The St Louis area real estate market had a good year in 2017 with strong sales and sustainable home price growth throughout the area. One of the challenges to the market was a result of a low inventory of homes for sale which forced home buyers to move quickly when a new listings hit the market. This resulted in homes selling very quickly in popular areas and areas of high demand.
Where in St Louis did homes sell the quickest in 2017?
As our table below shows, Grantwood Village, a quaint Village with about 900 residents in about 350 homes, was the fastest selling city of the St Louis MSA during 2017. Homes in Grantwood Village, which is home to Grant’s Fram and The Ulysses S. Grant National Historic Site, sold in an average time of just 17 days during 2017.
The table below shows the top 10 fastest selling cities in St Louis during 2017 however if you click on the table you will be taken to “live” data and the entire list.
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St Lous MSA Cities Where Homes Sold The Fastest In 2017
Based upon average time to sell homes that closed during 2017 (click table below for live, complete list)
With just a few days before Christmas and Thanksgiving less than a month ago, this is normally known as the “slow season” for real estate however, homes in St Louis continue to sell in record time! Below are the 10 St Louis metro area cities where homes have sold the fastest, based upon the average days it took homes to sell that closed within the last 30 days. The fastest selling city today is Rock Hill at 12 days which is only 1 day slower than the #1 city on the list back in late August. You can click on the list below to get the complete and up-to-date, list.
St Louis Fastest Sold Cities
(click on table for complete and up to date information)
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As we head into the holidays and winter months, the St Louis real estate market is slowing as is typical, however, it is still going fairly strong. Below are the 10 St Louis metro area cities where homes sold the quickest, based upon the days it too homes to sell that closed in the last 30 days. The time it took homes to sell has only dropped slightly since we last published this list in late August. In late August the number 1 city on the list took 11 days to sell and #10 on the list, 20 days. Today’s number one is at 13 days and number ten, 25 days, so just modestly slower.
St Louis Fastest Sold Cities
(click on table for complete and up to date information)
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The St Louis real estate market typically hits its peak during the spring months then continues strong into summer. Come August, the housing market in St Louis tends to slow as families squeeze in vacations and school begins. After Labor Day we normally see an increase in activity until the market goes into something reminiscent of hibernation for the Thanksgiving and Christmas season.
Even though Labor Day is just a few days away, home sales that closed within the past 30 days show that homes are still selling quickly in St Louis. Below is our list of the 10 St Louis cities where homes sold the fastest in the past 30 days. As the list reveals, the city of Manchester, where homes that sold did so in a median time of only 11 days, came in at number 1 on the list and the median time to sell was only 15.5 days for the cities on the top 10 list.
St Louis Fastest Sold Cities
(click on table for complete and up to date information)
The St Louis real estate market continues to be like the weather, hot! Many neighborhoods through the St Louis area continue to enjoy a seller’s market, largely driven by a shortage of homes for sale, creating a low inventory. So where in the St Louis metro area are homes selling the fastest? While you would need to click on the list below to go the live data for the latest information from our site, as of the day I wrote this, Vally Park was number 1 on the list. During the past 30 days, homes that sold in Valley Park were on the market an average of only 4 days before selling!
All ten of the cities on the Top Ten list of fastest sold cities are in Missouri with eight of those being in St Louis County. On the Illinois side of the river, Swansea was the first St Louis Metro area city on the list, coming in at #13.
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The St Louis real estate market has been a fast-selling seller’s market in many areas for what seems like a long time now. Currently, the fastest selling city within the St Louis area is Warson Woods where homes for sale there have been on the market just an average of 7 days, followed by Valley Park at 16 days. As the table below, with the 15 fastest selling neighborhoods, shows, the “slowest” fastest-selling neighborhood on the list, Webster Groves, is at 49 days for the average time current listings have been for sale there.
Just to show how quickly we forget, I decided to dig into the archives a bit and see what the fastest selling neighborhoods list looked like from just 3 years ago, March 24, 2014 to be exact. As the bottom table shows, the fastest-selling neighborhood on that list, Glendale, and an average time on the market of 44 days, just slightly ahead of our 15th finisher today.
15 Fastest-Selling Neighborhoods In St Louis Selling 47.8% faster than 3 years ago…
The charts show that, for the current 15 fastest selling neighborhoods, there is a median average days on market (sounds oxymoronic but it’s not) of just 35 days, 47.8% lower than in March 2014 when the median average time on market of the 15 fastest selling neighborhoods was 67 days. My, how times have changed in such a short period of time!
