Is The St Louis Housing Inventory Down 25 Percent Or Up 10 Percent? The Importance Of Understanding The Data.

I promise not to turn this article into one of my boring, lengthy diatribes that only a data nerd could enjoy, however, I do want to discuss something that I think is very important for all home buyers, sellers and investors.  Given that today there is a plethora of “data” and “information” available to us thanks, in large part, to the internet, and that home buyer, sellers, and investors (as well as the real estate agents working with them) make decisions based, at least in part, to those things, it is imperative to know you have the right data and that it is the relevant data or information.  Making a large financial decision, such as one related to buying or selling a house, on inaccurate, misunderstood or mispresented date or information, can literally cost you thousands of dollars.

A quick, and current, example…The St Louis Housing Inventory…

A report was released this past week from within the real estate industry that indicated there was an “inventory of homes for sale” of 3,272 in the City and County of St Louis combined and that this was “down 24.9% from 2018“.  I saw many well-meaning real estate agents copy and paste the graphic or data on Facebook with messages that, if a buyer would create a little bit of a panic or concern on “missing out” and, if a seller, thinking competition is down so now is a good time to list your home and name your price.

Continue reading “Is The St Louis Housing Inventory Down 25 Percent Or Up 10 Percent? The Importance Of Understanding The Data.

St Louis Real Estate Market Update VIDEO – October 2015

The St Louis Real estate market continues to out perform last year!  However, as we head into winter, home prices in all five primary counties of the St Louis market are trending downward somewhat.  However, as I’ve said so many times, real estate is very local so, as I would expect, some local markets are out performing others and home prices are trending upward.  

So, if you are a homeowner, how do you know if now is a good time to sell?  Well, if the supply of homes for sale in your market is low now could be a great time to sell!   What if you are a buyer, is it better to buy in an area where prices are trending downward, with the opportunity to buy at lower prices than what they were just a few months ago, or are you better in a market where prices are trending upward?  

This is where we come in!  Our great team of agents at MORE, REALTORS, can answer all the questions you have and guide you to a smart decision.  Call, or text me, at 314.332.1012 and I’ll be happy to help!

St Louis Home Price Trends By City/Municipality 
St Louis Home Price Trends By Zip Code
St Louis Sellers Markets

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.

Continue reading “St Louis Real Estate Market Update VIDEO – October 2015

St. Louis Real Estate Market Update – June 24, 2011

Weekly I produce a short (roughly 5 minute) video update on the St. Louis Real Estate Market that is published on various web sites. I do a quick recap of the news in the St Louis real estate market for the week, then an overview of the St Louis housing market itself. The update includes charts with up to the date data on the St Louis housing market including St Louis home prices, average time to sell a home in the St Louis area as well as other data and charts to show where the St Louis real estate market is and where it is headed. (Check out all our market update videos on our YouTube Channel – click here.) Continue reading “St. Louis Real Estate Market Update – June 24, 2011

St. Louis Real Estate Market Update – June 17, 2011

Weekly I produce a short (roughly 5 minute) video update on the St. Louis Real Estate Market that is published on various web sites. I do a quick recap of the news in the St Louis real estate market for the week, then an overview of the St Louis housing market itself. The update includes charts with up to the date data on the St Louis housing market including St Louis home prices, average time to sell a home in the St Louis area as well as other data and charts to show where the St Louis real estate market is and where it is headed. (Check out all our market update videos on our YouTube Channel – click here.) Continue reading “St. Louis Real Estate Market Update – June 17, 2011

St Louis Real Estate Market Update

Here’s our St. Louis Real Estate Market Update for March 4, 2011 with a quick overview of what’s happening in our market. Remember, for more in-depth information, or information geared specifically toward your individual situation, please contact us or go to St. Louis Real Estate Market Stats and Reports.

[iframe http://www.youtube.com/embed/62bF7SmMIwg 480 390]

St Louis Real Estate Market Report

Dennis Norman

The St. Louis real estate market picked up a little steam in the first quarter of this year with an increase in the number of homes sold over the prior quarter, a reduction in the months-supply of homes for sale and a sharp increasing in pending sales.  The homebuyer tax credit with it’s deadline to enter into contract to buy a home of April 30th helped fuel the increase in pending sales no doubt, but hopefully that wasn’t the only impetus.

