By Dennis Norman, on June 8th, 2021 Last week I shared data showing that nearly two-thirds of the homes sold in the St Louis 5-County core market (St Louis city and the counties of St Louis, St Charles, Jefferson and Franklin) during the past 12 months sold for the asking price or above. Today, I wanted to focus on just the luxury home market to see how that compared with the overall market. I included homes that sold for $750,000 or higher in this analysis.
As the infographic below shows (exclusively available from MORE, REALTORS®) there were 1,120 luxury homes sold (about 3% of all homes sold) during the past 12-months in the St Louis 5-County core market with 38% of them selling at the list price or above. Drilling down further, we see that 22% of the St Louis Luxury homes sold for greater than the list price.
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By Dennis Norman, on June 2nd, 2021 It’s no secret how competitive the St Louis housing market is currently. In effort to get their offer accepted, homebuyers are waiving financing contingencies, building inspections and doing everything they can to convince the seller to take their offer. However, in addition to those aforementioned things, while it’s not necessarily the most important thing, price is pretty close to the top of the list.
As a result of everything mentioned above, almost two-thirds of the homes sold in the St Louis 5-County core market (St Louis city and the counties of St Louis, St Charles, Jefferson and Franklin) during the past 12 months sold for the asking price or above. As the infographic below shows (exclusively available from MORE, REALTORS®) there were 34,225 homes sold during the past 12-months in the St Louis 5-County core market with 63% of them selling at the list price or above. One thing to remember about home prices though, and something you won’t hear from too many people reporting prices, is that not all sold prices are the “real” price.
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Continue reading “Sixty-Three Percent Of St Louis Homes Sold In Past 12 Months Sold At Or Above List Price“
By Dennis Norman, on May 27th, 2021 While most of the current real estate market is doing quite well, and has for some time, the St Charles County real estate market has been on fire lately! Highlights from the the reports and charts below include (which are available exclusively from MORE, REALTORS):
- For the 12-month period ending April 30, 2021 there were 6,620 homes sold in St Charles County, an increase of 13% from the prior 12-month period.
- For the most recent period noted above, the median price of homes sold in St Charles County was $271,240, and an increase of nearly 9% from the prior period.
- Currently, there is just under a one-half of one month’s supply of homes for sale in St Charles County.
- The trend chart below does a good job of illustrating how, after over 3 years with a fairly flat trend, 10 of the 11 prior months have seen an increase in the home sales trend (12-month) for St Charles County.
- The STL Real Estate Trends Report below for new contracts and new listings is the absolute best way to spot where the market is headed and with new contracts written on listings increasing 50% in the most recent week from the prior week and new listings declining 6% in the same period, it looks like the inventory of homes for sale in St Charles is headed even lower.
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Continue reading “St Charles County Real Estate Market On Fire!“
By Dennis Norman, on May 12th, 2021 In spite of the challenge of a low-inventory housing market, St Louis City and County, St Charles County and Franklin County all saw double-digit increases in the number of homes sold in April while Jefferson County saw a double digit decline. As the charts below illustrate, the median price of homes sold in those counties increased from a year ago in all the counties, two of them in the double digits.
Not all housing data is the same….nor accurate for that matter…
One thing worth noting is that there are housing market reports out there from many different sources, including many credible ones that may or may not be accurate. In most cases this is not due to an error on the part of the person or entity sharing the data but a result of either bad data, inaccurate data or misinterpreted data. For example, when preparing to write this article I noticed two different reports on “St Louis” home prices for homes sold in April. One, which indicated it was for St Louis City and County combined, reported $250,000 and one which reported the “St Louis area” was $266,000. In the case of the latter, my first guess was that they were reporting data for the St Louis MSA but when I checked that the actual sold price in April was only $223,750 so I have no idea where the data came from. For the former, the $250,000 median price is not only higher than the median price for St Louis City and County, it’s higher than the median price for the whole MSA and while the source is indicated, I’m not sure how this number was arrived at.
So what does it matter?
