It seems almost crazy to even throw out the idea of an adjustment in St Louis home prices or, perhaps even, any sort of slow down in the rate of home price appreciation given that the inventory of homes for sale is so low in so many parts of the St Louis area, however, maybe it’s something to look at. Continue Reading →
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New home sales in St Louis declined in 2016 after increasing during the prior two years, for both the entire St Louis MSA as a whole as well as the St Louis 5-County Core Market. Continue Reading → As I have discussed a few times over the past couple of years, the home ownership rate in the United States has been on the decline, finally reaching an historic low in 2016 at 63.4%. However, during the same time, the Hispanic home ownership rate increased from 45.4% in 2014 to 46% in 2016, according to the 2016 State of Hispanic Ownership Report. Continue Reading → The median price of homes sold in the St Louis core housing market (city of St Louis and counties of St Louis, St Charles, Jefferson and Franklin) was $179,900 for the past 12 months, an increase of 5.2% from the prior 12 month period when the median price of St Louis homes sold was $171,000. Continue Reading → There just aren’t enough homes for sale in many price ranges! This month, like many months before, you will see that all five counties in the St Louis core market (city of St Louis and the counties of St Louis, St Charles, Jefferson and Franklin) all have less than a 6 month supply of homes for sale (a few less than half of that), so it remains a sellers market in many areas! While the market is doing well, you will notice the trend over the past 24 months, as I describe in the video is down a little in terms of number of homes sales which is due simply the lack of homes available for sale. There doesn’t appear to be a shortage of buyers at this point, just a shortage of sellers. Continue Reading → The percentage of people in St Louis with a sub-prime credit score (below 660) has continued to improve since peaking in most St Louis area counties around 2008, according to the latest data released by Equifax. As the interactive map below shows, 30.63% of the people in the city of St Louis had sub-prime credit in the 4th quarter of 2016. This is a decline from the 4th quarter of 2008 when it was 38.42% and even down from 2006, the year of the peak of the St Louis housing market, when 34.21% of people in the city of St Louis had sub-prime credit. Continue Reading → Happy home builders? Wow, I remember those days, back before the real estate bubble and market collapse, boy were those the days! Well, the good news is, while builders still have their challenges, according to the latest survey by the National Association of Home Builders, builders in the Midwest are more optimistic about the new home market than they have ever been! (or, at least since the beginning of the regional level index records that are published). Continue Reading → So my headline is a rhetorical question and I personally don’t think landlords and tenants are bad people but, after seeing so many municipalities work so hard over the past few years passing ordinances that, in many cases, in my humble opinion, just tramples the property rights of landlords as well as the rights of tenants, one would have to believe that landlords and tenants must be some pretty bad people. After all, if not, why would some municipalities work so hard to discourage them from entering their cities and work hard to chase them out? Continue Reading → The St Louis real estate market continues to be strong and, thanks for a low inventory of homes for sale in many areas, competitive. Accurately priced homes in popular neighborhoods often sell within a day or two of coming on the market. Listings in the fastest selling cities in St Louis spend an average of less than 30 days on the market. As the table below shows, the fastest selling city currently is Glendale (which has spent a lot of time at the top of this list over the last few months) with an average of just 23 days on the market for current listings, followed by Valley Park with an average listing time of 26 days. Continue Reading → The St Louis downtown loft market had a slow start back in the early 90’s and then picked up some steam later in the 90’s when Missouri launched its historic tax credit program. The loft market, as the chart below illustrates, peaked in 2005, stalling out before the majority of the residential hit its peak in 2006. The St Louis loft market saw a kind of double peak with prices rising in 2007 after dipping the year before, but then loft prices followed suit with the rest of the market and started a long slow decline until hitting bottom in 2011. Continue Reading → An ever-increasing number of aging baby boomers are becoming empty nesters and coming to the realization they no longer need that 3, 4 or even 5 bedroom home they own. In addition, many of them, also find themselves tired of the upkeep that comes with the big house on the large lot. These issues, along with a desire for a lifestyle change, has led to a growing demand for alternative types of housing including condominiums and villas with the latter being the most popular. What exactly is a “villa”? The interesting thing is, even though the demand for villa’s has Continue Reading → St Louis is known as an affordable place to live so it is not surprising that there is a fairly robust housing market for affordable and moderate priced homes. When it comes to luxury homes in St Louis however ($500,000 and above for the sake of discussion here), the market is much cooler. Continue Reading → Last year was a good year for the St Louis real estate market and, thus far, 2017 is off to a pretty good start in St Louis as well! As the chart and tables below illustrates, home prices in the St Louis area have been trending upward over the past couple of years and sales are holding pretty steady. Continue Reading → Investors that rental property may find their best returns, relative to the price of the homes they buy, in the City of St Louis, according to some county-level rental data compiled by MORE, REALTORS. As the tables below illustrate, over the past 12 months the median price of homes sold in the City of St Louis was $106.57 per square foot and the median annualized price per foot homes lease for was $11.04 which works out to a gross annual return on investment of 10.4%, the highest of the four St Louis area counties we looked at. Continue Reading → The ranch-style home has been around a long time with it’s origin going back to 1920’s but this style of home became