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.

Number of St Louis Distressed Home Sales Declined Over 90 Percent In Past 10 Years

There were a total of 550 home sales in the St Louis 5-County core market during the 12-month period ended August 31, 2021, a decline of over 90 percent  (90.5%) from the same period 10 years earlier.  As the chart below (available exclusively from MORE, REALTORS®) illustrates, the St Louis distressed home sales 12-month trend peaked in May 2013 with 6,078 distressed home sales in the prior 12-month period and has fallen to just 550 distressed home sales for the 12-month period ended August 31, 2021.  For the purposes of this report, distressed home sales include the sale of homes previously foreclosed on and being sold by banks or a government entity (such as FHA/VA) and short sales.  Given that there has been a foreclosure moratorium in place for several months during the past year it’s not surprising the current trend is down but as the chart shows, the trend has been steadily downward since late 2013.

  

St Louis 5-County Distressed Home Sales – 01/01/2011 – 8/31/2021

(click on chart for live, interactive chart)

St Louis 5-County Distressed Home Sales - 01/01/2011 - 8/31/2021

St Louis Home Sales Trend Slows Slightly In August

There continue to be conversations by St Louis REALTORS® as well as other industry professionals as to whether or not the market is cooling off somewhat or slowing down.  I keep watching the data closely to look for signs of a substantive change and while there are some, the market adjustments appear to be somewhat insignificant at this point. Last month, in an article about July’s market, I pointed out a slight slowing of the trend in July.  Now, I’m taking a look at August, specifically, the number of new listings that came on the St Louis real estate market during that month versus the number of new sales during the month.

More new listings in August than a year ago, fewer new sales:

As the STL Real Estate Trends Reports below show (exclusively available from MORE, REALTORS®) 3,702 new listings came on the market in the St Louis 5-County core during August, an increase in new St Louis listings of 3.2% from a year ago when there were 3,586 new listings.  Conversely, there were 3,861 new sales of homes last month, a decrease in St Louis home sales of 2.2% from a year ago when there were 3,949 new contracts written.

New contracts written exceeded listings again but not by as much margin:

During August 2020, the number of new contracts written on listings exceeded new listings in St Louis by about 10 percent (10.1%).  Last month, new sales of St Louis listings only exceed the number of new listings by just over 4 percent (4.2%).

So, as I mentioned, the change in trend is slight, but something worth keeping an eye on.

St Louis Area Home Sales Trend Slows Slightly After Setting Record in June

There has been talk of “the market slowing down” and while there hasn’t been a lot of data to support that, we did see the sales trend slow slightly in July.  As the home sales trend chart below shows, exclusively available from MORE, REALTORS®, the home sales trend for the 12-month period ending has increased every month of this year over the prior month through June. For the 12-month period ending in June, there were 30,055 homes sold marking the highest record since we’ve been tracking the data, however, for the 12-month period ending in July home sales decreased slightly to 29,974 homes.

More new listings than new sales…

A change I’ve also noticed lately is that the number of new listings hiring the St Louis market is outpacing the number of new sales, a reversal of the trend we saw until recently.  As the STL Trends Reports below show, there were 881 new listings in the most recent week and 816 new sales.  For the prior week, the trend was the same with 895 new listings and  807 new sales.

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?

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

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.

St Louis Luxury Home Sales Trended Upward For 10 Consecutive Months

The St Louis luxury home market (homes priced at $700,000 or above) after remaining relatively flat for about a year has been steadily trending upward for now 10-months in a row.  Even though April is not over, there have already been more sales of Luxury homes closed than for the month before, so April will make the 10th month of increased sales activity.

As the STL Market Chart below shows (available exclusively from MORE, REALTORS®), sales of luxury homes in St Louis City and County and St Charles County, have increased from 694 sales for the 12-month period ended April 2018 to 1,130 for the 12-month period ending the 30th of this month (so it’s going to rise further even), an increase of 63% in the past 3 years.  For the sake of this analysis, a “luxury” home was considered to be a home selling for $700,000 or above, which puts it in the upper 5% or so of the market.

