St Louis Home Sales Doing Well In Spite of Rising Interest Rates & Inflation

There have been a lot of reports over the past month about rising interest rates (mortgage rates on a 30-year fixed-rate mortgage hit 5.27% last week) as well as rising inflation rates (8.5% in March) and the effect these things will have on the housing market.  It’s no doubt they will have some affect on home prices and sales and I have been watching the data on St Louis home prices and sales closely and so far there does not appear to be much impact.

St Louis home sales increase in April from March…

There are two ways we analyze home sales at MORE, REALTORS®;  the traditional manner, which is what almost all public reports are based upon, closed sales (which are really indicative of what the market was like 1-2 months previously since that is when the contracts were typically written) and then by use of our STL Real Estate Trends Report, which gives us a better idea of the current activity.  Our trends report shows the number of new contracts written on listings, so current sales activity as well as the number of new listings entering the market.  The good news is, when looking at St Louis home sales activity for April, both closed sales and newly written contracts increased from the month before.

As our chart below shows, there were 2,134 homes sold in St Louis (5-county core market) during April, a 6.4% increase from March when there were 2,005 homes sold.  As the STL Real Estate Trends Report shows, there were 3,279 new contracts written on homes during April in the St Louis 5-county core market, an increase of 5% from the prior month when there were 3,124 contracts written.

How Much Will St Louis Home Prices Be Impacted By Inflation?

Yesterday, I wrote an article addressing the high rate of inflation just reported and its impact on the St Louis housing market. In it, I promised to take a deeper look into the effect of the current events related to the economy on St Louis home prices which I will do in this article.

Before I go further, I should mention I’m not an economist nor a fortune teller.  I am, however, a real estate broker and data nerd that has spent over 40 years in the St Louis real estate industry.  I try my best to use my knowledge and experience to anticipate changes in the market and use this to help our agents and clients use this information to their advantage.

History always repeats itself..

I find the above old adage to be pretty accurate when it comes to the real estate market.  Therefore, in trying to get my head around what impact a high inflation rate may have on home prices, I started by going back to prior periods of high inflation rates.

The first chart below shows the rate of inflation, interest rates, and the St Louis home price index.  I’ve made some notes on it to show prior inflationary periods and the effect on home prices. The first period, the early 80s was much worse than today as inflation was higher and interest rates were in the stratosphere hitting 18%.  The more recent period around 2007-2009 was not as severe and therefore the impact on home prices was not as dramatic as the former either.  As you can see on the far right side of the chart, home prices have increased in the past several months at a sharp rate with the change from a year ago being greater than the last inflationary period but not as great as the one from the early ’80s.

The next chart shows the relationship between home prices and rent.  When home prices outpace rent, home prices decline, when rent outpaces home prices, prices rise.  As the chart shows, these two lines have converged indicating a reasonable balance between home prices and rent.

During the period of 2007 – 2011 home prices fell over 17% during a four year period before finally bottoming out.

Today is different though…

Home Remodeling Projects That Bring You The Best Return On The Cost

Some remodeling projects are done by homeowners that plan to stay in their homes for the foreseeable future and want to get the most enjoyment and functionality out of living there.  These homeowners typically aren’t as concerned, if at all, with getting a monetary return on their investment as their return is the enjoyment of the improvements.  However, other homeowners, particularly those that may only be in their homes a couple of years or so before their next move, tend to focus more on making sure the remodeling they do will bring them a return on their investment to make it worthwhile.  Granted, the return may be less than the cost but, after factoring in the enjoyment from the improvement the improvement may be worth it.

What are the remodeling projects that bring the best returns?  

National Association of REALTORS® 2022 Remodeling Impact ReportAccording to the National Association of REALTORS® 2022 Remodeling Impact Report, below is the cost recovery of the top interior and exterior remodeling projects:

  • Interior
    • Hardwood flooring refinish- Return on cost – 147%
    • New wood flooring – Return on cost – 118%
    • Insulation upgrade – Return on cost – 100%
  • Exterior
    • Roofing – Return on cost – 100%
    • Garage door- Return on cost – 100%

See the complete report (you can download a copy as well) by clicking the photo or HERE.