In the crazy market we are in where buyers are getting in bidding wars to get a home, I think it’s more important than ever to have good, relevant and accurate data available to your agent so your agent can help you make an informed decision. You ultimately may decide to pay above what you think the current value of the home is but it would help to know what the real value is. If you look at my chart below for St Louis City and County you’ll see the median price of homes sold in April was $230,000 which is quite different than the $250,000 price and $266,000 I saw reported elsewhere. Would being $20,000 – $36,000 off on the value matter to you? I think it might.
So how do I know I’m right?
Well, for starters I’m a data junky and for the past dozen or so years I’ve probably spent, on average about a dozen hours a week or more studying market data for St Louis. In addition, for the past 6 or 7 years we have worked to develop our own proprietary software to compile and report housing data and are constantly checking and double checking the output. Finally, we have a very credible source for data, the REALTOR® MLS and we constantly update and check the data. Put all of this together and while there’s no way to say it’s 100% correct, but I’m confident it’s about as close as you can get.
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Continue reading “St Louis Area Housing Market Report For April“
By Dennis Norman, on April 26th, 2021 The St Louis luxury home market (homes priced at $700,000 or above) after remaining relatively flat for about a year has been steadily trending upward for now 10-months in a row. Even though April is not over, there have already been more sales of Luxury homes closed than for the month before, so April will make the 10th month of increased sales activity.
As the STL Market Chart below shows (available exclusively from MORE, REALTORS®), sales of luxury homes in St Louis City and County and St Charles County, have increased from 694 sales for the 12-month period ended April 2018 to 1,130 for the 12-month period ending the 30th of this month (so it’s going to rise further even), an increase of 63% in the past 3 years. For the sake of this analysis, a “luxury” home was considered to be a home selling for $700,000 or above, which puts it in the upper 5% or so of the market.
St Louis Luxury Home Sales Trend (12-month prior periods) For the Past 3 Years
(click on Chart for current chart with live data)
By Dennis Norman, on March 26th, 2021 As any home buyer in the market is well aware no doubt, we have a low inventory of homes for sale in the St Louis MSA. As the STL Market Report below shows (which is exclusivley available from MORE, REALTORS®) there is currently just a 1.2 month supply of active listings in the St Louis metro area. It doesn’t look like the situation is improving either as MORE’s Local Home Trends Reports at the bottom show that new contracts in the past two weeks have outpaced new listings during the same period. There were 2,105 new contracts written for the sale of a home and there were 1,976 new listings of homes for sale. With the new sales outpacing new listings by a little over 6% it indicates we are not going to see any improvement in the inventory in the near term.
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STL Market Report for the St Louis MSA
(click on report for live report)
Continue reading “New Sales Of Listings Are Outpacing New Listings“
By Dennis Norman, on March 12th, 2021 As the chart below shows, the median price of homes sold in St Charles County jumped to $275,000 last month approaching the record-high price of $279,000 set this past August. This is the second consecutive month the median price has increased and is contrary to the norm. Last year home prices fell to a low of $235,000 in February.
Though home prices didn’t follow the typical pattern and fall during the winter in St Charles County, home sales did. Home sales last month followed that pattern falling to 333 homes sold, similar to last year’s February sales of 320 homes.
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St Charles County Home Prices and Sales
(click on chart for live chart)
By Dennis Norman, on March 9th, 2021 In spite of having been in a low-inventory market for the past few years, home sales in St Louis have continued strong. In fact, as the home sales trend chart below, exclusively available from MORE, REALTORS®, shows home sales trend for the 12-month period ending February 28th was at the highest level in over 10-years.
The chart includes the St Louis 5-County core market (the city of St Louis and the counties of St Louis, St Charles, Franklin, and Jefferson) and shows that for the 12-month period ending last month there were 28,571 homes sold (distressed home sales have been excluded). This is slightly above the 12-month period ending the month before when there were 28,492 homes sold.
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Continue reading “St Louis Area Home Sales Trend At Highest Level In Over 10 Years“
By Dennis Norman, on February 22nd, 2021 As the list below shows, seven of the ten school districts in the St Louis MSA where homes are selling the fastest, are in outer-ring counties, with the remaining three districts being in St Louis County. This list is based upon the average time it took homes to sell that closed in the past 30 days and Wright City R-II District came in at the top of the list with an average of 14 days for homes to sell. St Charles County was home to the largest number of the fastest-selling school districts with 4 followed by St Louis County with 3, Warren County with 2, and 1 in Jefferson County.