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The St Louis real estate market continues to be strong and, thanks for a low inventory of homes for sale in many areas, competitive. Accurately priced homes in popular neighborhoods often sell within a day or two of coming on the market. Listings in the fastest selling cities in St Louis spend an average of less than 30 days on the market. As the table below shows, the fastest selling city currently is Glendale (which has spent a lot of time at the top of this list over the last few months) with an average of just 23 days on the market for current listings, followed by Valley Park with an average listing time of 26 days.
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The winter months may be the “slow” season for real estate but there are plenty of areas throughout St Louis where homes are still selling fast! So,where are homes selling the fastest in St Louis? As the table below shows, the 63143 zip code area which is the Maplewood area, is currently the fastest selling neighborhood with an average of just 40 days on the market for current listings. Coming in second, with homes on the market just 1 day longer at 41 days, is the 63126 zip code area, the Crestwood area.
St Louis County Dominates The Fastest Selling Zip Code List-
Seven of the ten fastest-selling zip codes in the St Louis area are in St Louis County, with St Charles County claiming 2 of the remaining zips and the City of St Louis one zip.
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Fastest selling areas at the end of December? Yes, it happens today, even at the end of December and as we approach what is historically the slowest home-selling month of the year, January. No doubt the low inventory of homes for sale is playing a part in this as well as, perhaps, the recent uptick in interest rates and threat of higher rates in 2017 may be encouraging home buyers to speed up their home search.
As the table below shows, Fenton is at the top of the list with homes selling there in an average of just 20 days on the market! Next on the list is Crestwood, with an average time to sell of 42 days. Below the list of fastest selling neighborhoods is a chart showing home sales and prices for Fenton for the past 2 years to allow us to take a little closer look at this market. One thing to keep in mind, contrary to what you may think, the city of Fenton is not actually that large of real estate market as many of the homes in the Fenton area, and zip code, are actually in unincorporated St Louis County. Having said, that, from the chart and table below, we can see that the Fenton market has been a fast selling market for a while now. The overall median time it took homes to sell, during the past two years, was just 12 days and active listings on the market currently have only been on the market for a median of 18 days.
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When I last published our list of fastest selling neighborhoods, back in the height of the spring/early summer market in mid June, the city of Shrewsbury was at the top of the list with an average time on market for listings of just 29 days. Well, here we are approaching mid-November, the beginning of the typical seasonal slow down and Shrewsbury is still at the top of the list of fastest selling neighborhoods in St Louis and, to top it off, the average time on market of current listings is 34 days, just 5 days more than back in June! As the table below shows, #10 on the top ten list has an average time on market of 59 days, just 14 days higher than #10 on the list back in June.
Does being a fast selling neighborhood drive prices up?
Just because a neighborhood is on our fastest-selling list, it doesn’t necessarily mean there is strong buyer demand which is making homes sell quickly and driving up home prices but, in most cases, that is part of the equation. On the other hand, it could be price, more specifically price reductions by seller’s to find the “sweet spot” in the market, that is driving the demand and sales activity therefore, a neighborhood on this list could see declining home prices as well. In the case of Shrewsbury, home prices are definite on the rise! I have included below our exclusive Market Data Report for Shrewsbury which shows, over the past 12 months compared with the prior 12 months, the median price of homes sold in Shrewsbury increased over 15 percent from $150,000 to $172,750 while the number of homes sold in Shrewsbury has increased nearly 20 percent from 77 sales to 92 sales.
Near the bottom of the top ten list is the city of Overland which, while in a lower price range and more impacted by distressed sales than Shrewsbury, has seen an even larger increase in median home prices with the median price of homes sold increasing almost 25 percent in the most recent 12 month period from the prior 12 month period. Home sales in Overland for the past 12 months remained flat with about the same number of sales as in the prior 12 months.