 

St Louis Home Sales in 2021 Tops Year Before By Nearly 4 Percent – Prices Up Over 9 Percent

As the STL Market Report (available exclusively from MORE, REATLORS®) below illustrates, there were 30,197 homes sold in the St Louis 5-county core market during 2021, an increase of 3.86% from 2020 when there were 29,075 homes sold.  The median sales price of homes sold in the St Louis 5-county core market was $250,000 during 2021, an increase of 9.17% from 2020 when the median price of homes sold in St Louis was $229,000.  The 5-county core St Louis market is comprised of the city and county of St Louis, along with the counties of Jefferson, Franklin, and St Charles. The St Louis core market is responsible for over 7y0% of all homes sold in the 17-county St Louis MSA market.

Housing inventory remains low…

As the last row of the report shows, there is still just a 0.6 month supply of homes for sale in the St Louis 5-county core market and the median time on the market is 64 days.

Inflation Has Largest One-Year Increase In Over 39 Years – Will Home Prices Suffer?

As you’ve probably heard by now, the most recent inflation news was not good.  As the chart below illustrates, the Consumer Price Index (CPI) for all products in the U.S. (city average) for November 2021 was 303.4, an increase of 6.88% from a year ago when it was 284.1.  This is the highest 12-month increase in inflation we have seen in over 39 years, since June 1982.

What effect will this record-setting increase in inflation have on home prices?

The second chart below depicts the percentage change in the inflation rate from a year ago (the blue line)  as well as the percentage change in the St Louis home price index from a year ago (the red line).  As you look at the chart and reference the marked-up one I have below it, you will see a pattern.  Historically, when inflation rates increase significantly and consistently from a year ago, lower home prices follow.   Will this happen this time as well?  It’s hard to say right now as we still have an incredibly low supply of homes on the market, which tends to fuel higher prices, and we’ll need to see if the rise in inflation is sustained over the next few months.  For the time being, I’ll make the prediction that in 2022 we will see, at a minimum, a flattening of home prices…so maybe not a decline, but a pause on the rate of increase.  Time will tell.

  

St Louis Home Price Appreciation Slowing

Even though you wouldn’t know it by today’s forecasted high in St Louis of 50 degrees, we are entering the winter housing market.  Every year, year after year, the St Louis winter housing market reacts pretty much the same way with home prices dropping a little and sales slowing followed by an uptick in both come spring.  With that in mind, the declines we see in home prices in the chart and report below, available exclusively from MORE, REALTORS®, could be attributed to the seasonal change but are a little early for that, and different than last year.

Sold home price per square foot declined for 2nd month in a row in November…

The price per foot a home sells for is a relatively accurate indicator of rising home prices and typically will decline in the winter months as I mentioned above.  However, if you look at the chart below, you will see the red line, which depicts the sold price per square foot of homes sold in the St Louis area, peaked in June at $172/foot, then dropped in July to $171/foot where it stayed though September before dropping to $165 in October and then remaining there in November.  The result was a 4.0% decline in the price per foot of homes sold in St Louis from the peak in June to October.

If you look at the same period last year, you will see the price per foot peaked in July at $152 than stayed at $152 until dropping to $151 in October, then up to $153 in November and back to $152 in December. So, least year, the change from the peak to November was actually a slight increase compared with this year’s decrease of 4.%.

I’m not saying last years price behavior was the norm, I’m just pointing out that this years price activity is different than last year so it may be indicative of a change in the market.

Current listing prices reflect slower price appreciation…

Below the chart is the STL Market Report for November which shows home sales in the St Louis 5-county core market were up nearly 6% for the 12-month period ended November 30th from a. year ago and prices were up over 10% during the same period.  However, if you look down to the second row of the report, you will see the price per foot homes sold at during the most recent 12-month period were sold at a price of $164.70 per foot (and in November as well) and the price per foot of homes currently listed is $168, so an increase of about 2% from the median price in the past 12-months. Granted, many of the current listings will likely sell for more than asking price, but this trend still indicates St Louis home price appreciation is slowing.

