After Christmas Sale On Real Estate! Lowest Prices Of The Year!

Early Christmas evening, the commercials began for “after Christmas” sales by anxious retailers that couldn’t even wait until after Christmas to tell everyone what great bargains can be had.  Well, the same holds true for residential real estate in terms of bargain prices at this time of year.  It’s no secret that the number of homes sold, as well as prices, decline during this time of year, but I don’t know that would-be home buyers realize just how much they can save if they buy a home during this slow season.

As the STL Market Chart (exclusively from MORE, REALTORS) below shows, the median price of homes sold (the red line) dropped to the lowest level of the season in January earlier this year and in February the year before.  The number of homes sold (the pink line) always hit its lowest level around the same time.  Historically, this happens every year around the same time when the market is good as well as when it is not.  As the chart shows, the home prices in November remained the same as October, but the number of home sales dropped significantly and prices will follow no doubt.  Worth noting is that in January of this year, home prices hit their seasonal low at $168,444 but then by April, just 3 months later had increased 12.5% to $189,500 and finally peaked in June at $204,900, a 21.6% increase from January’s low.

St Louis Home Sales Remain Steady But Trending Downward

In the last week, I’ve seen several reports indicating declining home sales on both a nationwide basis as well as for the St Louis market.  The reports vary widely but one local report indicated single family home sales were down 6 percent from a year ago, which, of course, should cause some concern for both agents as well as consumers since a 6 percent decline is significant.  However, this is why, for this very reason, MORE, REALTORS® developed their own proprietary software to analyze and report the market data (the same MLS data as the aforementioned report was based upon) and present it in a manner that more accurately depicts the market conditions and is more applicable than many of the other reports out there.

Before I go further, I’m not picking on anyone reporting market information, as most are simply reporting the data that is available to them and doing so in a common manner which is to look at data for one specific month (in this case November) and compare it to the same month a year ago.  I’m just suggesting that due to fluctuations that can be caused by, for example, weather during the month, the number of Friday’s during the month (a popular day for closings), etc. looking at a single month doesn’t paint a true picture of the market.  It also matters what area the data is for, is it the St Louis MSA (which includes 8 counties in Illninois) or the city of St Louis, or some other combination?

As you will see from our STL Market Report™ tables I’ve prepared below, the St Louis real estate market is actually holding fairly steady in terms of sales when we look at the past 12-month period and compare it with the prior 12-month period.  In terms of home prices, St Louis home prices have increased about 4% – 5% in the St Louis area, depending on how we look at the area.

Forecast Says Eighty Two Percent Of St Louis Listings Will Sell Below List Price

A report released by Knock, a company that buys homes, forecasts that, nationally, 77% of current listings will sell below the original list price during the first quarter of 2019 and in St Louis, 82.61% of the listings will sell below list price. The report goes on to forecast that, on average, during the first quarter of 2019 homes in St Louis will sell for 5.2% less than the original list price and will take an average of 22 days to sell.

70% of St Louis Listings Sold For Less Than Original Price During Past 3 Months…

As our exclusive STL Market Chart tables below show, during the past 3 month period, 5,055 of the 7,240 (69.8%) homes that sold in the St Louis 5-County core market, sold for less than the original asking price.  Therefore, Knock’s prediction that this percentage hits 82.61% during the coming 3 months is not a stretch.  Nearly half (46%) of the 8,883 active listings on the market have already had at least one price reduction.

St Louis Real Estate Market Update VIDEO – December 2018 – Months Supply On the Rise

The St Louis real estate market is lagging a little behind last year in terms of home sales and the inventory of homes for sale is on the rise.  While some of this is, of course, seasonal, perhaps some of it could be related to home prices increasing over the past year or so at a higher rate than the historical “norm” as well as may be reflective of the higher interest rates we are experiencing now versus last year.

While it’s still a seller’s market in some areas of St Louis and in some price ranges, our market indicators have more markets shifting to a buyers market or, at a minimum, a changing market.  Seller’s won’t like to see this but it could be some welcome relief for home buyers that may be growing weary from bidding wars, getting beat out on the home they want and the like.