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Up to 17 million first-time homebuyers may buy a home during the next five years according to a new study just released by TransUnion. Of these 17 million homebuyers, almost three million are expected to buy next year throughout the U.S. The study reveled some interesting facts about the first-time homebuyer market, as well as the impact of the millennial generation on the market, such as:
4th Quarter 2010 (during the “bubble burst” period for housing market) – 493,000
4th Quarter 2015 – 550,000
Millennial Generation Market-Share of First-Time Homebuyer Market:
4th Quarter 2000 – <1%
4th Quarter 2005 – 13%
4th Quarter 2010 – 32%
4th Quarter 2015 – 49%
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Yes, it is October and yes, home sales, and prices, do tend to soften around this time of year as we head into the winter months, but, having said that, it can still be a great time to sell a home, especially if you are in one of the areas I’ve identified below! Why? Well, for one, there is VERY LITTLE COMPETITION but good demand from buyers. So, even though the St Louis housing market, including home prices, can be following suit with the weather and cooling off, when you are in a market with good demand and no competition, you can sell your home for more than you could under normal conditions this time of year. Plus, it’s a lot easier to please a buyer and motivate a buyer to act when there aren’t many homes to choose from and the buyer feel’s they’ll miss out if they don’t act quick enough.
The St Louis markets where NOW is the time to sell your home!
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For couples planning to get married before you spend the time doing the bridal registry thing at stores, picking out housewares, china and perhaps some other things you don’t really need or won’t use, consider putting a house on your list! Well, maybe a house itself is a little much, but how about a downpayment for one? This gives friends and families an opportunity to have their gift make much more of a long and lasting impact than a typical wedding gift.
How it works…
FHA has a program available whereby couples can contact a participating lender, such as the lender I would recommend, Mike Huber, with Movement Mortgage, and request that a bridal registry account be established in their names. Then, friends and relatives can give funds to the couple for their account, or deposit funds directly into the Bridal Registry account. When it’s all said and done the couple is NOT required to use all of the funds, or even part of the funds, for downpayment however, if they choose to do so, FHA will allow those funds to be used to satisfy the downpayment requirement on a home mortgage. If the couple has changed their mind about buying, they would simply withdraw the funds and do what they want with them.
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One of the more controversial topics to discuss within the REALTOR community is the topic of agent bonuses, a bonus that a seller, by way of the listing broker, would pay to the agent that sells their home, over and above the normal sales commission. Sometimes seller’s, or their listing agents, see this as a way to draw more attention to their listing and to encourage buyer’s agents to show it and sell it. However, there are many conflicting opinions on this topic within the industry which creates some confusion for seller’s (and buyer’s for that matter), so I thought I would take some time to discuss it.
Why not just offer a higher sales commission?
The first thing that comes to mind when addressing bonuses is, if a seller wants to offer more compensation to a buyer’s agent, why not simply agree to a higher commission rate and/or higher payout to the buyer’s agent (the portion of the commission the listing agent shares with the buyer’s agent). Well, this is where some of the problems with bonuses arise. The reason seller’s don’t do it this way is the bonus is usually conditional, meaning it will only be paid, if certain terms prescribed by the seller or listing agent are met, whereas the buyer’s agent commission must be paid at the rate published in the MLS no matter how good or bad the seller feels the deal is they accept. For example, below are some bonus offers from the “agent only” remarks section of the MLS (comments only agents see and not the public):
*Buyer’s agent bonus of $2000 for accepted contract on or before 8/21/16″
“ATTENTION!!! $5,000 AGENT BONUS FOR AN ACCEPTED OFFER BY 9/15/16!!! “
“$1000 Buyer Agent Bonus @Closing if FULL net price Seller accepted contract on or before 7/11/16.”
“AGENT BONUS!!! $3,000 with successful closing by mid August.”
“Seller is offering a BUYERS AGENT BONUS PAID DIRECTLY TO THEM of $5000 for bringing an offer that is accepted and closes prior to Sept. 15, 2016!!”
So, as you can see, the bonuses are conditioned upon some sort of “performance” on the part of the buyer’s agent, such as producing an acceptable offer by a deadline, closing the sale by a deadline or even netting the seller seller full price. Therein lies the answer to the question of why not just raise the commission…the seller wants something in return for the additional payment.
What’s wrong with the seller wanting something in return for the bonus?
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If you are a home buyer looking to buy a house in Ellisville, you better move quick as the homes there are selling fast! As the table below shows, the average time it took to sell a home, for sales closed within the past 30 days, was just 13 days in Ellisville and, in fact, was below 30 days for all of the cities on the top 15 list. You can see where you city ranks by click on the table to see the current, complete list.