St Louis Beating Region On Percentage Of Homes Selling At Full Price Or Above

Last week I published an infographic in an article illustrating that 65% of the homes sold in St Louis sold at or above the list price.  As the infographic below shows, this is a significantly higher percentage than was experienced in the midwest region as a whole where 55% of the homes sold at or above full price.  

The House Payment on a Typical St Louis Home has increased just over 5% in 14 years

Anyone paying even a little attention to the St Louis real estate market will likely be aware of the fact that we have been in a strong seller’s market for the past couple of years and St Louis home prices, as a result, have increased significantly.  In fact, as the infographic below shows (exclusively available from MORE, REALTORS®) the median home price for a St Louis home has increased more than 50% in the past 14 years.  However, the good news is that during that same period mortgage interest rates have fallen and remained low resulting an increase in the house payment on a typical home increase just over 5% during the same period!

Over 40% Of The Luxury Homes Sold In St Louis In October Sold At or Above List Price

Yesterday, I shared data showing that two-thirds of the homes sold in the St Louis 5-County core market (St Louis city and the counties of St Louis, St Charles, Jefferson, and Franklin) during October sold for the asking price or above.   Today, I wanted to focus on just the luxury home market to see how that compared with the overall market.  I included homes that sold for $750,000 or higher in this analysis.

As the infographic below shows (exclusively available from MORE, REALTORS®) there were 107 luxury homes sold (3.7% of all homes sold) during October in the St Louis 5-County core market with 41% of them selling at the list price or above.  Drilling down further, we see that 28% of the St Louis Luxury homes sold for greater than the list price.

Two-Thirds Of Homes Sold In St Louis Core Market In October Sold At Or Above List Price

Two-thirds of the homes sold in the St Louis 5-County core market (St Louis city and the counties of St Louis, St Charles, Jefferson, and Franklin) during October sold for the asking price or above.  As the infographic below shows (exclusively available from MORE, REALTORS®) there were 2,888 homes sold during October in the St Louis 5-County core market with 65% of them selling at the list price or above.  One thing to remember about home prices though, and something you won’t hear from too many people reporting prices, is that not all sold prices are the “real” price.

Have St Louis Home Prices Finally Increased Too Much?

For the past few years now, we’ve experienced quite the seller’s market in St Louis fueled, in part, by a low supply of homes for sale.  As a result, St Louis home prices have increased over the past few years at rates close to double the historic norm.  Of late, we’ve heard a lot from people within, and outside of, the real estate industry expressing concern that home prices have gotten too high and even some have made comparisons to 2008 when the housing market saw the bubble burst.  Being the data nerd I am, I’ve tried to keep emotion out of it and instead turn to the data to see if there were indications that perhaps St Louis home prices have increased too much and we are in for a correction.  Up until now, the data has led me to believe that St Louis home prices were ok and can be sustained.  However, based upon current data, I have a little different opinion as I write this.

So what has changed in the data to indicate home prices are too high?

For starters, I haven’t said St Louis home prices are too high yet, I’ve just said that the current data has changed my opinion.  Having said that, prices may in fact reached levels that cannot be sustained and may need a downward correction to put them back in line or they may have just peaked and will remain rather flat for a period of time to allow the market to “catch up” with the prices.  And, of course, data over the next month or two could change for the positive and show we’re not there yet and home prices can still go higher without a problem.  For now, I’m going to say that, based upon the data as well as the normal seasonal adjustments we see this time of year, I’m going to expect to see St Louis home prices to   decline somewhat during the winter months like normal, but then perhaps remain relatively flat come spring rather than increase in the spring like normal. 

My opinion is based upon several pieces of data that, collectively, are indicating a coming adjustment in home prices to me.  I have the charts below that illustrate this point and here’s my recap on them:

Has the St Louis Real Estate Market Peaked?

I’ve written a couple of articles lately addressing the news reports about the housing market cooling down.  As I’ve addressed in those articles, there has not really been much data supporting a significant cooling in the St Louis real estate market.  Additionally, I’ve noted that, due to the seasonality of the housing market, and the fact we are headed toward winter, a cooling of the market would be the seasonal norm.