extremely popular in the 1940’s carrying through the 1970’s. Ranch-style homes are normally much wider than deep and feature open floor plans with a casual style. Over time, as incomes increased, as did ground cost making the rather large footprint of a ranch more expensive since it needed a larger not to accommodate it, 1.5 and 2-story homes became increasingly popular. Recently, it seems there has been somewhat of a resurgence in terms of interest in ranch-style homes Continue Reading → According to the annual Environmental Hazard Housing Risk Index Report, the St Louis zip code of 63133 has the 7th highest Environmental Hazard Housing Risk Index in the nation. The report, just released this morning by ATTOM Data Solutions, compiles data on homes and condos in zip codes with a high, or very high risk for at least one of four environmental hazards: Superfunds, brown fields, polluters or poor air quality. Continue Reading → While the bulk of the St Louis area spent most of the past year as a sellers market, real estate is very local and very seasonal, so there are still neighborhoods where buyers markets exist! So where are the buyers markets? Well, they are a constantly moving target due to the fluctuations I just mentioned, however, currently, as the list below illustrates, Continue Reading → As a real estate broker and former real estate developer and builder, I’m surprised how many transactions I see in which a new home buyer forgoes a private building inspection thinking, since the home is new, an inspection is not necessary. Continue Reading → The median price of homes sold in Franklin County during the most recent 12 months was $146,000, an increase of 9.57% from the prior 12 month period when the median price was $133,250 marking the highest year over year increase of any of the St Louis area counties. Continue Reading → The condo market in the St Louis area is doing well with condo’s that sold in the past 12 months selling in a median time of just 27 days in the 5-County St Louis Core market. As the chart below shows, the median price for condo’s sold in the 5-county core market during this period went from $125,000 back in February 2016 to $139,500 in January 2017. There is currently a 3.3 month supply of condominiums for sale in the this market. Continue Reading → When considering making an improvement to their home, homeowners often look at it from both the enjoyment value it will give them and their family as well as the investment value of what they are doing. Granted, there are few, if any improvements, you can make to a home that will give you a 100% return on investment, meaning that, for every dollar you spend, your homes value will go up by a dollar, but there are certainly some improvements that come closer than others. Continue Reading → The winter months may be the “slow” season for real estate but there are plenty of areas throughout St Louis where homes are still selling fast! So, where are homes selling the fastest in St Louis? As the table below shows, the 63143 zip code area which is the Maplewood area, is currently the fastest selling neighborhood with an average of just 40 days on the market for current listings. Continue Reading → After the homeownership rate in the U.S. fell to 63.1% during the 2nd quarter of 2016, the lowest level since the U.S. Census Department began tracking this data in 1968, it rose to 63.4% during the 3rd quarter and then to 63.5% during the 4th quarter of 2016, according to data just released by the U.S. Census Bureau. Continue Reading → Most Feel Trump Will Be Good For Housing Market in 2017 The survey also revealed that 52 percent of Americans believe the housing market will do better under the Trump administration. When it comes to the millennial generation, 59 percent of that generation feel the Trump administration will be good for the housing market. Continue Reading → Where do you get the most bang for your buck when it comes to remodeling or making improvements to your home? Homeowners make many improvements and upgrades to their home simply because they want the added enjoyment or comfort they receive as a result, however, other homeowners, particularly those contemplating a move in the future, also focus on the investment aspect of the improvement. Continue Reading → When I first got in the real estate business in 1979 buying foreclosed property was something pretty well limited to speculators at the time. People like the broker I started with, and what I became a few years later, that bought property for cash, as-is generally to fix up and resell. Foreclosures, and how to buy them, were a mystery at the time, not only to the general public but to many in the real estate business as well. This is what gave us speculators an edge…we knew how to get the information on foreclosures and how the process worked. Ditto for tax sales and sheriff sales and short sales were something that didn’t even exist at the time. Continue Reading → St Louis home sales during 2016 hit the highest level in years! Home prices rose as well while the inventory of homes for sale remained low during the year. Continue Reading → As I have reported over the past couple of days, the St Louis MSA as well as all of the counties that make up the St Louis, Missouri house market, saw an increase in home sales and prices during 2016 from the year before. But which county fared the best during 2016, seeing the highest increase in the median price of homes sold as well as the biggest increase in the number of homes sold? Well, at the top of the list is… Continue Reading → During 2016, the median price of homes sold in the St Louis 5-County Core Market was $179,000, an increase of 5.29 percent from 2015 when the median home price of homes sold in the St Louis 5-County Core Market was $170,000, according to MORE, REALTORS and depicted in the table below. There were a total of 27,231 homes sold in the St Louis metro area during 2016, an increase of 8.1 percent from 2015 when there were 25,191 homes sold. As the chart below the table illustrates, St Louis home prices and sales have been trending upward at a fairly consistent rate over the past two years. Continue Reading → During 2016, the median price of homes sold in the St Louis MSA was $167,400, an increase of 5.68 percent from 2015 when the median home price of homes sold in the St Louis MSA was $158,400, according to MORE, REALTORS and depicted in the table below. There were a total of 35,571 homes sold in the St Louis metro area during 2016, an increase of 3.3 percent from 2015 when there were 34,434 homes sold. Continue Reading → |
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