Home prices in the St Louis metro area increased at what is a pretty “normal” rate (historically speaking) of about 3.5% in the past year. However, as you hear me say often, all real estate is local, so the market varies significantly from neighborhood to neighborhood. For example, on our St Louis Median Home Price Change by Zip list (part of which is shown below), of the 101 zip codes shown, 87 had an increase in home prices in the past 12-months from the prior 12-months, 1 remained even, and 13 saw a decline in home prices. For the increases Continue Reading →
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Yesterday, I had lunch with a friend in the industry who expressed his concern that the Jefferson County real estate market was cooling off a little and questioned the possibility a market correction. I referenced the article I wrote last week in which I explored the possibility of a market correction in St Louis and, based upon the data we have, came to the conclusion there wasn’t anything to be alarmed about at this time. However, I had looked at the 5 counties that make up the St Louis core market as a whole (which included Jefferson County) but did Continue Reading → This morning I watched a video from a firm that reports on the real industry and does so from a blunt, “call it as they see it”, perspective (pretty much my style too) in which they say “market correction indicators continue to roll in” and suggest that, to some extent, the party is over. This report looked at the national real estate market as a whole and specifically looked at the west coast so is not necessarily indicative of what is happening in the St Louis real estate market, however, can often be an early indicator. As a result, I Continue Reading → Generally, when we think of inequality, such as income inequality, we perceive it as a bad thing however, when it comes to home prices, perhaps inequality is a good thing! A recent study of home price inequality by Lending Tree resulted in St Louis being ranked as the 4th highest metro area in the nation for home price inequailty. How Lending Tree ranked the cities was by using the GINI coefficient which is often used to measure income inequality. The way it works, in a nutshell, is a GINI Coefficient of 0 means everything is equal, so everything is at Continue Reading → According to a recent report published by the Cato Institute, the state of Missouri ranks 9th in the nation for having the most restrictive zoning regulations. Many anti-development folks may applaud this fact and look at it as a victory. However, many people in the real estate industry, including yours truly, believe that overly restrictive zoning regulations greatly impact the cost of new home construction resulting in increased home prices and less affordable housing. Couple the increased costs along with the reduced density permitted by overly restrictive zoning and you have a real impediment to the development of affordable or Continue Reading → Home sales in St Louis declined a little over 2 percent during the most recent 12-month period from the prior period while the median price of homes sold in St Louis rose 4.4%, according to the latest data from MORE, REALTORS. St Louis home sales are trending downward slightly as well, as illustrated by the chart below. The light green line depicts year to date home sales for the St Louis 5-county core market (city of St Louis and counties of St Louis, St Charles, Jefferson and Franklin) and reveals that through June of this year, there have been 13,237 Continue Reading → The St Louis real estate market continues to be a strong one and continues to favor sellers in many cases. As the chart below illustrates, the median price per foot that homes sold for in May (green line) shot up in May to $133 from $129 the month before, a 3.1% increase from the month before and an increase of 6.4% from May 2017 when the price per foot was $125. This increase in home prices didn’t seem to affect St Louis home sales, however, as there were 2,922 homes sold in May, an increase of 24.3% from the month Continue Reading → Anyone in the market to buy a home in St Louis has probably already discovered the good listings are selling quickly and often with multiple offers. While this is not true in all areas and prices ranges, it is certainly true in many. So where are homes selling the fastest in St Louis? Well, the answer has been kind of a moving target, largely impacted by the low inventory of homes for sale, but, as of today, as the table below shows, Wright City is the answer with homes taking an average of only 6 days to sell last month. There is a lot of activity in the St Louis real estate market! The inventory of homes for sale in St Louis remains low, interest rates have dropped a little over the past couple of weeks, home prices are beginning to soften as we move beyond the peak spring market and demand is still strong. [xyz-ips snippet=”Market-Update-Video–Inline-Link”] [xyz-ips snippet=”Seller-Resources—Listing-Targeted”] [xyz-ips snippet=”Market-Update-Video-Package”]
