Distressed Home Sales In St Louis MSA Fall Nearly 25 Percent In Past 12 Months

Thanks to a booming economy and strong housing market, distressed home sales in the St Louis Metro Area declined by nearly 25 percent (23.42%) in the 12-month period ended January 31, 2020 from the prior 12-month period. As our exclusive, STL Market Report below shows, there were 1,887 distressed home sales (foreclosures, REO’s and short sales)in the most recent 12-month period compared with 2,464 in the prior 12-month period.  The median home price of the distressed homes sold declined 1.79% during the same period, from a median price of $56,000 in the prior period to $55,000 in the most recent period.

  

Distressed Home Sales  St Louis MSA

(Foreclosures-REO’s-Short Sales) – Past 12 Months vs Prior 12 Months

(click on table for current report)

Distressed Home Sales  St Louis MSA 

Distressed Home Sales In St Louis Continue Downward Trend

Distressed home sales, foreclosures, bank and government-owned homes and short sales, continue to decline in St Louis as the economy and housing market continue to improve.  The chart below illustrates this downward trend as, for each monthly data point, it shows the total number of distressed home sales in the 5-county core St Louis market for the prior 12-months.  Plotting out the prior 12-month activity is a great way to spot trends and changes in the market.  As the chart shows, for the 12-month period ending last month, November 2017, there were 1,484 distressed home sales, down over 34% from December 2015 when there were 2,263 distressed home sales during the prior 12 months.

St Louis 5-County Core Market – Distressed Home Sales- Prior 12-Month Period Monthly For Last 24 Months

(click on chart for live data)

St Louis 5-County Core Market - Distressed Home Sales- Prior 12-Month Period Monthly For Last 24 Months

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Number of Distressed Home Sales In St Louis Declines Nearly Forty Percent In 2016 From Two Years Ago

The number of distressed home sales in St Louis has been on the decline while distressed home prices have remained relatively flat.  For the purposes herein, a “distressed” home sale includes short sales, foreclosures, bank-owned and government-owned homes.   Thus far, as the chart below illustrates, there have been 2,170 distressed home sales in the St Louis 5-County Core market (the City of St Louis and Counties of St Louis, St Charles, Jefferson and Franklin) this year which is a decline of 23% from last year when there were 2,871 distressed homes sold and down 38.4% from 2014 when there were 3,533 distressed home sales in St Louis.  The median price of distressed homes sold in St Louis has not fluctuated much over the past 3 years however, with the median price of distressed sales in 2014 at $61,750, then decreased to $60,000 in 2015 then went up to $62,500 this year.

As the table below the chart shows, currently there are 394 active listings of distressed homes at a median list price of $64,950 which, based upon current sales trends, is a supply of just under 3 months.

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Distressed Home Sales in St Louis Metro Area Fall Almost 30 Percent From A Year Ago

Distressed home sales in St Louis accounted for just under eleven percent (10.7%) of all home sales in the St Louis MSA in April 2014, according to data released just this morning from RealtyTrac.  This is a decline of 29.1% from April 2013 when distressed home sales in St Louis were responsible for 15.1% of all home sales.  Distressed home sales include short-sales (when sellers sell for less than they owe with the agreement of their lender), REO’s (bank-owned real estate acquired through foreclosure and now being resold) and foreclosure auction sales (when homes are actually sold at foreclosure).

Since a big chunk of the St Louis MSA lies across the Mississippi river in Illinois, I like to focus on the 5-county area that makes up the bulk of the St Louis real estate market on the Missouri side of the river.  These counties include St Louis, St Charles, Jefferson, Franklin as well as the city of St Louis.  As the table below shows, distressed home sales in April 2014 were down from a year ago in all of the counties.  For the 5 county core as a whole, on median, 10.1% of all home sales in April 2014 were distressed home sales, down 41.4% from a year ago when distressed sales accounted for 14.7% of the goal home sales in the 5-county core St Louis market.

Distressed home sales put a lot of downward pressure on home prices in St Louis, so this continued trend of fewer distressed sales is very much a positive for the St Louis housing market and should help the St Louis market sustain home prices as well as support home price increases when supported by market demand.

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