Here’s a county by county look at the St. Louis real estate market for the first quarter of 2010:

St. Louis County:

  • 5,989 Homes for Sale
    • 2 percent increase from the prior quarter
    • 14.8 percent decrease from a year ago
  • 872 Homes Sold
    • 11.9 percent increase from the prior quarter
    • 11.1 percent increase from a year ago
  • 1,345 Pending Home Sales
    • 89.7 percent increase from the prior quarter
    • 37.5 percent increase from a year ago
  • Months Inventory of homes for sale
    • Based on Closed Sales – 6.9 months, down from 7.5 months in the prior quarter and down from 9.0 months a year ago
    • Based on Pending Sales – 4.5 months, down from 8.3 months in the prior quarter and down from 7.2 months a year ago

St. Louis City:

  • 1,497 Homes for Sale
    • 5.2 percent decrease from the prior quarter
    • 25.0 percent decrease from a year ago
  • 252 Homes Sold
    • 21.7 percent increase from the prior quarter
    • 7.2 percent increase from a year ago
  • 372 Pending Home Sales
    • 120.1 percent increase from the prior quarter
    • 36.3 percent increase from a year ago
  • Months Inventory of homes for sale
    • Based on Closed Sales – 5.9 months, down from 7.6 months in the prior quarter and down from 8.5 months a year ago
    • Based on Pending Sales – 4.0 months, down from 9.3 months in the prior quarter and down from 7.3 months a year ago

St. Charles County:

  • 2,442 Homes for Sale
    • 2.7 percent increase from the prior quarter
    • 13.7 percent decrease from a year ago
  • 331 Homes Sold
    • 42.1 percent increase from the prior quarter
    • 25.9 percent increase from a year ago
  • 238 Pending Home Sales
    • 102.9 percent increase from the prior quarter
    • 45.0 percent increase from a year ago
  • Months Inventory of homes for sale
    • Based on Closed Sales – 7.4 months, down from 10.2 months in the prior quarter and down from 10.8 months a year ago
    • Based on Pending Sales – 5.1 months, down from 10.0 months in the prior quarter and down from 8.5 months a year ago

Jefferson County:

  • 1,810 Homes for Sale
    • 3.8 percent increase from the prior quarter
    • 10.0 percent decrease from a year ago
  • 190 Homes Sold
    • 31.9 percent increase from the prior quarter
    • 15.2 percent increase from a year ago
  • 283 Pending Home Sales
    • 99.3 percent increase from the prior quarter
    • 28.3 percent increase from a year ago
  • Months Inventory of homes for sale
    • Based on Closed Sales – 9.5 months, down from 12.1 months in the prior quarter and down from 12.2 months a year ago
    • Based on Pending Sales – 6.4 months, down from 12.3 months in the prior quarter and down from 10.4 months a year ago

Franklin County:

  • 887 Homes for Sale
    • 4.2 percent decrease from the prior quarter
    • 1.7 percent decrease from a year ago
  • 68 Homes Sold
    • 1.4 percent decrease from the prior quarter
    • 17.2 percent increase from a year ago
  • 106 Pending Home Sales
    • 73.8 percent increase from the prior quarter
    • 45.2 percent increase from a year ago
  • Months Inventory of homes for sale
    • Based on Closed Sales – 5.9 months, down from 7.6 months in the prior quarter and down from 8.5 months a year ago
    • Based on Pending Sales – 4.0 months, down from 9.3 months in the prior quarter and down from 7.3 months a year ago

 

St Louis home prices declined more in past year than national average

Dennis Norman
Dennis Norman

According to a report issued by First American CoreLogic national home price declines continue to improve citing that national housing prices fell 7.8 percent in June 2009 compared to June 2008 representing the small est year-over-year decline recorded to date in 2009.  This was a 0.7 percent improvement over Mays decline of 8.5% from the prior year.

firstamerican corelogic
St. Louis did not fare quite as well in the CoreLogic report.  The report shows St Louis home prices decreased 11.34% in June, 2009 compared to June 2008 and, opposite the national trend, represented a 1.43% larger decline than Mays decline of 9.91 percent from the prior year. Continue reading “St Louis home prices declined more in past year than national average

What homes are selling in St. Louis?

what homes are selling in st louis?By: Dennis Norman

Lately the news on the real estate market has been a little more optimistic and almost encouraging at times.  Most of the news and stats are national or regional and, as I and others have said many, many times, all real estate is local.  So what’s going on in the St. Louis market and more specifically, what is selling here?

In putting together stats for this post I included data from the following areas:

Advice to sellers from a St. Louis REALTOR – final post in the series

By: Dennis Norman

We’ll pick up where we left off after parts one and two of this series about selling a home in this market:

Question- Now for the $64 question, how should a seller properly price their home in this market?

Answer- In today’s market sellers are in fierce competition with one another for buyers. A seller can do everything right in presenting their home from maintenance and upkeep to staging, but if the price is not appropriate buyers will move on quickly. The simple truth is, there is another seller around the corner ready to set their price to appeal to the buyer pool. Unfortunately, an over-priced listing in today’s market sticks out like a sore thumb. A professional REALTOR(R) should be able to assist a seller in pricing their home appropriately for today’s buyer. Continue reading “Advice to sellers from a St. Louis REALTOR – final post in the series

Advice to sellers from a St. Louis REALTOR – part two of a series

By: Dennis Norman

We’ll pick up where we left off in part one of this series about selling a home in this market:

Question- How should a seller select an agent? What should they look for in an agent and what should a seller avoid?