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Ten Fastest-Selling School Districts In The St Louis MSA
(click on the list for a complete and current list)
By Dennis Norman, on February 15th, 2021 It’s no secret that listings of homes for sale in St Louis are in short supply and for a while now new sales have outpaced new listings making it a challenge for home buyers. However, over the past couple of months, new sales of homes in St Louis County have outpaced new listings by a greater margin than neighboring counties. As can be compiled from the tables below, new sales of homes in the St Louis 5-County Core market during the last four months outpaced new listings during the same period by 12.7%. For St Louis county, there were 6,095 new contracts written during the last 4 months and 5,353 new listings resulting in new contracts outpacing new listings by 13.9%, a rate 1.2% higher than the rate for the 5-county area as a whole. Franklin County had the next highest rate at 10.7%, then Jefferson County at 9.4%, St Charles County at 5.8%, and then the city of St Louis was the only county where new contracts were about equal to new listings.
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Continue reading “St Louis County Home Sales Trend Outpacing New Listings By Larger Margin Then Neighboring Counties“
By Dennis Norman, on January 26th, 2021 It probably won’t come as a surprise that many of St Louis’ best school districts also have some of St Louis’ most expensive home prices. As the list below shows, the Ladue School district has the highest-priced homes with the average price for homes sold in the past 12 months at nearly $900,000. Of the top 10 highest priced school districts, 8 are in St Louis County, one in St Charles County and one in Franklin County.
St Louis 5-County Core’s Most Expensive School Districts
(click on list for complete list)
By Dennis Norman, on January 20th, 2021 As of this morning, the Hancock Place School District and Bayless School District, both in the South St Louis County area, are tied for the district where homes are selling the fastest. As the Fastest-Selling School Districts in the St Louis MSA list (available exclusively from MORE, REALTORS®) below shows, homes that sold in the past 30 days in those districts took an average of just 17 days to sell. Five of the top 10 districts for fast home sales are located in St Louis County, two are in Jefferson County, one each in St Charles County, Warren County, and Madison District 12 in Illinois.
10 Fastest Selling St Louis MSA School Districts
(click on table for full, up to date, list)
By Dennis Norman, on January 16th, 2021 As I reported a couple of days ago, home sales (non-distressed) in St Louis were up around 8% in 2020 verses 2019 however, distressed home sales were down 25% in 2020 from the year before. For several months of 2020, there were moratoriums on foreclosures which would lower the number of distressed sales and are no doubt largely responsible for the decline in sales. For the sake of this report, “distressed” sales include foreclosures, short sales, and property owned by banks or the government.
During 2020, there were 894 sales of distressed homes, down 25% from 2019 when there were 1,191 sales. The median price of distressed homes sold during 2020 was $71,788 an increase of nearly 14% from 2019 when the median price was $63,000. There are currently 54 active listings of distressed homes representing a one-month supply.
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STL Market Report – St Louis 5-County Core Market
(Distressed home sales only- click report for live report)
By Dennis Norman, on January 15th, 2021 Yesterday, I reported that St Louis area home sales and prices were both up about 8% during 2020 from 2019 so today we’ll take a look at how condominium sales and prices compared during the same period.
As the STL Market Report shows (available exclusively from MORE, REALTORS®), in the 5-County Core St Louis market there were 3,567 condominiums sold during 2020, 10 condominiums less than the 3,577 condominiums sold during 2019. The median price of condos sold in 2020 in this St Louis market was $163,900, an increase of 5.74% from 2019 when the median price was $155,000.
The current price trend, as depicted in the report, is up significantly with the median price per square foot of condos that are currently on the market being over 23% higher than the median price per foot of condominiums sold during 2020. There are currently 417 condos for sale in the St Louis 5-County Core market, representing a 1.30 month supply at the current sales rates.
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STL Market Report for the St Louis 5-County Core Market Condos
(Non-distressed condo sales only – click on report for live report)
By Dennis Norman, on January 14th, 2021 In spite of the challenges from the COVID-19 pandemic, stay at home orders, a shaky economy and a fair amount of social unrest, 2020 still managed to be a good year for residential real estate! As the STL Market Report shows (available exclusively from MORE, REALTORS®), in the 5-County Core St Louis market there were 28,131 homes sold during 2020, an increase of 8.27% from 2019 when there were just 25,982 homes sold. The median price of homes sold in 2020 in this St Louis market was $232,000, an increase of 7.93% from 2019 when the median price was $214,950.
