Top 10 St Louis Area School Districts Where Homes Are Selling the Fastest

As of this morning, the Hancock Place School District and Bayless School District, both in the South St Louis County area, are tied for the district where homes are selling the fastest.  As the Fastest-Selling School Districts in the St Louis MSA list (available exclusively from MORE, REALTORS®) below shows, homes that sold in the past 30 days in those districts took an average of just 17 days to sell.  Five of the top 10 districts for fast home sales are located in St Louis County, two are in Jefferson County, one each in St Charles County, Warren County, and Madison District 12 in Illinois.

10 Fastest Selling St Louis MSA School Districts

(click on table for full, up to date, list)

10 Fastest Selling St Louis MSA School Districts

 

 

St Louis Home Sales Trending Upward Aggressively

Most residential real estate data is published based upon closed deals meaning the transaction is already in the past and it’s activity may not be reflective of the current market.  This is why at MORE, REALTORS® we developed our leading indicators report that I shared a few days ago and also why we developed a home sale trends chart.  The home sales trend chart, such as the one shown below for the St Louis 5-County Core real estate market, is still based upon closed sales however each monthly data point represents the total of the closed sales in the proceeding 12-months making this a very good indicator of the market conditions and where we are in an improving market or a declining one.

As the chart below shows, for the first 12 months or so in the 25-month period reported, the sales trend was pretty steady, making a flat line on the chart.  Then, around the end of 2019, the trend started increasing slightly through the spring of 2020 (when the impact of COVID-19 hit the market the hardest) and then fell the next few months.  By late summer last year the home sales trend was on the rise and, as you can see, didn’t stop rising through the end of the year.

Will this upward trend continue or will it level off or even decline?  Right now it’s hard to say given all the variables that could affect it.  We have a changing administration in Washington D.C. which could affect the economy, we have the ongoing pandemic and a few other things that could very well affect the residential real estate market.  As I shared in our leading indicators report the other day, the new contract activity is very encouraging so for the short term, I would say the trend will remain around the level it’s at currently.

12-Month Home Sales Trend – St Louis 5-County Core Market

(click on chart for live chart)

12-Month Home Sales Trend - St Louis 5-County Core Market

St Louis Condo Sales Flat In 2020 but Prices Up

Yesterday, I reported that St Louis area home sales and prices were both up about 8% during 2020 from 2019 so today we’ll take a look at how condominium sales and prices compared during the same period.

As the STL Market Report shows (available exclusively from MORE, REALTORS®), in the 5-County Core St Louis market there were 3,567 condominiums sold during 2020, 10 condominiums less than the 3,577 condominiums sold during 2019.  The median price of condos sold in 2020 in this St Louis market was $163,900, an increase of 5.74% from 2019 when the median price was $155,000.

The current price trend, as depicted in the report, is up significantly with the median price per square foot of condos that are currently on the market being over 23% higher than the median price per foot of condominiums sold during 2020.  There are currently 417 condos for sale in the St Louis 5-County Core market, representing a 1.30 month supply at the current sales rates.

STL Market Report for the St Louis 5-County Core Market Condos

(Non-distressed condo sales only – click on report for live report)

STL Market Report for the St Louis 5-County Core Market Condos

 

St Louis Home Sales And Prices Both Up About 8 Percent in 2020 From 2019

In spite of the challenges from the COVID-19 pandemic, stay at home orders, a shaky economy and a fair amount of social unrest, 2020 still managed to be a good year for residential real estate!  As the STL Market Report shows (available exclusively from MORE, REALTORS®), in the 5-County Core St Louis market there were 28,131 homes sold during 2020, an increase of 8.27% from 2019 when there were just 25,982 homes sold.  The median price of homes sold in 2020 in this St Louis market was $232,000, an increase of 7.93% from 2019 when the median price was $214,950.

The current price trend, as depicted in the report, is up as well with the median price per square foot of homes that are currently on the market being over 9% higher than the median price per foot of homes sold during 2020.  There are currently 2,031 active listings on the market representing a 0.81 month supply at the current sales rates.

STL Market Report for the St Louis 5-County Core Market

(Non-distressed home sales only – click on report for live report)

STL Market Report for the St Louis 5-County Core Market

 

Newly written contracts on homes start off year up 20%

During the final days of December and the first couple of January, there were 393 new contracts written on homes that were for sale, an increase of 20% over the same period a year ago.  As the New Contracts Report below shows (availablle exclusively from MORE, REALTORS®) all 5 counties in the 5-County Core St Louis market saw an increase in new contracts written over the same period a year ago.  Franklin County saw the largest increase at 50%.

