St Louis rents have risen 18% since the real estate bubble burst (based upon HUD fair market rents for 3 bedrooms) while median home prices have fallen 12% during the same period. Part of the reason behind has been the increased demand for rentals as a result of many homeowners who, after the real estate bubble burst, lost their homes in foreclosure or were forced to do a short sale and then had to seek a rental while they rebuild their credit. This, couple with almost no new apartment construction for several years has created the right environment for increasing Continue Reading →
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Even with rising home prices and interest rates that are following suit, it’s cheaper to buy then rent both on a national level as well as in all of the 100 largest metro areas, according to a report just released by Trulia. According to the report, nationally it is 38% cheaper to buy than rent and in St Louis, it is 54% cheaper to buy then rent putting St. Louis at the #10 spot on “Where Buying a Home is a No-Brainer” list. See below for the complete list of the top 10 no-brainer to buy cities as well as Continue Reading → Not long ago distressed home sales (foreclosures, short sales, REO’s, etc) were a dominant force in the St Louis real estate market, accounting for a good portion of St Louis area home sales. Today, however, with a few exceptions, they have all but left the St Louis real estate market. As far as the St Louis housing market is concerned, this is a good thing, for home buyers and investors looking for what are often bargain prices as a result, they may have different thoughts. As the table below for the five St Louis counties that Continue Reading → St. Louis home sales cooled off in January with 1,592 homes sold in the 5-county core St Louis real estate market (the city of St Louis and the counties of St Louis, St Charles, Jefferson and Franklin), a decline of over 15 percent from January 2013 when there were 1,876 homes sold. St Louis home prices, on the other hand, rose almost 12 percent (11.85%) from a median price of $115,000 in January 2013 to $129,625 in January 2014. As the table below shows, all the St Louis core areas so a decline in home sales in January from a Continue Reading → St Louis home affordability has fallen significantly in the past year as a result of increasing home prices as well as rising interest rates, according to a report by MORE, REALTORS. As the table below shows, the hardest hit area was the city of St. Louis where a house payment on a median priced home has increased 50% from the 4th quarter of 2012 to the 4th quarter of 2013. Jefferson county and St Charles county, with the lowest increases in home prices (2% and 7% respectively) had the least amount of damage done to home affordability. [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 Continue Reading → When asked “Is Buying a Home a Good Investment” about half (49%) of the Americans surveyed in a recent Rasmussen Reports survey said yes that a home would be a good investment for their family. Before you “glass is half empty” people say that means then the other half don’t agree, that is not accurate as only 27% percent said they felt that a home is not a good investment for a family presently while the remaining 24% just weren’t sure whether buying a home would be a good investment or not. The survey results above are pretty consistent with Continue Reading → Even though the St Louis real estate market is improving, there are still plenty of sellers out there who have had to lower the asking price on their homes in an effort to attract the attention of the increasingly savvy St Louis home buyer. The table below showing the top 20 St Louis neighborhoods for reduced home prices by sellers includes areas of the city of St Louis, and the counties of St Louis, Franklin and Jefferson but none of St Charles county made the list. (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 Continue Reading → Frigid Temperatures Put The Chill On St Louis Real Estate Market…. Not to worry though for there is plenty of good news about the St Louis real estate market in spite of the recent decline in home sales…Get this, and much more by only investing about 5 minutes of your time watching our newly published video update below. 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. St Louis home prices and home sales fell in January from the month before for the five-county core St Louis market (city of St Louis and counties of St Louis, St Charles, Jefferson and Franklin). In January 2014 there were 1,569 homes sold, down 29% from December and down 16.2% from January 2013 when there were 1,873 homes sold in the St Louis core area. St Louis home prices for homes sold fell to $129,000 in January 2014 down from $141,000 the month before but up over 12% from a year ago when the median price of St Louis homes Continue Reading → What are the 20 best neighborhoods in St Louis to sell a home? Well, it depends on how you look at it, but I like using the “Market Action Index” (or “Market Heat Report”) published by my firm, MORE, REALTORS. The reason I like the index, aside from the obvious, is that it gives an unbiased, objective analysis of the St Louis markets and rates them based primarily upon supply