only “guarantee” (they insure 25% of the loan amount for lenders, which is why lenders are willing to make 100% loans to veterans) loans up to the limit established by the Federal Home Loan Mortgage Corporation Act (FHLMCA). Currently, the loan limit is $484,350 however, after the new law goes into effect on Continue Reading →

St Louis County Assessor Increased Property Values Four Times More Than Market Data Supports

By , on June 26th, 2019

This year is a reassessment year for real property in Missouri, so assessors throughout the state are going to update the property values that tax assessments are based upon. According to state law, the value should reflect the value of the property as of January 1, 2019. Reassessment is done every two years, so the prior reassessment was in 2017. Given that the real estate market has been performing well now for the past several years, and property values are increasing, it’s not surprising that most property owners will see an increase in their assessment from the 2017 value to Continue Reading →

Frontenac Is The Slowest Selling City In The St Louis MSA

By , on June 25th, 2019

The city of Frontenac, Missouri is the slowest selling city in the St Louis MSA based upon the average time it took for homes to sell that closed in the past 30 days. As our table below shows, three of the top 10 slowest selling cities are located in St Louis County and all three are affluent areas with higher than average home prices.

Search St Louis Homes For Sale    Search St Louis Upcoming OPEN HOUSES St Louis MSA’s Slowest SOLD Cities

(click on table for complete, live data)

Continue Reading →

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