One of the things that often attract homebuyers to a new or expanding area is the availability of new homes at affordable prices. This is something that is hard to find in older areas that have mature real estate markets due to the lack of available ground and the cost of the ground when it does become available. This is, no doubt, one of the things that have been responsible for the population growth in Wentzville in spite of the fact it is in the farthest west most area of St Charles County. As a result, the city of Wentzville Continue Reading → The five counties I refer to as the “St Louis Core Market“, which include the city of St Louis and counties of St Louis, St Charles, Jefferson and Franklin, account for over 90% of the home sales in the 9 Missouri Counties that are part of the St Louis MSA. This is why I typically focus on those five counties when reporting real estate market stats as they give the “big picture” view of the St Louis market but in a more accurate way than the St Louis MSA stats. The counties making up the St Louis core market vary Continue Reading → The St Louis metro area has seen some population growth over the last few decades but not nearly as much as many other areas. From 1975 until last year, the population of the St Louis MSA increased 12.3% from 2,500,100 in 1975 to 2,807,338 in 2017. Of the major counties in Missouri that make up the St Louis MSA, St Charles County gained the most population increasing 248% during the same period. As the table below shows, 4 of the 5 major counties covered saw an increase in population from 1975 to 2017, although St Louis County’s increase was a Continue Reading → The low inventory of homes for sale in many areas and price ranges throughout St Louis continues to plague the St Louis housing market and is causing home sales to run behind last years sales. Find out more, as well as get information on some of St Louis’s best resources for home buyers and sellers in our just-released market update video. In our MORE, REALTORS, 5 Minute St Louis Real Estate Market Update video below, you can quickly and easily get the latest information on home prices, home sales, trends and more for the entire St Louis area! Continue Reading → Just over 1 of every three (34%) homebuyers in 2017 were first-time homebuyers according to the With the growing population of millennials reaching an age where many are buying homes, I expect to see the percentage of first-time homebuyers increase over the next couple of years. Many first-time homebuyers find the home buying process to be a little intimidating which is largely due to just lacking the experience of having done it before and the knowledge that is gained from the experience. However, with a time spent getting educated on the process, the fears can be calmed and the home Continue Reading → A low inventory of homes for sale is making it tough on the St Louis real estate market with sales for the first quarter of this year lagging behind last year. St Louis home prices, on the other hand, continue to rise as do the number of “seller’s markets” in St Louis. In fact, as the video shows, the list of buyers markets in the St Louis area is short…in fact the shortest list I can remember. Find out more, as well as get information on some of St Louis’s best resources for home buyers and sellers in our just-released Continue Reading → Home prices in the St Louis 5-County core market increased 3.67 percent in the 12-month period ending February 28, 2018 to a median price of $186,500 from $179,900 for the prior 12-month period. During the same period, home sales in the St Louis 5-County core market increased 1.89% to 27,839 homes sold from 27,323 homes sold during the prior 12-month period. As our table below shows, there were 1,489 homes sold during February 2018, and are currenlty 4,921 homes listed for sale, computing into a 3.3 month supply of homes for sale, continuing to favor sellers due to the low Continue Reading → The real estate market in St Louis, after the first two months, continues to see good price appreciation with home sales on about the same pace as this time last year. Find out more, as well as get information on some of St Louis’s best resources for home buyers and sellers in our just-released market update video. In our MORE, REALTORS, 5 Minute“> St Louis Real Estate Market Update video below, you can quickly and easily get the latest information on home prices, home sales, trends and more for the entire St Louis area! Sell Your Home Continue Reading → My business partner was out yesterday previewing homes in West St Louis County and had a discussion with a listing agent in the area that mentioned the large supply homes for sale in the upper price ranges. Considering about all we hear about today is how there is a shortage of inventory and homes are selling so fast, this conversation about growing inventory seemed out of sorts. Before I go further, I should mention that the “mainstream” market is almost always going to perform better than the luxury market for a variety of reasons including the size of the buyer Continue Reading → The real estate market in St Louis is off to a good start for 2018 so far! Find out more, as well as get information on some of St Louis’s best resources for home buyers and sellers in our just-released market update video. In our MORE, REALTORS, 5 Minute St Louis Real Estate Market Update video below, you can quickly and easily get the latest information on home prices, home sales, trends and more for the entire St Louis area! Sell Your Home For The Highest Price In The Least Amount of Time! See how- STLSellersAdvantage.com Save Continue Reading → New home construction in the St Louis area is off to a good start for 2018 with a total of 326 building permits for new homes being issued during January for the 7-county St Louis area reported on by the Home Builders Association of Eastern Missouri. This permit activity in January represents an 11% increase over the activity in January 2017 when there were 293 new home permits issued. During the month of January 2018, 4 of 7 counties saw an increase in building permits from January 2017 (Jefferson County +26%, Franklin County +143%, Warren County +1%, St Louis City Continue Reading → Last year was a