and demand which is what drives a market and ultimately drives home prices. Please note, being on this list does not necessarily mean home prices are rising, in fact, perhaps Continue Reading → What is the St Louis real estate market outlook for 2014? Where are home prices and sales headed? Are we out of the slump and on the path to recovery in the St Louis housing market? What about St Louis new home construction activity and St Louis new home sales? I had the pleasure this morning of discussing this and much more with Kristi Carson, host of “Today’s Issues” , her show that airs on KSHE 95, Classical 107.3, KHITS 96.3, 105.7 The Point and FM NewsTalk 97.1. In case you don’t catch the show on the radio, you can get it here. The St Louis housing market bubble of 2006 was followed by the bursting of the bubble shortly thereafter and, even though many of us tried to convince ourselves it would not happen, reality set back in. The reality was, when it came to home prices, the “greater fool theory” would only work so long until the reality of the underlying fundamentals of what makes up the value of a home would rear it’s ugly head and bring everyone down from their real estate high. So, now that several years have passed, and many market prognosticators (including yours truly) say Continue Reading → St Louis distressed home sales continue to fall, according to a report published by MORE, REALTORS based upon data released by RealtyTrac. This report supports other market data that indicates the St Louis real estate market is recovering from the devastation brought on it when the real estate market bubble burst back in 2008. The market crash brought many institutional buyers into the market, buying up homes as prices fell, but the recovery of the St Louis real estate market has slowed this activity as well. Home sales fueled by institutional investors fell 23.6% in December 2013 from the Continue Reading → St Louis homes sales (the 5-county core market*) for 2013 increased from 24,134 for the 2012 to 26,979 for 2013, an increase of 12%, according to the latest data available from MORE, REALTORS. St Louis home prices rose in 2013 to a median sales price of $149,900 an increase of over 11% from 2012 when the median home price was $135,000. For the past few months I have been saying that the St Louis real estate market is definitely in a recovery and the home sales data continue to support this notion. (We work hard on this and sure would Continue Reading → Recovery is underway! Yes! St Louis home prices are on the rise and the St Louis real estate market is recovering! Find out why I feel this way and where the market is headed in my newly published 5 minute video update below. 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. St Louis foreclosures are on the decline, however there are still some “deals” out there for buyers on homes that were previously foreclosed upon. Presently, there are 714 bank-owned or government owned homes in the St Louis 5-county core area (city of St Louis and the counties of St Louis, St Charles, Jefferson and Franklin) listed for sale in the St. Louis area MLS. St Louis foreclosures typically sell at a discount of 25% – 40% off retail, and sometimes even more, however you can bank on the fact that the better the price is the more work Continue Reading → 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 Continue Reading → It doesn’t take a rocket scientist to know that home prices typically rise in the spring as the St Louis real estate market heats up however, it is more of a challenge to find those areas that may out perform the others. So, which St Louis neighborhoods are poised for a strong spring housing market? As I wrote about earlier this week, a recovery of the St Louis real estate market is underway, however, some areas will fare better than others of course. For some home buyers the “investment” aspect of their next home is secondary as the school district, Continue Reading → It’s hard to believe that it has been over 5 years since the housing market bubble burst but, as we begin this new year, it is good to continue to see market data that supports a St Louis housing market recovery is underway! As we have been reporting here on St Louis Real Estate News, over the past few months we have seen a solid recovery trend in the St Louis real estate market. Home prices have increased as have home sales, the new home market continues to make progress with new home construction and sales on the rise and Continue Reading → The table below shows the top 25 St Louis neighborhoods where the prices of homes listed for sale have increased in the prior 90 days. This could be an indicator of rising home prices in the area or could be an indicator of a lot of investor or speculator activity resulting in homes being purchased and immediately put back out on for sale to “flip” it at a higher price. This is why it is always important to look at more than just one statistic when trying to determine what is going on in a particular market and why it Continue Reading → St Louis homes sales (the 5-county core market*) for the 12 month period ending November 30, 2013 increased 4 percent from the same period a year ago, in contrast to national home sales which are down 1.2 percent from a year ago. As the table below shows, St Louis distressed home sales (foreclosures, bank-owned and short sales) have declined by more than a third and are currently responsible for just 5 percent of the overall home sales. St Louis home prices are increasing too with the median home price for the past year coming in at $149,600, an increase of Continue Reading → Recovery is underway! The St Louis real estate market is definitely showing signs of a sustained recovery trend for the market based upon the latest market contained in our St Louis Real Estate Market update video below. Invest just 5 minutes of your time watching our market update, and you will be smarter than the average bear about the St Louis real estate market! 