Find out more, as well as get information on some of St Louis’s best resources for home buyers and sellers in our just-released market update video.

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

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

Median Price of Homes Sold in St Louis City/County In Past 12 Months Hits $185,000 – Sales Flat

The median price of homes sold in St Louis City and County combined during the 12 month period ended October 31, 2018 was $185,000 according to the STL Market Report™ from MORE™, REALTORS®.  As the STL Market Report™ below shows, this is an increase in the median price of condos sold of 5.11% from the prior 12-month period. During the most recent 12-month period, there were 16,841 homes sold in St Louis City and County combined, just 6 sales more than the prior 12-month period.  There is currently a 2.67 month supply of condos for sale in St Louis City and County combined and listings have been on the market a median time of 64 days.

STL Market Report – Homes – St Louis City and County Combined

(click on table to go to live report)

STL Market Report - St Louis City/County Combined

 

Number of Underwater St Louis Homeowners Falls To Lowest Level Since Last Year

During the 3rd quarter of this year, 14.4% of the homeowners in St Louis with a mortgage were “seriously underwater”, meaning they owe at least 25 percent more than the estimated value of their home, according to a report just released by ATTOM Data Solutions. This is the lowest rate this year, down from 15.6% in the 2nd quarter and down from 14.7% in the first quarter of 2018.  For the last quarter of 2017, St Louis homeowners that were seriously underwater had fallen to 13.8%.

Kansas City and Chicago have fared better over the past 5 years…

As the table below illustrates, our neighbors to the west and northeast, Kansas City, MO and Chicago, IL, have both seen a greater margin of improvement in their underwater homeowners over the past 5 years.  Kansas City went from 23.1% of their homeowners with a mortgage being seriously underwater in the 3rd quarter of 2013 to 9.8% during the 3rd quarter of this year, a reduction of 58% in the rate of underwater homeowners.  Chicago, during the same period, went from 35.8% to 13.2%, a reduction of 68%. Meanwhile, here in St Louis, the rate went from 25.4% to 14.4%, a reduction of 40%.

St Louis Seriously Underwater Homeowners – 3rd Quarter 2018

St Louis Seriously Underwater Homeowners - 3rd Quarter 2018

 

 

St Louis Real Estate Market Holding Steady

In contrast to reports from around the country of a cooling housing market and even a possible bubble in some markets, the St Louis real estate market continues to hold steady. As our exclusive, STL Market Report for the St Louis 5-County core market below shows, during the past 12-months homes have sold at about the same pace as the prior 12-month period, prices are up a little over 5 percent and the supply, while up, is still at a rather low 3 months.

St Louis 5-County core market home sales and prices

(click on table for live current report)
St Louis 5-County core market home sales and prices

 

St Louis Real Estate Market Update VIDEO – October 2018 – Home sales down but higher than 10 years prior to 2017

St Louis home sales continue to lag a little behind last year, however, through the end of September, year-to-date St Louis home sales are higher than they were for the ten years prior to last year! In fact, the YTD total home sales of 21,043 for the St Louis 5-County core market, falls just 130 home sales short of the 21,173 homes sold at this time back in the banner year of 2006. For the St Louis area, YTD home sales through September for this year are just 5.8% below the all-time high in 2005 when there were 22,344 homes sold YTD at this time of the year.

It’s still a seller’s market in most areas of St Louis and in many price ranges!
Find out more, as well as get information on some of St Louis’s best resources for home buyers and sellers in our just-released market 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!   update video.


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

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

Home Affordability In St Louis Drops For All Counties In Third Quarter

One of the nice things about St Louis has always been that it’s an affordable place to live and an affordable place to own a home.  However, as St Louis home prices, and mortgage interest rates, continue to increase, home affordability in St Louis has declined.

