St Louis home prices appear to be trending downward a little even though we are in the midst of a fairly robust spring market. This is based upon the current price per foot of active listings for sale compared with what home sales that closed last month, as well as prior 12 months, sold for on a per-foot basis. As the tables below show, the price per foot trend is down in all 6 counties we track, with the biggest downward trends showing in St Louis County and the city of St Louis, both of which have seen the median price per foot of active listings fall below what homes in those counties sold for in the prior 12 months. Continue Reading →
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There were 2,869 St Louis Existing Homes Sold in March, an increase of 8.6 percent from March 2015 when there were 2,640 homes sold. The median home price of homes in the St Louis 5-county core market during March 2016 was $155,500, an increase of 3.3 percent from March 2015 when the median price of existing homes sold was $150,000 Continue Reading → St Louis foreclosure activity during the first quarter of this year in the St Louis metro area was at a rate of 1 of every 469 homes, ranking St Louis 99th, in terms of foreclosure rate (a list that is good to be low on), of metropolitan areas in the U.S. with a population in excess of 200,000 people, according to a report just released by RealtyTrac. Continue Reading → St. Louis County is entertaining the idea of adding the City of St. Louis to its list of incorporated municipalities. All legal opinions rmly show that the County will absorb NONE of the City’s nancial responsibilities. If this were to happen the City of St. Louis will be no di erent than municipalities such as Clayton, Ellisville, or Chester eld. It would simply be another city located in St. Louis County. I am an advocate for this move. The City needs to cease County functions and turn them over to the County. Currently, practices and city functions run at ine cient levels. Continue Reading → A recent article by STL Today indicated that home affordability in St Louis had fallen, specifically noting that affordability in St Louis County had fallen below historic “norms”. As is always the case with stats, it depends upon which data you are taking into account and the accuracy of the data. I decided to take a look at the data and see if my data showed the same result as the STL Today article. Continue Reading → St Louis Home Sales in February rose to 1,973 sales for the 5-county core St Louis market, an increase of 4.9 percent from January’s 1,880 sales. February home sales (closings) in St Louis, while increasing 3 percent from a year ago, did not increase from January’s sales at the same rate as last year. From January 2015 to February 2015, in St Louis, we saw an increase in home sale closings of over 23 percent which, coming out of the historically slowest closing month of the year (January) and headed to the biggest selling market of the year (spring), we would expect. This year, however, we saw just a 4.9 percent increase in sales (closings) from January to February. Continue Reading → Pending home sales in St Louis fell slightly last month from a year ago for the 5-county core St Louis market (city of St Louis and counties of St Louis, St Charles, Jefferson and Franklin). Through the end of last month, there were 3,182 pending home sales for the area, down slightly from 3,200 during the same period a year ago. Continue Reading → According to a report just released this morning by RealtyTrac, 6,809, of the 103,855 residential properties in the city of St Louis, are vacant. This vacant property rate of 6.6 percent for the City of St Louis is over four times higher than the national rate of 1.6 percent. Continue Reading → The St Louis real estate market is off to a good start for 2016 with non-distressed home sales during January increasing 30 percent from a year ago. In the St Louis five-county core market, there were nearly 1,700 total homes sold (1,697) during January 2015, up 19.3% from January 2015 where there were 1,423 total sales. Non-distressed sales (private sales only, no foreclosures, REO’s, etc) accounted for 1,430 of the home sales during January 2015, an increase of 30% from January 2015 when there were 1,101 homes sold. Continue Reading → The St Louis real estate and housing market saw a good year last year but, as we are frequently reminded, real estate is very “local” and prices, as well as market conditions, can vary widely even between cities or towns just a mile or two apart. This is clearly illustrated when I look at a report our company produces, based upon home sales data, obtained directly from the St Louis REALTOR® MLS, that shows the median price per foot for homes sold (or currently for sale) throughout the St Louis area. I like price per square foot data as I believe that is one of the more accurate ways of seeing trends in home prices. We compile this data and publish it live, and real-time, online, for each city in St Louis as well as zip code. Continue Reading → As 2015 quickly comes to an end, we close out what has been one of the better years for the St Louis real estate market in many years! Homes in St Louis sold at a brisk pace and St Louis home prices showed solid appreciation! We saw a spring market that brought home buyers racing to new listings often competing with other buyers to see who could make the best offer the quickest, often-times with the final sale price equaling or exceeding the asking price followed by a steady market throughout the summer and into the winter months. Continue Reading → I have the honor of serving as chairman of the St Louis Industry Forum which consists of leaders of professional and trade associations that are engaged in some aspect of the real estate industry in St Louis (such as REALTORS, Builders, Mortgage Lenders, Bankers, etc) and at our bi-monthly meetings millennial’s are often the topic of conversation with regard to this generations thoughts on home ownership vs. renting, where they want to live and other related matters. Continue Reading → It’s no secret that home sales slow down this time of year but there are still plenty of neighborhoods where homes are selling quickly. So where are homes selling the fastest in St Louis? As the table below shows, the 63126 zip code area of St Louis county, which consists mainly of the Crestwood area, is where homes are currently selling the fastest at as of today, with active listings of homes for sale having been on the market an average of just 49 days. Continue Reading → St Louis Home Sales cooled a little in November with 1,519 homes sold during the month (in the 5-county core market) down slightly from a year ago in November when there were 1,531 homes sold. The median home