By Dennis Norman, on March 28th, 2020 Homes became more affordable in Jefferson County and St Charles County during the first quarter of this year from the 4th quarter of 2019, according to data just released by ATTOM Data Research. As the table below shows, the affordability index for both those counties increased from the prior quarter as well as from the same quarter the prior year. Franklin County’s affordability index was the same for the 1st quarter of 2020 as the prior quarter but improved by 5% from a year ago. The two St Louis’s, the city and county, both saw decline in home affordability from both the prior quarter as well as the prior year.
Average wage earner can qualify to buy in 3 out of 5 Counties…
So while the city and county of St Louis saw a decline in home affordability, the average wage eaarner in those two areas can qualify to buy a home, as can an average wage earner in Franklin County.
St Louis Home Affordability – 1st Quarter 2020
By Dennis Norman, on March 9th, 2020 The typical median-priced existing home sold for $233,000 in February 2019 and a year later, as the chart below shows, in February 2020 the typical median-priced home sold for $235,000, an increase of just under 1%. Here’s the beauty though, thanks to interest rates dropping from an average of 4.41% a year ago to 3.29% today, even with the slight increase in price, the typical St Charles County home costs less today than a year ago! Not just by a little either as the payment on the median price a year ago (no money down) would have been $1,178.18 at the current rates at the time, the payment today, at the higher price but lower rates would be just $1,019.15, a savings of $159.03/month or 13.5%! Oh, and just to show the “compound effect” of this, over the life of the loan, you will save $55,249 in interest.
So, what are you waiting for? Buy a house!
[xyz-ips snippet=”St-Charles-County-For-Sale-and-Open-Houses”]
St Charles County Existing Home Sales – Past 13 Months
(click on chart for live-interactive chart)
By Dennis Norman, on February 25th, 2020 The new home construction trend in St. Louis during January slowed just a bit with a total of 4,426 new home permits being issued for the 12-month period ended January 31, 2020, a slight decline of about 1% from a year ago when there were 4,447 permits issued, according to the latest data from the Home Builders Association of St. Louis & Eastern Missouri.
As the table below shows, 5 of the 7 counties covered in the report saw a decline in new home permits from a year ago. Two of the three counties with the most new home activity, St Charles County and Jefferson County, both saw double-digit increases in permit activity from the prior 12-month period.
St Louis New Home Building Permits – January 2020
By Dennis Norman, on February 25th, 2020 There were 35,702 homes sold in the St Louis metro area in the 12-month period ended January 31, 2020, an increase of nearly 2 percent (1.97%) from the prior 12-month period when there were 35,013 homes sold. As MORE, RELATORS exclusive STL Market Report below shows, the median price of homes sold in St Louis during the most recent period was $195,000, an increase of 4 percent from the prior 12-month period.
Home Sales St Louis MSA – Past 12 Months vs Prior 12 Months
(click on table for current report)
By Dennis Norman, on February 24th, 2020 Thanks to a booming economy and strong housing market, distressed home sales in the St Louis Metro Area declined by nearly 25 percent (23.42%) in the 12-month period ended January 31, 2020 from the prior 12-month period. As our exclusive, STL Market Report below shows, there were 1,887 distressed home sales (foreclosures, REO’s and short sales)in the most recent 12-month period compared with 2,464 in the prior 12-month period. The median home price of the distressed homes sold declined 1.79% during the same period, from a median price of $56,000 in the prior period to $55,000 in the most recent period.
[xyz-ips snippet=”Foreclosures-For-Sale-and-Homes-For-Sale”]
Distressed Home Sales St Louis MSA
(Foreclosures-REO’s-Short Sales) – Past 12 Months vs Prior 12 Months
(click on table for current report)
By Dennis Norman, on February 4th, 2020 Homes that sold in the 63048 zip code in the last 30 days were on the market an average of just 30 days before selling, making this the fastest sold zip code in the St Louis MSA. The 63048 zip code area in Jefferson County includes the cities of Pevely, Festus and Herculaneum.
Five of the top ten zip codes were in St Louis County, two in Jefferson County and one in the Counties of St Charles, St Louis City and Madison, Il.