As the table below, which is based on data from ATTOM Data Research, shows, all of the counties reported on in the State of Missouri saw home affordability decline during the 3rd quarter with the exception of Jackson County (Kansas City).  All of the counties had a decline in home affordability from a year ago with St Louis County seeing the biggest decline at 11%.

St Louis Home Affordability – 3rd Quarter 2018

St Louis Home Affordability - 3rd Quarter 2018

St Charles Homeowners spend the largest percentage of income on a home…

In St Charles County, home buyers spend, on average, 41.3% of their income to buy a home, the highest percentage of the reported counties in Missouri.  In the city of St Louis, the percentage of income spent on housing was just 21.9%.

Percentage of Annualized Wages Necessary to Buy A Home

Percentage of Annualized Wages Necessary to Buy A Home

 

Sellers Have Reduced Prices on Nearly Half The Homes Currently For Sale

It may still be a seller’s market in many areas of St Louis, but, as our table below shows, nearly half (48%) of the active listings in the St Louis market have had at least one price reduction since coming on the market.

St Louis 5-County Core Market – Active Listing Data

(Click on table for current, live data)
St Louis 5-County Core Market - Active Listing Data

The Most Expensive Homes For Sale In St Louis

One of the great things about living in St Louis is it is a very affordable place to live, including when it comes to home ownership.  Home affordability in St Louis is certainly much better than the coasts but also beats many, if not most, metro areas.  Having said that, we do have our share of expensive homes though.  For example, there are currently 322 $1,000,000+ homes and condos listed for sale in the St Louis 5-county core market (City of St Louis and Counties of St Louis, St Charles, Jefferson and Franklin).   The most expensive St Louis home listed for sale, at the time I wrote this article, is a home in Huntleigh listed for $7,695,000.

42 Huntleigh Woods, Huntleigh, MO 63131

(Click on the image above to see complete details)

See the complete list by clicking here.

Of the 322 $1 million+ homes listed, nearly 82% of them are in St Louis County.  Below is a breakdown of the listings by county:

  • St Louis County  – 263
  • St Charles County – 25
  • City of St Louis – 10
  • Jefferson County – 9
  • Franklin County – 15

See the list of the 30 cities in the St Louis 5-County Core market with the highest average home prices here.

 

Are Homes Prices In St Louis Cooling?

Yesterday, the latest S&P Corelogic Case-Shiller (the biggest name in national home price data) home price indices were released for July 2018 (their reports lag behind somewhat).  Even though in their press release, S&P stated “Data released today for July 2018 shows that home prices continued their rise across the country over the last 12 months” however, the release went on to say point out, with regard to July’s increase in home prices, that is was “down from 6.2% in the previous month”.  This prompted many news outlets to publish articles with headlines about home prices cooling, the market cooling, etc.  One of those outlets, and a pretty well-known one in the real estate industry among real estate agents, is RIS media who published an article that began with “The foot on the gas is letting up.  The explosive growth in home prices is slowing.”

There is no question that home prices cool, and heat up, regularly and, due to the seasonality of the real estate market, are even somewhat predictable in this fashion.  Therefore, should the recent headlines about home prices slowing be of concern to home buyers and sellers in St Louis?  This is a question I’ve been hearing a lot lately and will give my thoughts on here.

Home prices fluctuate EVERY month…

As our 5-year chart below clearly illustrates, St Louis home prices fluctuate every single month of the year, year in and year out.  In fact, if you move your mouse around our live chart (click on chart for live one) you can see the data for each month and I don’t think you will find two months in a row that were the same.  The other thing our charts make it easy to see is the seasonality of home prices.  If you look at the purple line, which represents St Louis home prices over a 5-year period, you will see the same pattern is repeated year after year.  St Louis home prices increase every year going into spring, typically hitting the peak with sales that close in June, or sometimes July.  Then, after peaking, home prices in St Louis start the slow descent downward until hitting the lowest point in January or February, then start the cycle all over again.  In normal times, such as the 5 years depicted on the chart below, each spring peaks higher than the spring before and each winter low is higher than the prior winters low.