The current price trend, as depicted in the report, is up as well with the median price per square foot of homes that are currently on the market being over 9% higher than the median price per foot of homes sold during 2020. There are currently 2,031 active listings on the market representing a 0.81 month supply at the current sales rates.
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STL Market Report for the St Louis 5-County Core Market
(Non-distressed home sales only – click on report for live report)
By Dennis Norman, on December 10th, 2020 As the STL Market ReportTM below shows, there were 3,419 existing condominiums sold in the 12-month period ended November 30, 2020, a decrease of 0.23% from the prior 12-month period. The median price of condos sold during the past 12-months was $159,900, an increase of 5.2% from the prior 12-month period. To make sure the data represents the market as accurately as possible, distressed home sales and new construction were excluded from the data. As the report shows, the current inventory of condos for sale is just 1.2 months.
STL Market Report – St Louis 5-County Area – Condos
Available Exclusively From MORE, REALTORS
Click on the report to get the current report
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By Dennis Norman, on December 8th, 2020 As the STL Market ReportTM below shows, there were 26,675 existing homes sold in the 12-month period ended November 30, 2020, an increase of 7.13% from the prior 12-month period. The median price of homes sold during the past 12-months was $225,580, an increase of 7.42% from the prior 12-month period. To make sure the data represents the market as accurately as possible, distressed home sales and new construction were excluded from the data. The increase in home sales is almost hard to imagine given how low the inventory of homes for sale has been. As the report shows, the current inventory of homes for sale is just 3/4 of one-month.
STL Market Report – St Louis 5-County Area
Available Exclusively From MORE, REALTORS
Click on the report to get the current report
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By Dennis Norman, on August 21st, 2020 Given the impact of COVID-19 on the St Louis real estate market, particularly during the late winter/early spring months as well as a low-inventory market already, it should not come as a surprise that St Louis area home sales have trended downward somewhat during the past 12-months. As our STL Market Report below shows, for the 5-county core St Louis real estate market, there were 26,723 homes sold during the 12-month period ended July 31, 2020, a decline of 0.88% from the prior 12-month period when there were 26,960 homes sold. That very modest decline I think is actually very encouraging given what the market has been through with COVID-19.
St Louis 5-County Core Market Home Sales
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St Charles County and Jefferson County are the exceptions…
While the overall 5-county market was down, individually, the counties of St Charles and Jefferson have both fared better and, in fact, had modest increases in home sales during this period. As the tables below show, there were 5,878 homes sold in St Charles county during the past 12-months, an increase of 1.08% from the prior 12 months. In Jefferson County, there were 3,406 homes sold during the past 12-months, an increase of 0.53% from the prior 12-months.
St Charles County Home Sales
Jefferson County Home Sales
By Dennis Norman, on July 29th, 2020 There were 4,468 building permits issued for new single-family homes in the St Louis area during June, an increase of 5.9% from a year ago when there were 4,219 permits issued, according to the latest data from the Home Builders Association of St. Louis & Eastern Missouri (St Louis HBA). However, the increase in new home construction activity was not shared equally around the St Louis area as the counties of St Charles, Jefferson, and Franklin all saw double-digit increases while the other four counties saw declines.
St Louis New Home Building Permits – June 2020
By Dennis Norman, on July 23rd, 2020 After the COVID-19 pandemic hit St Louis and greatly curbed real estate activity back in March and April, the market was quick to recover and has come back in a pretty robust way. The impact is starting to show more though in home sales in the year-over-year and year to date numbers, however. As our STL Market Report for the St Louis MSA below shows, for the 12-months ended June 30, 2020, there were 36,657 homes sold throughout the St Louis metro area, a decline of just over 1% from a year ago when there were 37,040 homes sold during the same period.