good year for the St Louis real estate market evidenced by increased home prices and sales in all counties in and around St Louis from the year before, with the lone exception being Franklin County which saw a decline in both home sales and prices from the year before. As the table below illustrates, the St Louis MSA as a whole saw median home prices increase 2.99% in 2017 from the year before and home sales increase 4.14% during the same period. Date for the other counties is shown as well by clicking on the table. The St Louis real estate market closed out 2017 with an increase in both home sales and prices from the year before, both at a healthy and, hopefully, sustainable rates. Find out more, as well as get information on some of St Louis’s best resources for home buyers and sellers in our just-released market update video. In our MORE, REALTORS, 5 Minute St Louis Real Estate Market Update video below, you can quickly and easily get the latest information on home prices, home sales, trends and more for the entire St Louis area! Sell Your Home For Continue Reading → Home sales and home prices in St Charles County during the 12-month period ending November 30, 2017, are trending in opposite directions. Home sales in St Charles County have, as the chart below reveals, declined 5.7% from 6,155 home sales for the 12 month period ended November 30, 2016 to 5,806 home sales for the period ended November 30, 2017. The median price per foot for homes sold during these same periods however have increased 2.4% from $127 per foot for the period ended November 2016 to $130 per foot for the period ended November 30, 2017. St Charles County Continue Reading → Home sales and home prices in St Louis city and St Louis County during the 12-month period ending November 30, 2017, are trending in opposite directions. Home sales, for these two areas combined, have, as the chart below reveals, declined 4.2% from 44,823 home sales for the 12 month period ended November 30, 2016 to 42,958 home sales for the period ended November 30, 2017. The median price per foot for homes sold during these same periods however have increased 3.7% from $107 per foot for the period ended November 2016 to $111 per foot for the period ended November Continue Reading → If you have read any of my articles here about home prices previously, you will probably know that I feel price per foot is the best way to compare home prices. Looking at home prices in this manner makes it easier to do apples to apples comparison on home prices. Speaking of apples, they are a good analogy. Apples generally are sold by the pound, which makes it easier to figure out whether the 3lb bag for $5.25 or the 12 lb bag for $19.20 is a better deal. On the surface, if we just went by the gross sales Continue Reading → St Louis home sales are on pace to top last year! The inventory of homes for sale continues to be low and home price appreciation over the past year has been at at good, sustainable rate. Find out more, as well as get information on some of St Louis’s best resources for home buyers and sellers in our just-released market update video. In our MORE, REALTORS, 5 Minute St Louis Real Estate Market Update video below, you can quickly and easily get the latest information on home prices, home sales, trends and more for the entire St Louis area! After the housing bubble burst in 2008, home prices finally hit bottom in the St Louis metro area, as they did in most areas of the U.S., during 2012. Since then, home prices in most areas have not only regained the post-bubble burst losses but have appreciated handsomely as well. For the St Louis MSA, the median price of homes sold has increased 34% from 2012 through today, an annual growth rate of 4.98%. The steady and fairly significant, increase in home prices in St Louis has caused some to ask if it is “too much, too fast?”. In other Continue Reading → Home sales in the city and county of St Louis this year have pretty consistently, from month to month, been at a pace roughly 5 percent higher than at the same time last year. As our chart below illustrates, we began this year with 747 homes sold (not including distressed sales) in St Louis city and county, an increase of 5.2% from January 2016 when there were 710 homes sold. As of the end of October, there were 12,824 homes sold this year, an increase of 5.6% from the same time last year when there were 12,145 in the city Continue Reading → Will home sales this year fall short of last years total? Have home prices risen too much in St Louis? Is there still a shortage of homes for sale in St Louis? Find the answers, data behind the answers, as well as complete, and up to date, home price and sales data for the entire St Louis market, in our just released market update video. In our MORE, REALTORS, 5 Minute St Louis Real Estate Market Update video below, you can quickly and easily get the latest information on home prices, home sales, trends and more for the entire St Continue Reading → James Bullard, President, and CEO of the Federal Reserve Bank of St Louis gave a rather flattering report on St Louis during a presentation earlier this month. Speaking at the Bi-State Development annual meeting, Mr. Bullard’s presentation, “Living Standards across U.S. Metropolitan Statistical Areas” compared income, home prices as well as other economic data of 381 MSA’s across the country. Highlights from the presentation: St Louis ranks 7th of the 53 largest MSA’s for the ratio of real per capita personal income to U.S. average with a 1.13 (table 1 below) St Louis was one of just two cities (Nashville Continue Reading → |
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