St Louis 5-County Core Market – Price Per Foot and Time to Sell – Past 5 Years

(Click the chart for live, inter-active chart)
St Louis 5-County Core Market - Price Per Foot and Time to Sell - Past 5 Years

Are St Louis home prices cooling off though?

Now that we’ve reviewed how St Louis home prices fluctuate, lets address whether they are cooling off though.  In other words, are St Louis home prices trending downward, indicating they will be rising at lesser rates in the coming months?  This is where our proprietary St Louis housing market data software and custom charts come in handy again and make it easy to answer this question.  The chart below shows the median price per foot for homes sold in the prior 12 months for each month of the past five years.  This is a great chart to use to recognize a trend.

In reviewing the data in the chart below, I first looked at the difference between home prices at the peak versus the trough for each year and found the following:

  • 2018 – 15.2%
  • 2017 – 12.2%
  • 2016 – 13.8%
  • 2015 – 16.0%
  • 2014 – 19.3%

Next, I looked at the increase in the peak price each year from the prior year and found:

  • 2018 from 2017 – 3.8%
  • 2017 from 2016 – 4.0%
  • 2016 from 2015 – 6.9%
  • 2015 from 2014 – 4.5%

From the above, it appears to me the seasonal price swing this year has been fairly consistent with prior years and, while maybe slowing just a little, peak home prices have increased year to year at a fairly consistent rate.  The jump from 2015 to 2016, at 6.9% was higher than normal, but the other years are at rates that are close to historical norms.  In summary, while the price appreciation may have slowed slightly, which, quite frankly, is probably god so that a reasonable appreciation rate can be maintained, I don’t see any cause for alarm nor any imminent major shift in St Louis home prices at this point.

St Louis 5-County Core Market – Price Per Foot Trend – Past 5 Years

(Click the chart for live, inter-active chart)

St Louis 5-County Core Market - Price Per Foot Trend - Past 5 Years

 

 

St Louis Home Sales Trend Remains Flat While Prices Rise

St Louis home sales remain consistent but fairly flat with 27,636 homes sold during the past 12 months, just slightly more than the 27,525 homes sold in the prior 12 month period, for the 5-County core St Louis market.  As the table below shows, while home sales only increased by 0.40% during the period for the core St Louis market (city of St Louis and counties of St Louis, St Charles, Jefferson, and Franklin) the median price of homes sold during the period increased 5.46% from a median price of $184,900 to $195,00.  There is a currently a 2.55 month supply of homes for sale and the median time a home has been for sale in this area is 68 days.

St Louis 5- County Core Market – Home Sales and Prices

(click on table for live report)

St Louis 5- County Core Market - Home Sales and Prices

St Louis City and County market about the same…

As the table below shows, the housing market in the city and county of St Louis is performing pretty much the same as for the larger 5-county area.  There were 16,828 homes sold in the past 12-months in this area, which is just 16 home sales more than the prior 12-month period when there were 16,812 homes sold.  The median price of homes sold in the most recent 12 month period was $185,000, a 5.71% increase from the prior 12-month period when the median home price was $175,000.  There is a 2.46 month supply of homes for sale and the median time a home has been on the market for sale is 63 days.

St Louis City and County – Home Sales and Prices

(click on table for live report)

St Louis City and County - Home Sales and Prices

  

 

St Louis Real Estate Market Update VIDEO – August 2018

While St Louis home sales are flat this year the overall market conditions remain good. The low inventory of homes for sale continues to benefit St Louis sellers! Find out more, as well as get information on some of St Louis’s best resources for home buyers and sellers in our just-released market 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!   update video.


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

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 Zip Codes Where Home Prices Have Increased The Most In Past 12 Months

Home prices in the St Louis metro area increased at what is a pretty “normal” rate (historically speaking) of about 3.5% in the past year.  However, as you hear me say often, all real estate is local, so the market varies significantly from neighborhood to neighborhood.  For example, on our St Louis Median Home Price Change by Zip list (part of which is shown below), of the 101 zip codes shown, 87 had an increase in home prices in the past 12-months from the prior 12-months, 1 remained even, and 13 saw a decline in home prices.  For the increases in home prices, they ranged from .06% to 115% and for the declines from 2.5% to 21.19%.