So today, I decided to pick an easier question to answer, “has the St Louis real estate market peaked?”  The short answer is yes, I believe it has.  This statement, by itself, is not all bad as it would NOT be good for St Louis home prices to continue to increase at the rates they have over the past couple of years.  Not to mention, if we stay in this low-inventory market strongly favoring sellers much longer, many buyers are going to just give up and shelf the idea of buying for a while.

As usual, I’ll let the data speak for itself.  I have several charts and tables below (available exclusively from MORE, REALTORS®) that I believe support that we have probably seen the St Louis market peak.

St Louis Area Housing Market Report For September

The St Louis housing market appears to be cooling off slightly with fewer home sales last month than a year ago in 3 of the 5 St Louis area counties that make up the St Louis 5-county core real estate market.  As the charts below illustrate, the decline in the overall St Louis market was very slight, with 3,164 homes sold last month just 11 sales fewer than September last year when there were 3,715 homes sold in the St Louis5-county core market.  The charts have complete details but below is a recap of home sales and prices by county for last month versus September 2020:

  • St Louis City & County – These two counties combined are the only in the core market to see an increase in sales last month from a year ago.  Last month there were 1,710 homes sold, an increase of 4.6% from a year ago when there were 1,634 homes sold.  Last month the median price of homes sold was $247,000 and increase of nearly 7.5% from last year when it was $229,900.
  • Franklin County – Last month there were 127 homes sold, a decrease of 13.6% from a year ago when there were 147 homes sold.  Last month the median price of homes sold was $227,050 and increase of nearly 14.5% from last year when it was $198,300.
  • Jefferson County – Last month there were345 homes sold, a decrease of 6.8% from a year ago when there were 370 homes sold.  Last month the median price of homes sold was $229,000 and increase of nearly 9.0% from last year when it was $210,000.
  • St Charles County – Last month there were 617 homes sold, a decrease of 10.8% from a year ago when there were 684 homes sold.  Last month the median price of homes sold was $303,000 and increase of nearly 12.2% from last year when it was $270,000.

St Louis Home Sales Trend Remains Strong

More and more today I’m seeing reports in the media about the housing market cooling down and sales slowing which, quite frankly, I have expected and keep watching for signs of it in the St Louis real estate market.  However, in spite of a few blips on the radar, all the data I’m reviewing still shows pretty steady and consistent home sales in St Louis.  Don’t get me wrong, I fully expect us to see a cooling of the St Louis market if for no other reason, winter will be here soon and then we’ll be headed toward year-end when the market always cools down.  There are many factors that could come into play to further impact the market such as higher interest rates, a weaker economy as well as an influx of foreclosed homes hitting the market in the month ahead.  For all of this, we will have to wait and see, but for now, things are pretty steady.  Below are some charts and data that I feel support my thoughts on the market.

St Louis 5-County Core Market – Home Sales Trend

(click on chart for live, interactive chart)

St Louis 5-County Core Market - Home Sales Trend

As the chart above illustrates, the time it takes for a home to sell (days on market, represented by the brown line at the bottom) has been consistent the last four months, ranging from a low of 6 days to a high of 8 days.  The green line shows the 12-month home sales trend and it has been fairly consistent the last 4 months as well, actually increasing in June, then dipping slightly in July only to rise again in August to nearly June’s level.  Finally, the red line shows the median price per foot of the homes sold and that has also been consistent the last 4 months with a slight increase from $167/foot in May to $170 in June and then $171 in July and August.

St Louis Real Estate Trends Report

New Listings & New Sales  (click on report for live report)

St Louis Real Estate Trends Report St Louis Real Estate Trends Report

The above reports show that in the most recent week new contracts written for the sale of homes increased 29% from the week before and new listings increased 3% from the week before.  During the week there were just about the same number of new listings as new sales at 764 and 767 respectively.