Answer- Years of experience is not as important as it once was. Certainly, the seller needs an agent with market knowledge, but the fact is today’s market is new territory for all REALTORS(R). I believe a seller in today’s market needs to be certain their REALTOR(R) has a firm grasp of marketing a property to today’s buyer, which according to research by the National Association of REALTORS(R), is looking to the Internet for their next home. Continue reading “Advice to sellers from a St. Louis REALTOR – part two of a series

St. Louis Association of REALTORS(R) Presidents’ view of the market – Final Post of the series

Dennis Norman

Dennis Norman

By: Dennis Norman

Earlier this week I did part one  , and yesterday part two of my E-View with Carole Baras, CRS, GRI, ePRO, the 2009 President of the St. Louis Association of REALTORS(R) to get her take on the St. Louis real estate market.

Today I’ll pick up where I left off and complete my E-View with Carole:

Carole Baras, 2009 President, St. Louis Association of REALTORS(R)

Carole Baras, 2009 President, St. Louis Association of REALTORS(R)

Dennis – Carole, What do you feel are the best opportunities today for buyers in St. Louis?

Carole – Buyers that are looking to purchase a home and are first time buyers have NEVER had the opportunity they have today.  A GIFT of $8,000 (the first-time buyer tax credit) is unheard of in the past and first time buyers really need to take advantage of this offer.  Continue reading “St. Louis Association of REALTORS(R) Presidents’ view of the market – Final Post of the series

St. Louis Association of REALTORS(R) Presidents’ view of the market – Second Post in a series

Dennis Norman

Dennis Norman

By: Dennis Norman

Yesterday I did part one of my E-View with Carole Baras, CRS, GRI, ePRO, the 2009 President of the St. Louis Association of REALTORS(R) to get her take on the St. Louis real estate market.

Today I’ll pick up where I left off and complete my E-View with Carole:

Carole Baras, 2009 President, St. Louis Association of REALTORS(R)

Carole Baras, 2009 President, St. Louis Association of REALTORS(R)

Dennis – Carole, obviously many things are affecting the real estate market at this time, many in a negative way unfortunately.  What negative forces do you see working against the St. Louis real estate market  and what effect are they having?

Carole – The city of St. Louis as well as the North County area of St. Louis county have been most affected by the foreclosure rate and this has had a direct impact on the average price of homes.  Continue reading “St. Louis Association of REALTORS(R) Presidents’ view of the market – Second Post in a series

St. Louis Association of REALTORS(R) Presidents’ view of the market – First Post in a series

Dennis Norman

Dennis Norman

By: Dennis Norman

Last month I published my E-View with Karen Vennard, the 2009 President of the St. Charles County Association of REALTORS(R) to get her take on the real estate market in St. Charles County.  Now it’s time for the St. Louis side of the Missouri River. 

To find out the status of the real estate market in St. Louis County, as well as the City of St. Louis, I turned to Carole Baras, CRS, GRI, ePRO, the 2009 President of the St. Louis Association of REALTORS(R) to get her take on the market. Continue reading “St. Louis Association of REALTORS(R) Presidents’ view of the market – First Post in a series

Home sales and prices increase in Midwest in June

Dennis Norman

Dennis Norman

By: Dennis Norman

The National Association of REALTORS(R) released its existing home sales report for June showing an increase in sales for the 3rd month in a row as well as higher prices in June.

Existing home sales, including single-family, town-homes, condominiums and co-ops increased 3.6% in June to a seasonally adjusted annual rate of 4.89 million units. This rate is almost identical to last years sales at the same time which is a first in a quite a while. May’s rate was down 3.6% from a year ago and June is down just 0.2% from a year ago.

Here in the Midwest sales were at a seasonally adjusted annual rate of 1.1 million homes.  This is a modest 0.9% increase over May and is 1.8% below the same time last year. 

Median home prices in the U.S. rose 4% from $174,700 for May to $181,800 for June which is down 15.4% from a year before.  For the Midwest the median home price for June increased almost $10,000 from May to $157,000 which represents a drop of slightly over 9% in the past year.  Continue reading “Home sales and prices increase in Midwest in June

Report shows St. Louis metro prices to decrease by 2% in next 12 months

Dennis Norman

Dennis Norman

By: Dennis Norman

A report published by Local Market Monitor, Inc. predicts the St. Louis metro area will see real estate values decline 2% in the coming 12 months.  This projection does not sound bad and would support the possibility that the market is leveling off and perhaps we have seen the bottom.

Local Market Monitor June Graph

Local Market Monitor Graph - St. Louis Metro Area, Home Values Forecast vs. Actual

The report also states that in the St. Louis metro market jobs have fallen by 2.5% in the past year, compared with a drop of 4% nationwide.  According to Local Market Monitors “Equilibrium” report, home prices in this area are “balanced”, meaning not over priced, nor under priced.  They also note that home prices in our market are 27% lower than the national average.