St Louis Median Home Price Change Year over Year by Zip Code

(click on list for current, complete list of all zips)

St Louis Median Home Price Change Year over Year by Zip Code

Are Home Prices Too High in Jefferson County? Is a Correction Coming?

Yesterday, I had lunch with a friend in the industry who expressed his concern that the Jefferson County real estate market was cooling off a little and questioned the possibility a market correction.  I referenced the article I wrote last week in which I explored the possibility of a market correction in St Louis and, based upon the data we have, came to the conclusion there wasn’t anything to be alarmed about at this time.  However, I had looked at the 5 counties that make up the St Louis core market as a whole (which included Jefferson County) but did not look at the counties individually.

Therefore, this morning I drilled down in our data to look only at the Jefferson County real estate market, including home sales, inventory of homes for sale and home prices in Jefferson County to determine if there were indicators of a market correction looming in the near future.

Is a market correction coming for Jefferson County?

The short answer is yes and probably.  Remember, all real estate is local, so the real estate market can vary signficantly within a metro area, a county, or even a city.  This is why it is vital to have current, accurate market information (why we have spent several years developing our own software) and a real estate agent with access to the data, that can interpret it and apply it to their clients situation (which is why we have hand picked some of the best in the industry to be in our firm, MORE, REALTORS).


Is There a Market Correction Coming To The St Louis Real Estate Market?

This morning I watched a video from a firm that reports on the real industry and does so from a blunt, “call it as they see it”, perspective (pretty much my style too) in which they say “market correction indicators continue to roll in” and suggest that, to some extent, the party is over.   This report looked at the national real estate market as a whole and specifically looked at the west coast so is not necessarily indicative of what is happening in the St Louis real estate market, however, can often be an early indicator.

As a result, I spent my early morning looking closely at the St Louis real estate market in search of market correction indicators.  So, did I find indications that the St Louis real estate market is headed for a correction?

Yep.  It’s called “spring is over“.  :)

At about this time every year, we see a correction, of sorts due to the seasonality of the real estate business.  It’s no secret that spring and early summer are always the best time for the real estate market with increased home sales and prices.  As that season passes there is always a “correction” in home prices as they adjust downward for the decreased demand.

However, what I am really looking at is the “bigger picture”, is there an overall market correction taking place in St Louis or headed our way?

While it would be unrealistic to think that if a true market correction is going to be experienced by the bulk of the country that it won’t have an impact on the St Louis market, however, at this time there doesn’t appear to be any sort of serious correction imminent in the St Louis market.  That’s not to say we won’t see the normal downturn in home sales and prices we expect to see due to seasonality.

Below are some charts and tables that I think are good indicators of the health of the St Louis market as well as good indicators of things to come.  I’ll briefly give some comments on each as well as how I have applied the data shown to my opinion I have shared today.


St Louis Real Estate Market Update VIDEO – July 2018

The St Louis real estate market continues to be an enjoyable one for sellers who benefit from the low inventory of homes for sale and somewhat of a challenge for home buyers who face stiff competition. The lack of inventory of available listings has contributed to St Louis home sales this year falling a little behind last years home sales. Find out more, as well as get information on some of St Louis’s best resources for home buyers and sellers in our just-released market 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!   update video.


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

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 Home Sales Decline Slightly While Prices Rise

Home sales in St Louis declined a little over 2 percent during the most recent 12-month period from the prior period while the median price of homes sold in St Louis rose 4.4%, according to the latest data from MORE, REALTORS.

St Louis home sales are trending downward slightly as well, as illustrated by the chart below.  The light green line depicts year to date home sales for the St Louis 5-county core market (city of St Louis and counties of St Louis, St Charles, Jefferson and Franklin) and reveals that through June of this year, there have been 13,237 homes sold and, at the same time last year, 13,466, a decline of 1.7% in year to date sales.