St Louis Area Supply of Listing Inventory

 (click on report for live report)

St Louis Area Supply of Listing Inventory

The report above shows there is currently a 0.89 month supply of homes for sale in the St Louis 5-County market.  This is only slightly higher than it has been in past months. Of the 5-counties in the core market, St Charles County has the lowest inventory of homes for sale with an inventory of just over half a month.

Sold Price To Listing Price Gap Narrows In July After Setting New Record in June

In June of this year the Median price of homes sold in the St Louis 5-County core market was $266,000, 6.4% higher than the median list price of $250,000 for those homes sold.  This breaks the record of 4.4% set in April and is the highest gap we’ve seen between the median sold price and listing price since we’ve been tracking it, In July the gap narrowed though, albeit slightly, with the median price of homes sold coming in at $265,000, 6.0% higher than the median list price of $250,000.  Worth noting as well is between June and July, the median list price of homes in the St Louis 5-County core market stayed the same and the median sold price decreased 0.3%..

St Louis 5-County Core – Sold Price to List Price – July 2020 – July 2021 Chart

(Click on Chart for Live Chart with current data)
St Louis 5-County Core – Sold Price to List Price – July 2020 – July 2021 Chart

The Value of Good Data Coupled With a Good Agent

What an interesting real estate market we’ve experienced in St Louis over the past few years!  Seller’s fully expect their homes to sell the first weekend after hitting the market, with a feeding frenzy by buyer’s and bidding wars that drive the price above the list price.  Buyer’s come to realize if they are going to be successful in buying a home they have to think fast, take chances and move quick!  Heck, with a market like this, it’s no wonder a lot of folks, particularly sellers, don’t necessarily see a need for a real estate agent.

However, the reality is that sellers and buyers need a great agent now more than ever.  Yes, I emphasized great as, like in any profession, there are varying levels of knowledge, experience and professionalism among real estate agents.   In addition to having a great agent that agent needs timely, accurate market data, along with an understanding of the market resulting in complete market knowledge.  Unfortunately, this combination is not easy to find. 

So what’s the actual price, $270,000 or $250,000?

St Charles County Homes Sold For Largest Percentage Over List Price In June

As the chart below illustrates (available exclusively from MORE, REALTORS®), homes in St Charles County sold for a median price equal to nearly 105% of the current list price of the listing in June, which is the highest percentage of list price for the counties that make up the St Louis 5-county core market.  For the 9 months up to and including January of this year, 4 of the 5 counties all had a median sold price equal to 100% of the current list price with Franklin County averaging less.  In January St Charles county took off followed by Jefferson County, St Louis County and St Louis City all of which saw the median sold price exceed 100% of the current list price.  Franklin County made it up to 100% but has stayed there.

St Louis Area Counties $ Of Current List Price Homes Sold For During Past 13 Months

(click on chart for live, interactive chart)

St Louis Area Counties $ Of Current List Price Homes Sold For During Past 13 Months

Sold Price To Listing Price Gap Narrows In May After Hitting Record in April

In April of this year the Median price of homes sold in the St Louis 5-County core market was $250,000, 4.4% higher than the median list price of $239,450 for those homes sold.  This is the highest gap we’ve seen between the median sold price and listing price since we’ve been tracking it.  Last month the gap narrowed though with the median price of homes sold in May coming in at $258,000, 3.2% higher than the median list price of $249,900.  Worth noting as well is between April and May, the median list price of homes in the St Louis 5-County core market increased 4.4% and the median sold price increased 3.2%.

St Louis 5-County Core Sold Price to List Price Chart

(click on chart for live chart)St Louis 5-County Core Sold Price to List Price Chart

St Louis Home Sales And Prices Saw Double-Digit Increase In Past 12-Months

For the 12-month period ended May 31, 2021, there were 30,225 homes sold within the St Louis 5-County core market, an increase in home sales of 13.91% from the prior 12-month period, according to the STL Market Report below, available exclusively from MORE, REALTORS®.  During the same period, St Louis home prices increased 11.5% from a median of $213,000 to $237,500.  As the report also shows, the current supply of listings for sale is low at 0.86 months.