New Contracts On Homes For Sale

(click on report for live report)

New Contracts On Homes For Sale

St Louis Existing Condo Sales Down Slightly During Past 12-Months From Prior 12-Months

As the STL Market ReportTM below shows, there were 3,419 existing condominiums sold in the 12-month period ended November 30, 2020, a decrease of 0.23% from the prior 12-month period.  The median price of condos sold during the past 12-months was $159,900, an increase of 5.2% from the prior 12-month period.  To make sure the data represents the market as accurately as possible, distressed home sales and new construction were excluded from the data.  As the report shows, the current inventory of condos for sale is just 1.2 months.

STL Market Report – St Louis 5-County Area – Condos

Available Exclusively From MORE, REALTORS

Click on the report to get the current report

 

STL Market Report - St Louis 5-County Area - Condos

St Louis Existing Home Sales Up 7 Percent During Past 12-Months From Prior 12-Months In Spite Of Low Inventory

As the STL Market ReportTM below shows, there were 26,675 existing homes sold in the 12-month period ended November 30, 2020, an increase of 7.13% from the prior 12-month period.  The median price of homes sold during the past 12-months was $225,580, an increase of 7.42% from the prior 12-month period.  To make sure the data represents the market as accurately as possible, distressed home sales and new construction were excluded from the data.  The increase in home sales is almost hard to imagine given how low the inventory of homes for sale has been.  As the report shows, the current inventory of homes for sale is just 3/4 of one-month.

STL Market Report – St Louis 5-County Area

Available Exclusively From MORE, REALTORS

Click on the report to get the current report

STL Market Report - St Louis 5-County Area

New Listings Of St Louis Homes For Sale Trailing Sales Slightly

Yesterday, I wrote an article titled “St Louis Home Sales – No end in sight?” in which one of my caveats had to do with listing inventory, noting the obvious that no matter how many homebuyers are out there, if there is nothing for them to buy, St Louis home sales will fall. As promised, I did an analysis of new listings and inventory using proprietary software we have developed at MORE, REALTORS to enable our agents to fully comprehend the market and be able to use that knowledge to serve their clients.

The first table below is our leading indicator report for new listings that were taken in the St Louis core market during the past week compared with the same week a year ago. As the table shows, listings for this period were up 18% from a year ago, which is good news but, as I reported yesterday, new sales were up 21% so sales rose at a higher rate than listings.  The second table compares last week’s new listings with the prior week and, as yesterday’s home sales report showed, there was a decline, in the case of new listings taken they were down 5% from the prior week while yesterday I reported sales were down 10%.  The report at the bottom is another proprietary product of MORE, REALTORS and it’s a report showing the current inventory of listings for sale in every zip code in the St Louis MSA of which I showed the 20 zips with the lowest inventory.

The bottom line…

To recap, new sales contracts written on listings in the past week outpaced the number of new listings by about 8% and new sales contracts written on listings in the past two weeks outpaced the number of new listings by nearly 11%.  One thing to keep in mind is that a contract written does not equal a sold listing as a percentage of the contracts will fail to close due to building inspections, financing, appraisal issues, or other reasons so the gap is not quite as large as it may appear.  The other thing to remember is the time of the year we are in…right before Thanksgiving is not a popular time for sellers to list their homes as many will wait until after Thanksgiving and some will wait until after Christmas.  However, in today’s market, buyers don’t have that luxury…they have to be prepared to buy at any time or faced missing out in this tight market.  So, for now, I think we’re ok and I think my caveat from yesterday is covered but I’ll be watching the inventory moving forward.

St Louis Home Sales – No end in sight?

I think just about everyone that is trying to buy or sell a home in St Louis or even thinking about it, is well aware that we have been in a strong real estate market here in St Louis for some time now.  The St Louis real estate market has favored sellers for the past several years largely due to a low supply of homes for sale and continuing demand by home buyers.  The question I’m often asked though, especially right now with so much going on in our country right now that could impact the economy (COVID-19 and the Presidential election are the two biggies)  is “will the strong home sale in St Louis continue?”.  