St Louis Luxury Home Sales Trend (12-month prior periods) For the Past 3 Years

(click on Chart for current chart with live data)

St Louis Luxury Home Sales Trend (12-month prior periods) For the Past 3 Years

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.


New Sales Of Listings Are Outpacing New Listings

As any home buyer in the market is well aware no doubt, we have a low inventory of homes for sale in the St Louis MSA.  As the STL Market Report below shows (which is exclusivley available from MORE, REALTORS®) there is currently just a 1.2 month supply of active listings in the St Louis metro area.  It doesn’t look like the situation is improving either as MORE’s Local Home Trends Reports at the bottom show that new contracts in the past two weeks have outpaced new listings during the same period.  There were 2,105 new contracts written for the sale of a home and there were 1,976 new listings of homes for sale.  With the new sales outpacing new listings by a little over 6% it indicates we are not going to see any improvement in the inventory in the near term.

STL Market Report for the St Louis MSA

(click on report for live report)

STL Market Report for the St Louis MSA

Continue reading “New Sales Of Listings Are Outpacing New Listings

St Louis 12-Month Home Sales Sets 15-Year Record In February

For the 12-month period ended February 28, 2021, there were 29,402 homes sold in the St Louis 5-County core market.  As the 15-year chart below (available exclusively from MORE, REALTORS®) shows, this is the highest 12-month sales period in more than 15 years!  Going back to 2006, a historic banner year for real estate, we find that the 12-month period ended March 31, 2006, came in close at 28,797 homes sold, but that’s a little over 2% below our most recent 12-month period.

But, can St Louis home sales keep up this pace?

Having a record-setting period for home sales is great but, practically speaking, it’s hard to sustain a record level for long so typically sales would ease after a record period and settle into a “norm”.  Having been in this business for 40 years, I’ve seen many of these periods and the $64 question is always the same.  How long can it last?  I’m not going to even pretend I have that answer as there are too many variables including the continued impact of the pandemic on the economy and life in general, rising oil and gas prices, rising government debt, and uncertainty about the economy to name just a few.  Oh, and did I mention the lack of inventory?  It’s hard to maintain record sales levels when there are not enough products to sell.

21 Zips In 5-County Core Where Listing Inventory Is More Than Double The Median

If you are in the process of trying to find a home to purchase or have gone through the process in the last couple of years, I don’t need to tell you how low the inventory of homes for sale is.  Currently, in the St Louis 5-County core market, there is less than a one-month supply of homes for sale (0.85 months).

However, within that area, there are 21 zip codes that have a current supply of at least double that, 1.7 months or more.  As the chart below shows, the supply of homes for sale in these zip codes ranges from a high of 9 months in 63115 down to 1.71 months in 63367.  There are a total of 9 zip codes that have a supply greater than triple the median of 0.85 months  (2.55 months+).

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 Area Home Sales Trend At Highest Level In Over 10 Years

In spite of having been in a low-inventory market for the past few years, home sales in St Louis have continued strong.  In fact, as the home sales trend chart below, exclusively available from MORE, REALTORS®, shows home sales trend for the 12-month period ending February 28th was at the highest level in over 10-years.

The chart includes the St Louis 5-County core market (the city of St Louis and the counties of St Louis, St Charles, Franklin, and Jefferson) and shows that for the 12-month period ending last month there were 28,571 homes sold (distressed home sales have been excluded).  This is slightly above the 12-month period ending the month before when there were 28,492 homes sold.

Half of the Fastest-Selling Zip Codes In The St Louis MSA are in St Louis County

As the list below shows, five of the ten zip codes in the St Louis MSA where homes that closed in the past 30 days sold the fastest are in St Louis County.  However, the fastest-sold zip code was 63052 in Jefferson County and includes the cities  Imperial, Kimmswick, Antonia, and Liguori.