St Louis 5-County Home Sales & Home Prices

(click on the table below for live report and complete data)

St Louis 5-County Core Market YTD & Past 12 Months Home Sales

St Louis 5-County Core Market YTD & Past 12 Months Home Sales

 

St Louis Home Prices And Sales Surge In May Time To Sell Drops

The St Louis real estate market continues to be a strong one and continues to favor sellers in many cases.  As the chart below illustrates, the median price per foot that homes sold for in May (green line) shot up in May to $133 from $129 the month before, a 3.1% increase from the month before and an increase of 6.4% from May 2017 when the price per foot was $125.  This increase in home prices didn’t seem to affect St Louis home sales, however, as there were 2,922 homes sold in May, an increase of 24.3% from the month before and an increase of 3.9% from May 2017 when there were 2,811 St Louis homes sold.  The time it took for a home to sell in St Louis hit a new low in May at 11 days, the lowest median time to sell that we’ve seen ever!


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 5-County Core Market – Home Prices, Sales & Days On Market – Past 2 Years

Click on chart for current, live chart

St Louis 5-County Core Market - Home Prices, Sales & Days On Market - Past 2 Years

St Louis Real Estate Market Update VIDEO – June 2018

There is a lot of activity in the St Louis real estate market!  The inventory of homes for sale in St Louis remains low,  interest rates have dropped a little over the past couple of weeks, home prices are beginning to soften as we move beyond the peak spring market and demand is still strong.

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!  

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

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

 

Home Sales And Price Trends Between St Louis Area Counties

The five counties I refer to as the “St Louis Core Market“, which include the city of St Louis and counties of St Louis, St Charles, Jefferson and Franklin, account for over 90% of the home sales in the 9 Missouri Counties that are part of the St Louis MSA.  This is why I typically focus on those five counties when reporting real estate market stats as they give the “big picture” view of the St Louis market but in a more accurate way than the St Louis MSA stats.

The counties making up the St Louis core market vary significantly in everything from socioeconomics and demographics to housing style, quality of public schools and home prices.  As a result, the counties respond somewhat differently to market conditions, whether good or bad.  To show how they compare, I produced a chart depicting home sales and price trends for the past 3 years.  Which county fared the best over the past few years depends on which market statistic we rank them on.

Franklin County is the clear winner for home sales trend….

As the first chart below illustrates, the home sales trend for Franklin County has been the best, with a 39% increase over the past 3 years.  For the 12-month period ended June 2015 there were 889 homes sold in Franklin County and for the 12-month period ended May 2018, there were 1237 homes sold.

St Louis City and St Charles County are at the top for home price appreciation…

The bottom chart reflects the median price per foot for the homes sold in each county and shows that, over the 3-year period, the city of St Louis had the highest increase in home prices at 13.9% followed by St Charles County with a 12.7% increase.  Interestingly enough, Franklin County, with the largest increase in home sales, had the second-lowest increase in home prices during the period.

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St Louis Ranked 8th Most Affordable Metro Area To Buy A Home

According to a report just released by HSH, St Louis is the 8th most affordable metro area to buy a home in and one of just 17 metro areas where an income of less than $50,000 per year will buy a median-priced home.  The report is based upon data from the 1st quarter of this year when the median-priced home in the St Louis MSA was $162,400 (a 4.84% increase from a year ago) and the average mortgage interest rate was 4.41% (an increase of 0.36% from the previous quarter) resulting in a house payment (principal and interest portion only) of $933.44.   Depending upon the loan type and credit-worthiness of buyer, it will vary, but under typical circumstances, a person with an annual salary of about $40,000 would qualify for the house payment on a median-priced home in St Louis.

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St Louis Real Estate Market Update VIDEO – May 2018

The low inventory of homes for sale in many areas and price ranges throughout St Louis continues to plague the St Louis housing market and is causing home sales to run behind last years sales.  Find out more, as well as get information on some of St Louis’s best resources for home buyers and sellers in our just-released market update video. 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!  