To answer the question, being the Chief Data Nerd at MORE, REALTORS, I naturally turned to the proprietary software we have developed to help our agents answer questions like this for their clients.  Based upon the data I’m sharing below, I would say the short answer to the question is that St Louis home sales appear to be poised to continue at a historically strong rate, at least for the near future. Now for the caveats, of which there are two big ones: the first is that this is contingent upon listing inventory as if there is nothing to buy it doesn’t matter how many buyers you have, and the second is absent something dramatic happening to the economy to really rock the boat.  For the former question, I’ll address that in the next day or so with an article in which I’ll look at the listing inventory trend for St Louis.

Leading Indicators…

Looking at how many sales closed is helpful to see how the market is doing, but it’s much more advantageous and accurate to look at the current activity in the market, the leading indicators if you will, which are new contracts written on listings. Our exclusive Leading Indicators reports below show that all 5 counties in the St Louis Core market saw an increase in the number of new contracts written in the past week from the same week a year ago, in fact, overall a 21% increase.  The second report below shows the same data versus the prior week and it shows an overall decrease of 10% in the number of new contracts from the week before with 3 of the five counties showing a decrease, but given that we are headed toward winter and the holidays this is normal.  Finally, the chart at the bottom, another exclusive feature of MORE, REALTORS, which illustrates the prior 12-month home sales for each month in the past 5 years, clearly indicates an upward trend.  For the 12-month period ending November 30 (which isn’t even over yet), there have been 28,153 homes sold, an increase of nearly 5% from a year ago.

St Louis Home Sales Trending Downward Last 12-Months- Not So In St Charles and Jefferson County

Given the impact of COVID-19 on the St Louis real estate market, particularly during the late winter/early spring months as well as a low-inventory market already, it should not come as a surprise that St Louis area home sales have trended downward somewhat during the past 12-months.  As our STL Market Report below shows, for the 5-county core St Louis real estate market, there were 26,723 homes sold during the 12-month period ended July 31, 2020, a decline of 0.88% from the prior 12-month period when there were 26,960 homes sold.  That very modest decline I think is actually very encouraging given what the market has been through with COVID-19.

St Louis 5-County Core Market Home Sales

St Louis 5-County Core Market Home Sales 



St Charles County and Jefferson County are the exceptions…

While the overall 5-county market was down, individually, the counties of St Charles and Jefferson have both fared better and, in fact, had modest increases in home sales during this period.  As the tables below show, there were 5,878 homes sold in St Charles county during the past 12-months, an increase of 1.08% from the prior 12 months.  In Jefferson County, there were 3,406 homes sold during the past 12-months, an increase of 0.53% from the prior 12-months.

St Charles County Home Sales

St Charles County Home Sales

Jefferson County Home SalesJefferson County Home Sales

 

Home Sales Data In St Louis Reveals The Impact Of COVID-19

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 the same period.

STL Market Report- St Louis MSA

(click on report for live, current report)

STL Market Report- St Louis MSA

St Louis Home Sales Trending Downward…

Continue reading “Home Sales Data In St Louis Reveals The Impact Of COVID-19

Have Home Prices Increased Too Much Too Fast? Is A Correction Coming?

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 this, and arguably the worst during my 40 years in the real estate business, was the housing bubble that burst in 2008 sending home prices into a downward trend that lasted about 3 years.

So, are we headed to another housing bubble?

My focus is primarily on the St Louis housing market so I will focus on that but I will point out what I see with regard home prices, St Louis has a better outlook than at the national level.

New Sales Of Listings Last Week In St Charles County Up Over Thirty Percent From Last Year

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 most home sales in the St Louis MSA had 435 sales, a slight increase above 432 a year ago.

New Contracts On Residential Listings – St Louis MSA

For the Week Ended June 13, 2020

New Contracts On Residential Listings - St Louis MSA 

Data Source: MARIS – Copyright 2020, MORE, REALTORS All Rights Reserved

St Louis Housing Market Stays Steady In Spite of COVID-19

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.

St Louis 5-County Core Market Home Sales and Prices

Past 12 Months vs Year Ago

(click on the table below for live report)

St Louis 5-County Core Market Home Sales and Prices  Past 12 Months vs Year Ago

New Sales Of Residential Listings In St Louis In Past 7 Days Almost Back To Last Years Numbers

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 last year and for the St Louis County Core market, down just 6%.  Jefferson County has actually seen sales that top the same period last year by 24%.