price of homes sold last month in the 5 county market was $165,898, a decline from $170,000 the month before however an increase of 3.7 percent from a year ago when the median home price was $160,000. Continue Reading → Distressed home sales in St Louis during the month of October 2015 accounted for about 11.6 percent of all home sales during the month, a decline of about 50 percent from a year ago when St Louis distressed home sales accounted for 23 percent of the all home sales, according to the latest data just released by RealtyTrac. Continue Reading → St Louis Home Sales rose to 2,209 homes sold during September (in the 5-county core market) from 1,992 homes sold in September 2014, an increase of 10.9 percent! September home sales declined 7.3% from the month before which is to be expected due to the seasonality of the market. Continue Reading → No, in spite of the fact this is October, this article is not about Halloween nor the zombies associated with it, instead, it’s about vacant homes that have delinquent mortgages but have not yet been foreclosed upon yet, which the industry has applied the term of “zombie” to. Continue Reading → St Louis home prices have made a strong recovery since bottoming out in 2011 as a result of the housing market bubble bursting in 2008. In fact, for the 5-county St Louis area I often focus on (the city of St Louis and counties of St Louis, St Charles, Jefferson and Franklin) home prices have increased 27 percent to a median price of $168,313 after hitting a post-bubble low of $132,500 in 2011. In fact, as my chart below shows, the median 5-county home price for 2015 has topped the peak price of $160,000 at the height of the market in 2007 by over 5 percent. Continue Reading → St Louis distressed home sales share of the St Louis real estate market continues to decline minimizing the negative effect on home prices caused by distressed home sales. In August, distressed home sales, primarily consisting of foreclosures and REO’s (bank owned properties) at this point as short sales have fallen to the point to be statistically insignificant, accounted for just 6 percent of the overall home sales in the St Louis metro area, according to a report just released this morning by RealtyTrac. This is a decline of over 50 percent (56.3%) from a year ago when distressed home sales accounted for 13.7 percent of total home sales in St Louis. Continue Reading → There were 2,370 existing homes sold in St Louis during July (in the 5-county core market) an increase of 1.5 percent from August 2014 when there were 2,335 homes sold. August home sales were down 16.9% from the month before as were St Louis home prices which fell from a median of $183,779 in July to $178,500 in August. The St Louis core market consists of the city of St Louis and the counties of St Louis, St Charles, Jefferson and Franklin. Continue Reading → There were 123,546 St Louis homeowners with negative equity, or in a seriously underwater condition on their mortgage meaning they owe more than the current value of their home, in the St Louis MSA during the 2nd quarter of 2015 according to the most recent data by RealtyTrac. This works out to 17 percent of all St Louis metro area homeowners with a mortgage being underwater on their mortgage which is an improvement from 21 percent just 2 quarters prior. Continue Reading → Homes in St Louis (the 5-county core market) sold for 98.1 percent of the current asking price in August down only slightly from the peak of 98.3 percent in May, according to MORE, REALTORS. As the chart below shows, the gap between the ratio of sale price to current list price and sale price to the original list price widened a little in August, but the gap between the two ratios is less than at the same time in the prior few years. St Louis homes sold for 96.7 percent of the original listing price in August, down from the peak of 97.3% in May and June. Continue Reading → Home sales in St Louis, for the 5-county core market, in July totaled 3,226 sales, an increase of 16.8 percent from July 2014 when there were 2,762 homes sold. The St Louis core market consists of the city of St Louis and the counties of St Louis, St Charles, Jefferson and Franklin. While all of the 5 counties included in the core saw an increase in home sales from a year ago, the results, as the charts and individual results below show, varied widely by county. Continue Reading → The number of St Louis homeowners that are underwater, or have negative equity in their homes, has shown an upward trend lately, while those St Louis homeowners that are “equity rich” has trended downward. Continue Reading → St Louis Home sales, for the 5-county core market, in June totaled 3,542 sales, an increase of 15.4 percent from June 2014 when there were 3,068 homes sold. Continue Reading → St Louis bank and government owned home sales are down as banks and government enterprises such as Fannie Mae, FHA, VA and Freddie Mac whittle down their inventory of foreclosed homes while, at the same time, new mortgage delinquencies and foreclosure rates continue to decline. While this is Continue Reading → St Louis pending home sales in May hit the highest level we have seen in years with 2,558 pending homes sales during the month in the 5-county core market*, an increase of 8.9% from May 2014 when there were 2,348 pending home sales. Year to date this year, through the end of May, there have been 12,595 pending home sales, an increase of 7.8% from the same time last year. Continue Reading → Further proof of just how “local” real estate is and how important it is for home buyers and sellers to have accurate, targeted, local data is the fact that today the St Louis Business Journal reported “home sales increased 17.9 percent year to date in the St. Louis metropolitan area, more than twice the national rate of 8.4 percent” which would if you are looking to buy a home, say in the City of St Louis, may influence your decision thinking it’s a hot selling area. Continue Reading → We have been in the midst of a pretty crazy real estate market lately in St Louis with new listings in many areas and price ranges being subjected to a “feeding frenzy” by buyers. It is not uncommon at all today to have two or three showings taking place on a new listing at the same time with the total of first day showings easily getting into double digits and a signed contract before the end of the 2nd day on the market. Continue Reading → During the 2nd quarter of this year, there was foreclosure activity on one out of every 887 housing units in Jefferson County, giving it the highest foreclosure rate of the main counties making up the St Louis real estate market, according to a report just released by RealtyTrac. Continue Reading → |
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