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 howFairCommissionRate.com

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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When Is The Best Time To Sell Your Home?

If I had a dollar for everytime someone asks me when is the best time to sell their home I would probably not have to be writing this article today and instead would be relaxing somewhere warm :).  My initial answer, while somewhat snarky, is always the same “when you have a buyer“.  Actually though, just because there is a buyer doesn’t mean you are realizing the best price and terms as may be possible.

It’s not really possible to be totally objective when analyzing this as no more which data I choose to use or consider is going to make it subjective, but I think I have come up with a reasonable criteria to base my answer on.  For the purposes of this article, below are the criteria I selected to include in my analysis and why:

  • Sold Price Per Foot– For an overall market view, price per foot is a good way to look at a trend.
  • Days on Market – The time it takes a home to sell is certainly indicative of how good or bad a current market may be.
  • % of Original List Price Sold For – This is a very good indicator of the market for when sellers are able receive close to their original asking price it is typically indicative of a good market (and a good listing agent that knows the benefit of properly pricing a home at the start)
  • % of Current List Price Sold For – Like the previous one, and is somewhat an indicator of the strength of the current market but is probably more driven by a seller finally facing reality and getting the price to the point where their home sold.

I then created the chart below, using software created by MORE, REALTORS for the St Louis 5-County core market for the past 24 months and then plotted the data above.  As the chart illustrates, during the past 12 months, one clear “winner” stands out when all the planets aligned (or data) to deliver the best result to the seller and it happend with closings that occured in June 2017.   Therefore, the best month to sell your home is June, right?  Wrong!  Considering the average sale takes about 5 – 6 weeks to close, and these closings occured in June, the majority of these homes most likely went under contract for sale in April and May, with the majority in May.  So, not surprising, since I believe most agents would give this answer without even doing research, but the spring market, April and May is the best time to sell your home.  If you look back to June 2016 on the chart, while the % of original price didn’t fare as well as in 2017, June 2016 was defiinitely a winner month for sellers as well!

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When Is The Best Time To Sell Your Home? (Chart)

(click on chart for current, live chart)When Is The Best Time To Sell Your Home? (Chart)

So does this mean you shouldn’t sell your home in the winter?

One downside to conversations like this is it can create a certain panic among homeoweners that are considering, or need to sell, but have missed the spring season.  Does this mean they should wait unitl next spring? While there’s a lot to take into consideration, the short answer is no, you don’t have to wait until spring.  There are advantages to selling in “non-peak” seasons, including less competition, not to mention, if you are buying another home, you will have a better chance of getting a good deal.  

Therefore, the perfect scenario is to put your home on the market for sale April 1st, sell it, close it and live in temporary housing.  Then, December 1st, start the search for your new home. :)

 

St Louis Home Prices Increase 3.8 Percent In Past Year While Sales Increase About Half As Much

Home prices in the St Louis 5-County core market increased 3.67 percent in the 12-month period ending February 28, 2018 to a median price of $186,500 from $179,900 for the prior 12-month period.  During the same period, home sales in the St Louis 5-County core market increased 1.89% to 27,839 homes sold from 27,323 homes sold during the prior 12-month period.

As our table below shows, there were 1,489 homes sold during February 2018, and are currenlty 4,921 homes listed for sale, computing into a 3.3 month supply of homes for sale, continuing to favor sellers due to the low supply.  A supply of around 6 months would normally result in a balanced market not favoring sellers or buyers, the likes of which we have not seen in some time.

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St Louis 5-County Core Market* Home Sales And Prices

(click the table below to be taken to current, complete report)St Louis Home Prices and Sales

*  St Louis City and counties of St Louis, St Charles, Jefferson and Franklin

St Louis Real Estate Market Update VIDEO – March 2018

The real estate market in St Louis, after the first two months, continues to see good price appreciation with home sales on about the same pace as this time last year.  Find out more, as well as get information on some of St Louis’s best resources for home buyers and sellers in our just-released market update video.
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!  