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St Louis area home prices, for the 12-month period ending July 31st, have increased from a year ago in all of the St Louis counties that make up the core St Louis market. As the table below shows, the median home price in the St Louis MSA for this period was $164,000, an increase of 5.81 percent from the same period a year ago. Two counties, Lincoln and Franklin, saw home prices increase at a higher rate than the MSA with increases of 7.88 percent and 7.69 percent respectively. The 3 top counties on the list are all outlying counties, and St Charles County, one of the fastest selling markets, saw the smallest increase in home prices with an increase of 3.59 percent.
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“Should I sell my home myself” is something that some sellers are asking today, particularly those in fast selling neighborhoods and areas where the inventory of homes for sale is low, after all, how hard can it be to sell a home if homes are in such high demand? Well, there’s a lot more to selling your home than it may appear on the surface, particularly today with all the many regulations that affect a home sale.
But I know people that are interested in my home…
Yes, finding people “interested” in your home is not that difficult, the tricky part is finding a buyer that is qualified, ready to buy, and is interested in your home at a price and under terms that work for you. Lately, with the shortage of inventory of homes for sale, the problem hasn’t been finding a buyer, it’s been selecting the right buyer the leads to a successful closing and, for this, there is nothing better than having a professional real estate agent representing you who knows what to look for in a buyer. (We work hard on this and sure would appreciate a “Like”)[iframe http://www.facebook.com/plugins/like.php?href=https%3A%2F%2Fwww.facebook.com%2FStLouisRealEstateNews&send=false&layout=standard&width=50&show_faces=false&font&colorscheme=light&action=like&height=35&appId=537283152977556 100 35 ]
If you want to buy a home today you have to be quick, especially in some neighborhoods where the demand is so high and inventory so low that many of the homes sell within a day or two of hitting the market. There are many ways to determine what are the hot neighborhoods in St Louis, but for the purposes of this article, I’m going to look at the average days on market of active listings to determine cities in the St Louiswhere homes are selling the fastest.
As the table below shows, Shrewsbury is at the top of the list where the average home for sale has been on the market for under a month, followed by it’s not so distant neighbor, Crestwood where active listings have been for sale just over a month.
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Three of the five St Louis area cities where homes are selling the fastest are in north St Louis County. As the table below shows, which ranks St Louis area cities by the average days current listings of homes for sale have been on the market, which is a good measure of how fast homes are selling, the city of Crestwood, with an average of 29 days on the market, is number 1 on the list. In 2nd, 3rd and 5th place respectively are the north St Louis county cities of Moline Acres, Dellwood and Black Jack.
Crestwood area zip of 63126 fastest selling zip code..
As the second table below shows, the fastest selling zip code in the St Louis area, 63126, is also in the Crestwood area, putting Crestwood at the top of both “fastest selling” lists. When ranking by zip code, north county zips didn’t show up on the top five list.
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Just like the early arrival of spring temperatures in St Louis, the spring real estate market has arrived early in St Louis as well! New listings of homes priced appropriately for the market and, in price ranges and areas of good demand, are having multiple showings the first day of hitting the market and are often under contact by day 2 or 3 of hitting the market.
Where are the HOT markets in St Louis?
There are a few ways to identify those areas of St Louis that I would consider a hot market and, below, I have listed a couple of the best ways as well as the lists of the markets identified:
Cities in St Louis where homes are selling fast!
The table below shows the ten neighborhoods in the St Louis area where homes are selling the fastest, determined by the average days on market of the current listings.
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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.
Of the 10 fastest selling zip codes in the St Louis area, 7 of them are located within St Louis County, 2 within the city of St Louis and 1 in St Charles County.
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In the St Louis area homes are selling the fastest in the 63088 zip code area, which encompasses the city of Valley Park, followed by the 63127 zip area which is primarily Sunset Hills, according to data published by MORE, REALTORS. As the table below shows, homes currently for sale in the Valley Park area have been on the market an average of 36 days and Sunset Hills homes for sale have been on the market for an average of 47 days.
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The St Louis real estate market continues to be on fire in many areas with buyers flocking to new listings like St Louisan’s to a Cardinals versus Cubs game! In some areas and price ranges it is not uncommon to have new listings receive 5 – 10 showings the first day and to sell within the first day or two and be sold before the ink is barely dry on the listing agreement.
St Louis’ Fastest Selling Neighborhood’s Are Selling 35% Faster Than Last Month!
Last month around this time I wrote a similar article with a list of the fastest selling neighborhoods in St Louis and Ballwin was in the #1 spot with a median of 34 days on market for the homes there. This month, as the table below shows, Grover is at the top of the list with a median time on market for listings of just 22 days!