St Louis New Contracts On Residential Listings For The Past 7 Days

St Louis New Contracts On Residential Listings For The Past 7 Days

40 Zip Codes In The St Louis MSA Have 1 Month Or Less Supply Of Homes For Sale

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 rates and pent-up demand from the COVID-19 induced stay at home orders, is creating a real feeding frenzy of sorts for homebuyers in the St Louis market.  For sellers, this is a dream come true, plenty of demand and little competition!  Granted, this is not true in all areas and all price ranges, but for the most common prices ranges in the more popular areas it is very true.

Sellers should sell now!

If you are someone that has been thinking about selling, I would act on those thoughts now and take advantage of the current low-inventory conditions.  While I don’t know that I agree, there are folks out there predicting that the market is going to get flooded with homes for sale shortly turning the tide on sellers.  For me, I’ll believe that when I see it, but nonetheless, now is definitely a great time to sell.

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Continue reading “40 Zip Codes In The St Louis MSA Have 1 Month Or Less Supply Of Homes For Sale

More Showings of Listings In St Louis Last Week Than Year Ago

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 that was barely half of the year before.

St Louis Area Showings Of Listings

(click on chart for live, interactive chart)

St Louis Area Showings Of Listings 

 

St Louis Real Estate Market Update VIDEO – May 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.
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.
You can now subscribe to our ITUNES Podcast Channel to receive our updated market videos via podcast automatically each week! Just click here, then click on "Subscribe Free".) St Louis Real Estate Market Update Video - St Louis Home Prices

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St Louis Real Estate Market Continues To Rebound From The “COVID-19 Effect”

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 market.  In fact, Jefferson County and Franklin County both saw more sales last week than at the same time a year ago!

St Louis Area New Contracts On Residential ListingsSt Louis Area New Contracts On Residential Listings

Data source: MARIS – Copyright© 2020 St Louis Real Estate News, all rights reserved

 

 

St Louis Home Sales YTD On Pace With Last Year In Spite of COVID-19

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.  For example, many of the closings that took place in April were likely sales that took place prior to when the “COVID-19 effect” started in St Louis, which was around March 10th.

The darker green line on the chart below reflects the home sales trend for the St Louis market, with each data point reflecting the prior 12-months home sales.  You will notice the trend line takes a significant drop in April.  If you look at last year, the trend line took a dip in April as well but had declined the month before also.  As I’ve reported over the past few weeks, new sales, while they have made a significant recovery, have been down as much as 35% or so from last year, so we’re likely to see the trend remain downward at least in the short term.

St Louis 5-County Core Market YTD Home Sales and Home Sales Trend For Past 25-Months

(Click on chart for live, interactive chart)
St Louis 5-County Core Market YTD Home Sales and Home Sales Trend For Past 25-Months

 

 

St Louis New Listings Down Nearly Double What Sales Are From Last Year

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 rate outpacing the listing rate, we are probably going to see an even tighter supply of homes for sale for at least the near future.  As our table below shows, there are some areas where this is even more pronounced, such as St Charles County where the number of new sales of residential listings for the most recent 7-day period is down just 3% from a year ago but new listings during the same period are down 37%.

St Charles County down to less than 2-month supply

As our tables at the bottom shows, currently, there is just a 1.97 month supply of homes for sale in St Charles County and, if we look at the “sweet-spot” of homes priced in the $150,000 – $300,000 range, there is an inventory of just 1.04 months.  If you own a home in St Charles County and have thought about selling, contact us now and let us show you how to leverage this market in your favor whileit lasts.

Lincoln County Has Fastest-Selling Zip Code within the St Louis MSA

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 areas making it easier, or perhaps have discovered they can move farther out and work remotely?

I’m not saying there aren’t other, non Covid-19 reasons, to move to Lincoln County such as the county seat for Lincoln County, Troy, Missouri.  Troy’s popularity has grown substantially with its population increasing about 28% in the past decade from 10,640 people ion 2010 to 13,600 currently while, during the same period, for example, the city of St Louis’ population declined 8% from 319,320 to 293,792.

St Louis MSAs Fastest-Selling Zip Codes

(click on table for a complete, current list)St Louis MSAs Fastest-Selling Zip Codes

St Louis Area Showings Of Listings On The Rise

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 decline is really not bad at all.