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 howFairCommissionRate.com

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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Is The West St Louis County Luxury Market Slowing Down?

My business partner was out yesterday previewing homes in West St Louis County and had a discussion with a listing agent in the area that mentioned the large supply homes for sale in the upper price ranges.  Considering about all we hear about today is how there is a shortage of inventory and homes are selling so fast, this conversation about growing inventory seemed out of sorts.  Before I go further, I should mention that the “mainstream” market is almost always going to perform better than the luxury market for a variety of reasons including the size of the buyer pool for that market.

To see how the luxury home market in West St Louis County is performing, I pulled stats for 3 west county locations: Wildwood, Chesterfield and Town & Country, and then for Clayton as a comparison.  As the tables below illustrate, with the exception of Chesterfield which has just a 6-month supply of homes for sale, the other 3 areas are clearly buyers’ markets.  Clayton has an 18-month supply, Town & Country 20, and Wildwood has a 22-month supply of homes for sale in the $800,000+ price range.

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Chesterfield Luxury ($800k+) Current Listing Data

(click table for complete, live data)Chesterfield Luxury ($800k+) Current Listing Data

Town & Country Luxury ($800k+) Current Listing Data

(click table for complete, live data)

Town & Country Luxury ($800k+) Current Listing Data

Clayton Luxury ($800k+) Current Listing Data

(click table for complete, live data)

Clayton Luxury ($800k+) Current Listing Data

Wildwood Luxury ($800k+) Current Listing Data

(click table for complete, live data)

Wildwood Luxury ($800k+) Current Listing Data
As the chart below illustrates, change in the price per foot that homes in this price range have sold for over the past 5-years varies fairly significantly between the areas we are looking at.  Luxury home prices have increased the most in Chesterfield with prices rising from $200 per foot in 2013 to $232 per foot thus far in 2018, an increase of 16% in that 5-year period.  The Clayton market has fared well too with home prices increasing 12% during the period from $280/foot to $314/foot.  Town & Country saw just a modest 1.8% increase during the period and Wildwood actually lost ground with the median price per foot dropping about 1 percent from $175/foot in 2013 to $173/foot thus far in 2018.

Luxury Home Sold Price Per Foot – Past 5-Years

(click chart for complete, live data)

Luxury Home Sold Price Per Foot - Past 5-Years

When it comes to how long it takes to sell a luxury home, Clayton has consistently performed the best and continues to improve.  In 2013, the median time to sell a luxury home in Clayton was 72 days, thus far this year it’s been just 43 days, a 40% improvement.  Town and Country saw a 27 percent improvement in the time to sell, while Chesterfield saw a 23% increase in the time to sell and Wildwood a whopping increase of over 200% in the time to sell a luxury home.

Luxury Home Time To Sell – Past 5-Years

(click table for complete, live data)
Luxury Home Time To Sell - Past 5-Years

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Homes Sold Last Month In St Louis Took Half The Time To Sell Than They Did Four Years Ago

Homes that sold in the St Louis area last month sold for a median price of $123 per foot and took a median time of just 35 days to sell, according to the latest data from MORE, REALTORS.  As the 5-year chart below illustrates, the median price of homes sold in St Louis have steadily increased over the period, from $93 per foot in February 2014, to $123 per foot last month, an increase of 32.3%. During this same period, the median time it took for homes to sell declined from 70 days in February 2014 to just 35 days in February 2018, a decline of 50%!

St Louis 5-County Core Market – Price Per Foot & Time To Sell – Past 5 Years

(Click Chart To See Live Data)

St Louis 5-County Core Market - Price Per Foot & Time To Sell - Past 5 Years

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St Louis Real Estate Market Update VIDEO – February 2018

The real estate market in St Louis is off to a good start for 2018 so far!  Find out more, as well as get information on some of St Louis’s best resources for home buyers and sellers in our just-released market update video.
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!  

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 howFairCommissionRate.com

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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