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STL Market Report- St Louis MSA
(click on report for live, current report)
St Louis Home Sales Trending Downward…
Continue reading “Home Sales Data In St Louis Reveals The Impact Of COVID-19“
By Dennis Norman, on June 20th, 2020 Yesterday, I shared a report on new sales of listings in the St Louis MSA which showed sales were up 10% for the week from a year ago. Today, I created the report below which shows new listings during the same week, and while the number of new listings was up 8% for the week from a year ago, they still didn’t keep pace with the new sales. As the report reveals, there were 1155 new listings in the St Louis MSA last week and, as yesterday’s report showed, 1245 sales, so nearly 8% more new sales than new listings.
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New Residential Listings – St Louis MSA
For the Week Ended June 13, 2020
Data Source: MARIS – Copyright 2020, MORE, REALTORS All Rights Reserved
By Dennis Norman, on June 19th, 2020 COVID-19 who? While it’s still around, it’s impact on the St Louis real estate market has dissipated to the point that we are seeing activity at levels higher than this time last year. For example, as the report below shows, there were 1,245 new sales of residential listings in the St Louis MSA last week, an increase of 10 percent from the same time a year ago. St Charles County was the county with the second-highest number of sales with 217 for the week which was a 32% increase from a year ago! St Louis County, the county with the most home sales in the St Louis MSA had 435 sales, a slight increase above 432 a year ago.
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New Contracts On Residential Listings – St Louis MSA
For the Week Ended June 13, 2020
Data Source: MARIS – Copyright 2020, MORE, REALTORS All Rights Reserved
By Dennis Norman, on June 16th, 2020 There were 4,4,83 building permits issued for new single-family homes in the St Louis area during April, an increase of 4.28% from a year ago when there were 4,299 permits issued, according to the latest data from the Home Builders Association of St. Louis & Eastern Missouri (St Louis HBA). However, the increase in new home construction activity was not shared equally around the St Louis area and, in fact, really only favored St Charles County and Jefferson County again.
Of the seven counties reported on by the St Louis HBA, 5 saw a decline in building permits from a year ago (the same 5 counties as last month) and, like last month, Lincoln County saw the largest decline at over 15%, and St Charles County was the big winner again where the number of new home building permits in March increased nearly 20% from the same month last year.
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St Louis New Home Building Permits – April 2020
By Dennis Norman, on June 9th, 2020 The St Louis real estate market slowed when the effects of COVID-19 hit the St Louis area in early March but after continuing at a slower pace for a few weeks has quickly shifted gears to a faster pace. The St Louis market has improved to the point that, for the 12-month period ended May 31, 2020, St Louis home sales were down just 1.84% from the prior 12-month period. The median price of homes sold during the past 12-months was $213,000, an increase of 6.55% from the prior period.
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St Louis 5-County Core Market Home Sales and Prices
Past 12 Months vs Year Ago
(click on the table below for live report)
By Dennis Norman, on May 20th, 2020 There were 4,506 building permits issued for new single-family homes in the St Louis area during March, an increase of 4.55% from a year ago when there were 4,310 permits issued, according to the latest data from the Home Builders Association of St. Louis & Eastern Missouri (St Louis HBA). However, the increase in new home construction activity was not shared equally around the St Louis area and, in fact, really only favored St Charles County and Jefferson County.
Of the seven counties reported on by the St Louis HBA, 5 saw a decline in building permits from a year ago with Lincoln County seeing the biggest loss at over 25%, and St Charles County was the big winner where the number of new home building permits in March increased nearly 25% from the same month last year.
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St Louis New Home Building Permits – March 2020
By Dennis Norman, on May 3rd, 2020 Prior to COVID-19, there had already been a shortage of residential listings for sale in many areas and price ranges through St Louis going back a couple of years. However, the problem may be getting worse as we are continuing to see new sales of residential listings in St Louis picking up the pace to the point that they are down just 16% from the same time a year ago but, new listings in the St Louis MSA are down 30% from the same time a year ago.
Since we started with a low inventory and now have the sales rate outpacing the listing rate, we are probably going to see an even tighter supply of homes for sale for at least the near future. As our table below shows, there are some areas where this is even more pronounced, such as St Charles County where the number of new sales of residential listings for the most recent 7-day period is down just 3% from a year ago but new listings during the same period are down 37%.