St Louis metro area along with other markets served by MARIS

(click on chart for live, interactive chart)

St Louis metro area along with other markets served by MARIS

 

 

St Louis Home Sales On The Rebound In Spite of COVID-19

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.

St Charles County home sales have come back the strongest with 185 homes sold during the 7-day period from 4/14 through 4/21, just 12% less than the same period last year and the city of St Louis is next with a decline of just 14%.  Franklin County is struggling the most with just about half as many home sales as last year.

As I wrote yesterday, with low-interest rates and the buying opportunities out there, now is a great time to buy for those that are able.  Wow, now that I think about it, maybe that’s the reason home sales are increasing, people are listening to me LOL.

St Louis New Residential Home Sales April 14 – 21 – (Table)

St Louis New Residential Home Sales April 14 - 21 - (Table)

Date Source: MARIS – Copyright 2020 St Louis Real Estate News, all rights reserved

The COVID-19 Impact On The St Louis Real Estate Market – One Month In

The COVID-19 pandemic (coronavirus) began impacting the St Louis area just a little over a month ago and I’ve been tracking the impact on the St Louis real estate market along the way.  From the outset, we have seen a decline in the number of new listings, new sales and physical showings of listings, however, overall the decline has remained fairly constant.  New sales of listings for the St Louis area has pretty well hovered around a level equal to about tw0-thirds of the activity we saw at the same time last year.

Now that we are about a month into the “COVID-19 effect”, a few weeks into the stay at home orders and a few weeks into real estate agents adjusting to doing business in a different way, I wanted to take an in-depth look to see where we stand now.  I’ll warn you in advance, this article is a little long, mainly because of tables and data, but I wanted to include as much data as I could to paint the complete picture of the market.

St Louis Real Estate Market Update VIDEO – April 2020

The St Louis real estate market is off to a good start for 2020 however, it is getting impacted by COVID-19.   This month’s market update video includes market data through the end of March but, even though about 2/3 of March was after COVID-19 began disrupting things here, the effects really cannot be seen yet.  A couple of weeks ago I did a Special Report video that was specifically about the impact of coronavirus on the St Louis real estate market, but it won’t be until our May market report that we really see the full impact of it on the market. Rates are back down after a brief stint on the rise. The mortgage market is a little volatile now given all that is going on but, so far, so good.

In our MORE, REALTORS, 5 Minute St Louis Real Estate Market Update video below, you can quickly and easily get the latest information on home prices, home sales, trends and more for the entire St Louis area!  

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.
You can now subscribe to our ITUNES Podcast Channel to receive our updated market videos via podcast automatically each week! Just click here, then click on "Subscribe Free".) St Louis Real Estate Market Update Video - St Louis Home Prices

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St Charles County Home Sales Down Just 25 Percent From Year Ago

Yesterday, I shared data showing that, in spite of the COVID-19 (coronavirus) pandemic,  new sales of residential listings in the 5-county core St Louis market for the most recent 7-day period that complete data is available for,  were down 35% from a year ago.  I received requests to break the data down further so I did so by county.  As the table below shows, for the 7-day period ended April 2nd, new sales of listings in St Charles County were down just 25% from the prior year.  The reason the period ends April 2nd is REALTORS® has 3 business days to report new sales to the MLS so that means the deadline for reporting a new sale on April 2nd was last night so this data should be very accurate.

St Louis New Sales Of Residential Listings

3/26/20 – 4/02/20 Vs. One-Year Ago

St Louis New Sales Of Residential Listings - 3/26/20 - 4/02/20 Vs. One-Year Ago
Data source: Mid-America Regional Information Systems, Inc. – Copyright 2020 -has St Louis Real Estate News

St Louis Home Sales Continue In Spite of COVID-19 Albeit at a lower level

As the COVID-19 (coronavirus) pandemic continues to keep many of us confined to our homes unless we need to go out for an essential service which, fortunately, the department of Homeland Security includes real estate in the definition, it is, of course, taking its toll on the St Louis real estate market.  As would be expected during a time like this, would-be homebuyers who have had their jobs or businesses impacted as a result of COVID-19 have pulled out of the market for now as have some folks who were considering a move purely for convenience or some other reason they feel will wait.