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

(click on report for live, complete report)

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

 

STL Market Report – May 2021

St Louis Realtors Home Prices and Sales Market Report May 2021

Thirty-Eight Percent Of St Louis LUXURY Homes Sold In Past 12 Months Sold At Or Above List Price

Last week I shared data showing that nearly two-thirds of the homes sold in the St Louis 5-County core market (St Louis city and the counties of St Louis, St Charles, Jefferson and Franklin) during the past 12 months sold for the asking price or above.   Today, I wanted to focus on just the luxury home market to see how that compared with the overall market.  I included homes that sold for $750,000 or higher in this analysis.

As the infographic below shows (exclusively available from MORE, REALTORS®) there were 1,120 luxury homes sold (about 3% of all homes sold) during the past 12-months in the St Louis 5-County core market with 38% of them selling at the list price or above.  Drilling down further, we see that 22% of the St Louis Luxury homes sold for greater than the list price.

Sixty-Three Percent Of St Louis Homes Sold In Past 12 Months Sold At Or Above List Price

It’s no secret how competitive the St Louis housing market is currently.  In effort to get their offer accepted, homebuyers are waiving financing contingencies, building inspections and doing everything they can to convince the seller to take their offer.  However, in addition to those aforementioned things, while it’s not necessarily the most important thing, price is pretty close to the top of the list.

As a result of everything mentioned above, almost two-thirds of the homes sold in the St Louis 5-County core market (St Louis city and the counties of St Louis, St Charles, Jefferson and Franklin) during the past 12 months sold for the asking price or above.  As the infographic below shows (exclusively available from MORE, REALTORS®) there were 34,225 homes sold during the past 12-months in the St Louis 5-County core market with 63% of them selling at the list price or above.  One thing to remember about home prices though, and something you won’t hear from too many people reporting prices, is that not all sold prices are the “real” price.

About Half of Consumers Surveyed Think Home Prices and Interest Rates are Going Up

Every month Fannie Mae surveys consumers about owning and renting a home as well as about other issues related to the housing market and economy and from the results publish their Home Purchase Sentiment Index® (HPSI).  One of the components of the index is what the sentiment is on whether now is a good time to buy a home or sell a home.  In the April 2021 HPSI 49% of consumers felt home prices would go up in the next 12-months and 54% felt interest rates would increase in the next 12-months.

St Louis Area Housing Market Report For April

In spite of the challenge of a low-inventory housing market, St Louis City and County, St Charles County and Franklin County all saw double-digit increases in the number of homes sold in April while Jefferson County saw a double digit decline.   As the charts below illustrate, the median price of homes sold in those counties increased from a year ago in all the counties, two of them in the double digits.

Not all housing data is the same….nor accurate for that matter…

One thing worth noting is that there are housing market reports out there from many different sources, including many credible ones that may or may not be accurate.  In most cases this is not due to an error on the part of the person or entity sharing the data but a result of either bad data,  inaccurate data or misinterpreted data.   For example, when preparing to write this article I noticed two different reports on “St Louis” home prices for homes sold in April.  One, which indicated it was for St Louis City and County combined, reported $250,000 and one which reported the “St Louis area” was $266,000.  In the case of the latter, my first guess was that they were reporting data for the St Louis MSA but when I checked that the actual sold price in April was only $223,750 so I have no idea where the data came from.  For the former, the $250,000 median price is not only higher than the median price for St Louis City and County, it’s higher than the median price for the whole MSA and while the source is indicated, I’m not sure how this number was arrived at.

So what does it matter?

In the crazy market we are in where buyers are getting in bidding wars to get a home, I think it’s more important than ever to have good, relevant and accurate data available to your agent so your agent can help you make an informed decision.  You ultimately may decide to pay above what you think the current value of the home is but it would help to know what the real value is.  If you look at my chart below for St Louis City and County you’ll see the median price of homes sold in April was $230,000 which is quite different than the $250,000 price and $266,000 I saw reported elsewhere.  Would being $20,000 – $36,000 off on the value matter to you?  I think it might.

So how do I know I’m right?