St Charles County down to less than 2-month supply
As our tables at the bottom shows, currently, there is just a 1.97 month supply of homes for sale in St Charles County and, if we look at the “sweet-spot” of homes priced in the $150,000 – $300,000 range, there is an inventory of just 1.04 months. If you own a home in St Charles County and have thought about selling, contact us now and let us show you how to leverage this market in your favor whileit lasts.
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Continue reading “St Louis New Listings Down Nearly Double What Sales Are From Last Year“
By Dennis Norman, on April 24th, 2020 Maybe it’s the gorgeous weather, a more optimistic outlook after receiving stimulus payments or perhaps just being tired of waiting in limbo, but homebuyers have come out strong in St Louis during the past week! St Louis home sales are still not at the levels we would expect at this time of year but, as my table below shows, for the St Louis MSA as a whole, the most recent 7-day period is down just 16% from the same time last year. This is about half the decline I’ve seen when pulling the data as recently as a week ago.
St Charles County home sales have come back the strongest with 185 homes sold during the 7-day period from 4/14 through 4/21, just 12% less than the same period last year and the city of St Louis is next with a decline of just 14%. Franklin County is struggling the most with just about half as many home sales as last year.
As I wrote yesterday, with low-interest rates and the buying opportunities out there, now is a great time to buy for those that are able. Wow, now that I think about it, maybe that’s the reason home sales are increasing, people are listening to me LOL.
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St Louis New Residential Home Sales April 14 – 21 – (Table)
Date Source: MARIS – Copyright 2020 St Louis Real Estate News, all rights reserved
By Dennis Norman, on April 14th, 2020 The COVID-19 pandemic (coronavirus) began impacting the St Louis area just a little over a month ago and I’ve been tracking the impact on the St Louis real estate market along the way. From the outset, we have seen a decline in the number of new listings, new sales and physical showings of listings, however, overall the decline has remained fairly constant. New sales of listings for the St Louis area has pretty well hovered around a level equal to about tw0-thirds of the activity we saw at the same time last year.
Now that we are about a month into the “COVID-19 effect”, a few weeks into the stay at home orders and a few weeks into real estate agents adjusting to doing business in a different way, I wanted to take an in-depth look to see where we stand now. I’ll warn you in advance, this article is a little long, mainly because of tables and data, but I wanted to include as much data as I could to paint the complete picture of the market.
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Home sales are the best indicator of market confidence….
Continue reading “The COVID-19 Impact On The St Louis Real Estate Market – One Month In“
By Dennis Norman, on April 8th, 2020 Yesterday, I shared data showing that, in spite of the COVID-19 (coronavirus) pandemic, new sales of residential listings in the 5-county core St Louis market for the most recent 7-day period that complete data is available for, were down 35% from a year ago. I received requests to break the data down further so I did so by county. As the table below shows, for the 7-day period ended April 2nd, new sales of listings in St Charles County were down just 25% from the prior year. The reason the period ends April 2nd is REALTORS® has 3 business days to report new sales to the MLS so that means the deadline for reporting a new sale on April 2nd was last night so this data should be very accurate.
St Louis New Sales Of Residential Listings
3/26/20 – 4/02/20 Vs. One-Year Ago
Data source: Mid-America Regional Information Systems, Inc. – Copyright 2020 -has St Louis Real Estate News
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By Dennis Norman, on March 28th, 2020 St Louis sellers appear to remain pretty confident in the St Louis real estate market in spite of the COVID-19 threat as evidenced by the number of new residential listings that hit the St Louis market in the past 7 days. During the past 7 days, there were 701 new residential listings on the St Louis 5-County Core Market (city of St Louis and counties of St Louis, St Charles, Jefferson and Franklin) this is a decline of just 25% from the same period last year when there were 943 listings. For the St Louis MSA, there were 930 new residential listings during the past 7 days also a decline of 25% from the same period last year when there were 1,253 new listings.
While the way in which we do business is changing somewhat, such as relying more on technology with things like virtual open houses, virtual showings as well as utilizing resources like Zoom Meetings, Skype and Facetime in lieu of in-person meetings, there are still homeowners that want to sell and buyers that want to buy.
St Louis Area New Residential Listings For March 21 Through March 27
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