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 Continue Reading → “Short-sale” is a term that was relatively unknown until the real estate market bubble burst in 2008. After the bubble burst the term quickly became a common topic of conversation among homeowners that found themselves “underwater” in their homes, meaning they owed more on their homes than they were worth, and also among potential home buyers and investors looking to snag a good deal. If you are one of those buyers wanting to snag a deal, you may have missed the boat as the volume of short sales in St Louis has fallen dramatically. While, overall, this is good news Continue Reading → St Louis luxury home sales (home sales of $1Mil or above) increased in the past 12 months almost 8 percent from the year with 182 homes being sold for $1 million or more in the St Louis core area (city of St Louis and the counties of St Louis, St Charles, Jefferson and Franklin). Luxury home sales in St Louis peaked between 11/06 and 11/07 when there were 268 homes sold. St Louis luxury home prices have not kept pace with sales with the average luxury home price declining for the past two years, however, thanks to increased sales, the Continue Reading → St Louis homes sales (the 5-county core market*) increased slightly in October 2013 to 2,211 sales from 2,207 sales the month before. However, as the table below shows, a couple of key things worth noting are that October home sales increased 6.76 percent from October 2012 and, in October 2013, distressed sales (foreclosures, short sales, REO’s) accounted for just a little over 20% of total home sales, down from almost 31% a year ago. St Louis home prices, as the chart below shows, have steadily risen in the past year from a median price of $130,000 in October 2012 to Continue Reading → Heraclitus of Ephesus, a noted Greek Philosopher from the 6th Century said “the only constant is change” and, while that applies to many things today, it doesn’t really apply much to what features home buyers are looking for in homes they buy today. According to the results of the National Association of REALTORS 2013 Home Features Survey, which asked people that bought homes during 2012 to identify those features they were looking for in a home, reveals home buyers are still focused on many of the same features that, over the past several years, have been typical of what Continue Reading → Sellers in most St Louis neighborhoods have had to lower the asking price of their homes in the past 90 days and, in fact, as of today, 11 St Louis neighborhoods have seen more than half the sellers lower their prices, according to MORE, REALTORS. As the table below shows, almost 75% of sellers in the 63122 zip code area of Des Peres have lowered their home price in the past 90 days (this list is real-time and “live” so, depending upon when you are reading this, the data may have changed). Next on the list are three zip codes, Continue Reading → St Louis home prices (core market) rose 12 percent rose from a median price of $125,000 for homes sold in September 2012 to $140,000 for homes sold in September 2013, according to MORE, REALTORS. The core market for St Louis includes the city of St Louis as well as the counties of St Louis, St Charles, Jefferson and Franklin. Home price appreciation during the past year in the core St Louis market, at 12%, was right in line with national home prices which, according to a report released today by CoreLogic, rose 12% as well during the same period. Continue Reading → I decided to take a look at the age of homes in the St Louis area and determine if older homes in St Louis sell for lower prices than newer homes. My idea to do this was prompted by a report RealtyTrac published this morning revealing that 71 percent of the homes in the U.S. were built before 1990 and that there was less demand for these older homes thereby making prices more affordable than on their newer counterparts. My research shows that the city of St Louis and St Louis county have a larger percent of older (pre-1990) housing Continue Reading → Since I occasionally publish a slideshow of St Louis’s most expensive homes for sale, it only seemed fair to do a slideshow of St Louis’ cheapest homes for sale as well. Would you believe that, at the time of publication, there are actually two homes for sale for the price of $1.00? That’s right, one buck! Granted, they don’t look like much (actually they look like you should be paid to take it) but what do you expect for $1.00? So, here goes: |
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