Ten Fastest-Selling Zip Codes In The St Louis MSA

(click on the list for a complete and current list)Ten Fastest-Selling Zip Codes In The St Louis MSA

Seven Of the Ten Fastest-Selling School Districts In St Louis MSA are in Outer Ring Counties

As the list below shows, seven of the ten school districts in the St Louis MSA where homes are selling the fastest, are in outer-ring counties, with the remaining three districts being in St Louis County.  This list is based upon the average time it took homes to sell that closed in the past 30 days and Wright City R-II District came in at the top of the list with an average of 14 days for homes to sell.  St Charles County was home to the largest number of the fastest-selling school districts with 4 followed by St Louis County with 3, Warren County with 2, and 1 in Jefferson County.

Ten Fastest-Selling School Districts In The St Louis MSA

(click on the list for a complete and current list)

Ten Fastest-Selling School Districts In The St Louis MSA

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’s Most Expensive Home Sale In The Last Two Years

One of the many benefits to living in St Louis is it’s a very affordable place to live and much easier to be a homeowner than in most other major metro areas.  Having said that, we do have areas, such as Ladue, Huntleigh, and Clayton to name a few where we do see home prices that are out of reach for most of the folks living here.   One such example is a magnificent 10,000+ square foot Ladue manse that sold earlier this month.  At a final sales price of $6,150,000, it is the highest-priced home sale in the REALTOR® MLS in more than 2 years.

See what $6 million gets you in a St Louis home by clicking here – be sure to click on the video to see the tour of this beautiful home.


St Louis Real Estate Market Trend For February Down From Last Year

The St Louis real estate market has slowed a little in February thus far.  As the Local Market Trends reports (availably exclusively from MORE, REALTORS® ) show, new contracts written on listings as well as new listings in St Louis 5-County Core market, were down in each of the first two weeks of February both from the prior week as well as from the same period a year ago.

New contracts written (new sales):

As the reports below show, there were 590 new contracts written (new sales)  on homes during the 2nd week of February which was 13% fewer contracts than were written the same week a year ago and  7% fewer than the prior week.

New listings:

As the reports below illustrate, there were 537 new listings of homes during the 2nd week of February which was 9% fewer new listings than during the same period a year ago and 8% fewer new listings than the prior week.

Local Market Trends – New contracts written on homes

(click on report for live, current report)

Local Market Trends - New contracts written on homes  Local Market Trends - New contracts written on homes 

Local Market Trends – New listings

(click on report for live, current report)

Local Market Trends - New listings Local Market Trends - New listings

St Louis County Home Sales Trend Outpacing New Listings By Larger Margin Then Neighboring Counties

It’s no secret that listings of homes for sale in St Louis are in short supply and for a while now new sales have outpaced new listings making it a challenge for home buyers.  However, over the past couple of months, new sales of homes in St Louis County have outpaced new listings by a greater margin than neighboring counties.  As can be compiled from the tables below, new sales of homes in the St Louis 5-County Core market during the last four months outpaced new listings during the same period by 12.7%.  For St Louis county, there were 6,095 new contracts written during the last 4 months and 5,353  new listings resulting in new contracts outpacing new listings by 13.9%, a rate 1.2% higher than the rate for the 5-county area as a whole.   Franklin County had the next highest rate at 10.7%, then Jefferson County at 9.4%, St Charles County at 5.8%, and then the city of St Louis was the only county where new contracts were about equal to new listings.

St Louis MSA Counties In Missouri Outperforming Illinois Counties

The residential real estate market in counties in the Missouri portion of the St Louis metropolitan area appear to be outperforming the St Louis MSA counties in Illinois, according to the latest New Contracts Report below, exclusively from MORE, REALTORS®.  As the report shows, for the most recent week reported, new contracts written on residential listings were up 14% for the St Louis MSA as a whole from the same week a year ago, but most of the increase in sales was in the Missouri portion of the MSA.  Overall, in the St Louis MSA, there were 105 more new sales in the most recent week vs the same time a year ago and 97 of the increased sales were in counties located in Missouri with the remaining 8 being from counties located in Illinois.

St Louis MSA Counties – New Contracts on Home Listings

(click on report for live report)

St Louis MSA Counties - New Sales on Home Listings

 

 

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