However, having said that, there still appear to be many serious homebuyers in the current market that want or need, to buy now.  This is evidenced by the most recent data I pulled below which shows new contracts on listings for the most recent 7 day period that have had contracts reported to the MLS.  So, to be clear, the “sales” I counted are residential listings that actually went under contract during the period,

As the table below shows, there were 994 new contracts on residential listings in the St Louis MSA during the past 7 days, a decline of 32% from the same time period a year ago.  There were 715 new contracts on residential listings in the St Louis 5-County Core market during the same period, a decline of 35% from the same period a year ago.

Sell Your Home For The Highest Price In The Least Amount of Time!  See how- STLSellersAdvantage.com 
Save Commission On Your Home Sale Without Sacrificing Service! See how- FairCommissionRates.com

St Louis New Contracts On Residential Listings For The 7 Day Period of 3/26 – 4/02

St Louis New Contracts On Residential Listings For The 7 Day Period of 3/26 - 4/02

COVID-19 has led to different methods of selling homes…

Today, real estate companies, like other businesses are trying to do business virtually and incorporating technology into their business more than ever before.  While some were already doing this, at least to some extent, it’s something that is new for many traditional “brick and mortar” type businesses.  (WARNING- SHAMELESS PLUG COMING) Doing business virtually isn’t anything new to our firm, MORE, REALTORS, or our agents as we have incorporated this into our business model for well over a decade.   It has caused us to switch into high gear to complete enhancements to our DOHR™ (Digital Open House Registration, U.S. Patent Pending) which include a totally virtual open house experience, a virtual showing experience as well as a hosted virtual tour experience. These are all things that will allow us to serve our seller clients by exposing their homes to the market, showing them to potential buyers while also protecting them and their families from exposure to the COVID-19 threat.

Sell Your Home For The Highest Price In The Least Amount of Time!  See how- STLSellersAdvantage.com 
Save Commission On Your Home Sale Without Sacrificing Service! See how- FairCommissionRates.com

  

 

 

Showings Of St Louis Area Listings Trending Upward

While, rightly so, health concerns remain on the minds of home buyers, sellers, and agents, with safety practices in place, the real estate market in St Louis still has activity.  Granted, as you would expect, the activity is at a reduced rate, but there are still people that want, or even need, to buy or sell a home.  In fact, the economic downturn as a result of the COVID-19 pandemic has put some additional pressure on sellers who have been negatively affected.

One of the things I’ve been watching to track activity in the market are showings of homes.  As the chart below shows, showings are down significantly from the same time last year (currently 42.8%) however, as the table below illustrates, the showing trend has increased over the past 3 days.  Showings hit bottom on March 28th when they were down 45.0% from a year ago and since then have regained some ground.  One thing to keep in mind is part of the decline is a result of “casual lookers” going by the wayside as the only people looking at homes today are serious home buyers.  In addition, alternatives to physical showings are  being developed to allow real estate transactions to continue with less physical contact between people.  For example, our firm, MORE, REALTORS, is launching a virtual open house online platform as well as a virtual showing online platform that will deliver an enjoyable, and safe, user experience for the buyer and will allow us to continue to safely serve sellers.

Showings of Listings In The St Louis MSA and Surround Area – Comparision to Last Year-Table

Showings of Listings In The St Louis MSA and Surround Area - Comparision to Last Year-Table

Showings of Listings In The St Louis MSA and Surround Area – Comparision to Last Year-Interactive Chart

(click on chart for live, up to date, interactive chart)

Showings of Listings In The St Louis MSA and Surround Area - Comparision to Last Year-Interactive Chart

 

 

Home Affordability In St Louis Improves In 2 Of Five Counties During 1st Quarter

Homes became more affordable in Jefferson County and St Charles County during the first quarter of this year from the 4th quarter of 2019, according to data just released by ATTOM Data Research.  As the table below shows, the affordability index for both those counties increased from the prior quarter as well as from the same quarter the prior year.  Franklin County’s affordability index was the same for the 1st quarter of 2020 as the prior quarter but improved by 5% from a year ago.  The two St Louis’s, the city and county, both saw decline in home affordability from both the prior quarter as well as the prior year.

Average wage earner can qualify to buy in 3 out of 5 Counties…

So while the city and county of St Louis saw a decline in home affordability, the average wage eaarner in those two areas can qualify to buy a home, as can an average wage earner in Franklin County.

St Louis Home Affordability – 1st Quarter 2020

St Louis Home Affordability - 1st Quarter 2020