Well, for starters I’m a data junky and for the past dozen or so years I’ve probably spent, on average about a dozen hours a week or more studying market data for St Louis.  In addition, for the past 6 or 7 years we have worked to develop our own proprietary software to compile and report housing data and are constantly checking and double checking the output.  Finally, we have a very credible source for data, the REALTOR® MLS and we constantly update and check the data.  Put all of this together and while there’s no way to say it’s 100% correct, but I’m confident it’s about as close as you can get.

Is The St Louis MSA Real Estate Market Better in Missouri or Illinois?

There are a total of seventeen counties that make up the St Louis MSA with 9 of them being on the Missouri side of the Mississippi River and the other 8 on the Illinois side.  For some reason, I was curious today if the portion of the St Louis MSA in one state was outperforming the other or if they were performing about the same.  I guess my expectation was probably the latter but the data showed that in fact, during the past three months, they were closed, but each state has its bragging rights depending on which data point you look at.

The tables and charts below (available exclusively from MORE, REALTORS®) show more details but below are some highlights of the comparisons between the counties in the two states:

  • Sold home prices in Missouri for December were at a median price of $226,500 in December then dipped in January, as expected but rebounded back in February to a median price of $225,000 or 99.3% of the December price.  Illinois, on the other hand, had a median price of $150,000 in December then actually increased in January but then fell to $137,750 in February, or 91.8% of the December price.
  • The number of home sales paints a different picture though.  For the Missouri counties, there were 2,819 homes sold in December and  1,849 in February, for a decrease of 34%.  In the Illinois counties, there were 744 homes sold in December and 554 in February for a 26% decrease.


St Louis City and County Home Prices Rebound In February

As the chart below shows, the median price of homes sold in St Louis City and County jumped to $220,000 last month from $204,000 the month before.  While home prices increased during the month, the number of homes sold fell slightly to 1,027 homes in the two-county area, down from 1,085 the month before.

As the table below the chart shows, there have been nearly 18,000 homes sold during the past 12 months in the City and County of St Louis at a median sold price of $220,580.  The homes sold during the past 12 months sold for a median price of 100% of the original asking price and took a median time of just 20 days to sell.  Can you say Seller’s Market? :)

St Louis City and County Home Prices and Sales

(click on chart for live chart)

St Louis City and County Home Prices and Sales 

 

 

St Louis Real Estate Market Update VIDEO – February 2021

The St Louis real estate market has started off 2021 strong, but is a change coming?  Closings of home sales in January were strong with more sales closing than in January of last year, but with everything going and the uncertainty of the economy will it continue?  I address both the current state of the St Louis real estate market, as well as discuss our “leading indicator” data which gives us a glimpse of where the market is headed in the St Louis Real Estate Market Update video you can access below.
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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’ Most Expensive School Districts To Buy A Home In

It probably won’t come as a surprise that many of St Louis’ best school districts also have some of St Louis’ most expensive home prices.  As the list below shows, the Ladue School district has the highest-priced homes with the average price for homes sold in the past 12 months at nearly $900,000.  Of the top 10 highest priced school districts, 8 are in St Louis County, one in St Charles County and one in Franklin County.

St Louis 5-County Core’s Most Expensive School Districts

(click on list for complete list)St Louis 5-County Core's Most Expensive School Districts

 

St Louis Has 5 Municipalities Where Average Sold Home Is Over $1 Million

One of the benefits to living in St Louis we often hear about is how affordable it is compared with many other metro areas around the country.  Granted, one of the things that contribute to the “affordability” is the price of homes but that doesn’t mean we don’t have areas with pricey real estate here.  The list below is part of the list showing what the average price homes sold for in every municipality in the St Louis MSA during the past 12 months and reveals the five municipalities where the average home price exceeded $1 Million.

Leading the list is the relatively small, but expensive, Country Life Acres where homes in the past 12 months sold for an average of $1,621.564.

St Louis 5-County CORE Market’s Most Expensive Municipalities

(click on list to see entire current list)

St Louis 5-County CORE Market's Most Expensive Municipalities

 

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