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There is no doubt the St Louis real estate market has been HOT thus far this spring and homes are selling well. Personally, four, of the last five listings I’ve taken, sold within the first day of hitting the MLS. Granted, there is a lot that goes into this in terms of pricing, marketing strategy etc., but even with everything done perfectly we weren’t seeing results like this last year.
As you have heard me say many times though, real estate is very local and not all markets perform the same. There may be drastically different results between two neighboring areas or even between two price ranges within the same neighborhood, which is why good, accurate local market data with an “apples to apples” comparison is more important than ever today. With this in mind below is my list of St Louis’s fastest selling neighborhoods based upon the average days on market of the homes for sale in those neighborhoods as of today.
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The St Louis real estate market has definitely heated up and we are seeing as many as 10 or 20 showings on new listings within the first day or two of hitting the market with many of the homes also selling during the first couple of days. Naturally, this is not happening for all homes in all price ranges in all areas, but is certainly happening in some. So where are homes selling the quickest in St Louis? To answer this question, I pulled market data for homes that are currently under contract but have not closed, then looked at how much time they were on the market before selling and have the results below.
Clayton and Maplewood-Richmond Heights School Are Fastest Selling School Districts-
As far as School Districts go, of the districts I pulled data for which were the largest and most popular, the Clayton School District was at the top of the list with homes that are under contract in that district having an average time on the market of just 9 days. Next is the Maplewood-Richmond Heights school district at 20 days. The table below shows the information for all of the districts I checked:
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The fastest selling neighborhoods in St Louis are found in St Louis county with the bulk of them in West St Louis County and the exceptions in Mid-County, according to the latest data available from MORE, REALTORS. As the table below shows, the fastest selling neighborhood in St Louis as of today is Rock Hill where homes on the market have been for sale an average of 41 days.
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St Louis’ fastest-selling neighborhoods today can be found throughout the St Louis area, however, as the list of the 15 fastest selling neighborhoods below shows, the lions share are found within St Louis County. Ten of the neighborhoods are within St Louis County and then primarily mid-county and west county, then 3 can be found in St Charles county and then finally 1 in Franklin county and 1 in the city of St. Louis.
Beneath the list you will find a slideshow of the homes currently available in St Louis’ Fastest-Selling Neighborhoods. Better move quick, before they’re all gone1
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Where in St Louis are home prices rising the fastest? As the St Louis real estate market settles into what appears to be a sustainable recovery, home prices are on the rise in most St. Louis neighborhoods. The table below shows the 10 St Louis neighborhoods where home prices have increased the most over the past year. Keep in mind, this data is based upon the asking price of homes for sale and does not necessarily indicate an increase in the property values of all homes in the areas shown, however, in general, if the prices of homes for sale are rising, home values of the other homes in the area have increased as well, perhaps just not at the same rate.
When looking at housing market data, there always seems to be a “catch”, or other facts you need to know to properly decipher the data shown, which is why you should seek out a real estate professional that understands the data, can interpret it and apply it to your situation. If I can help, please contact me.
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All 10 of the St Louis neighborhoods where homes are selling the quickest are found in St. Louis County, according to the latest data available from MORE, REALTORS. As the table below shows, the 63040 zip in Grover has the lowest median time homes for sale have been on the market at just 35 days.
The chart below the table shows the number of homes that were sold during October 2013 in each of these zip codes that made the top ten list for fastest selling St Louis neighborhoods. Ballwin saw the most home sales with almost 70 in the 63021 zip and another 60 in 63011.
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Thirteen of the 15 top sellers markets in St. Louis are found in St. Louis County, with the City of St Louis and Franklin County each having one neighborhood on the list. This list is produced by MORE, REALTORS, and is based upon their Market Action IndexTM which, among other things, looks at supply, demand and inventory for an area and then applies an index value to it.
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Where in St Louis are home prices rising the fastest? As the St Louis real estate market settles into what appears to be a sustainable recovery, home prices are on the rise in most St. Louis neighborhoods. The table below shows the 10 St Louis neighborhoods where home prices have increased the most over the past year. Keep in mind, this data is based upon the asking price of homes for sale and does not necessarily indicate an increase in the property values of all homes in the areas shown, however, in general, if the prices of homes for sale are rising, home values of the other homes in the area have increased as well, perhaps just not at the same rate.