St Louis Zip Codes Where Homes Sold The Fastest In Last 30 Days
(click on table for current, complete list)
By Dennis Norman, on February 3rd, 2020 Throughout 2019 St Louis home sales were running slightly behind the prior year and looked like that is how the year would end but, thanks to a strong finish, St Louis home sales for 2019 ended up being slightly higher than the year before. As the report below shows, the 5-county core St Louis real estate market (without distressed sales) ended 2019 with 25,946 home sales, up 0.71% from the year before when there we 25,674 homes sold. The median price of homes sold during 2019 (non-distressed) was $215,000, an increase fo 4.88% from the year before when the median home price was $205,000.
St Louis 5-County Core Market Home Sales and Prices 2019
(click on table for current report)
By Dennis Norman, on January 7th, 2020 There were 3,637 condos sold in the St Louis 5-County Core market during 2019, a decline of 2.28% from 2018 when there were 3,722 condos sold. As I reported yesterday, 2019 St Louis home sales were down 1.18% in 2019, just over half of the rate of decline of condo sales.
As the STL Market Report below shows (available exclusively through MORE, REALTORS), the median price of condos sold during 2019 was $155,000, an increase of 4.15% from the year before. In contrast, home prices increased by 5.85% during the same period.
Going into 2020, the inventory of homes for sale remains low and favors sellers. Currently, the supply of homes for sale is just over 2 months.
STL Market Report For The St Louis 5-County Core Condo Market
By Dennis Norman, on January 6th, 2020 There were 27,076 homes sold in the St Louis 5-County Core market during 2019, a decline of 1.18% from 2018 when there were 27,399 homes sold. As the STL Market Report below shows (available exclusively through MORE, REALTORS), the median price of homes sold during 2019 was $208,000, an increase of 5.85% from the year before.
Going into 2020, the inventory of homes for sale remains low and favors sellers. Currently, the supply of homes for sale is just over 2 months.
STL Market Report For The St Louis 5-County Core Market
By Dennis Norman, on December 27th, 2019 Homes in the Lincoln County zip code of 63362 sold the fastest in the past 30-days with an average time to sell of just 40 days, according to the latest data available from MORE, REALTORS®.
As the list below shows, 4 of the remaining 10 fastest-sold zips in the St Louis MSA were in St Charles County, 3 in St Louis County, 1 in Franklin County and 1 in St Clair County, IL.
Fastest SOLD Zip Codes In The St Louis MSA In Past 30 Days
(Click List Below For Current, Complete List)
By Dennis Norman, on December 24th, 2019 The home sales trend was, as our chart below illustrates, on the decline in St Charles County since summer last year but then, in October reversed course. Now, for the second-consecutive month, the St Charles County home sales trend is on the rise possibly confirming that September 2019 was the bottom, with 5,761 homes sold in the 12-month period ending in September. For the 12-month period ended November 30, 2019, there were 5,814 homes sold or just under 1% more than when sales hit the bottom in September. The period ended in November saw just 23 more homes sold then the period ended in October, but it still sent the trend upward nonetheless.
The gains are modest so time will tell if the trend will hold course….
With such small gains, it won’t take much to stop this upward trend in home sales, but, within the next two months, we should know for sure if the upward movement in home sales can last.
[xyz-ips snippet=”St-Charles-County-For-Sale-and-Open-Houses”]
St Charles County Home Sales Trend – Past 3 Years
(Click on chart for live, interactive chart)
By Dennis Norman, on December 16th, 2019 The foreclosure rate for the St Louis MSA during October decreased 6.0 percent from the month and was down 4.2% from November 2018, according to data just released from ATTOM Data Solutions. As the table below shows, there were, like last month, some mixed results. For example, St Charles County saw a 20% increase in foreclosures from the month before while the City of St Louis saw a 27% decrease from the month before. The U.S. as a whole saw a bigger decline in foreclosure activity than the St Louis MSA did.
[xyz-ips snippet=”Foreclosures-For-Sale-and-Homes-For-Sale”]
St Louis MSA Foreclosures – November 2019
By Dennis Norman, on December 11th, 2019 The home sales trend in St Charles County peaked in April 2017 with 6,118 homes sold in the 12-month period ended April 30, 2017. Since then, the home sales trend fell to closer to the 6,000 home mark until hitting a near peak again in August 2018 with 6,111 homes sold in the 12 month period ending that month. After that, the home sales trend in St Charles County has fairly consistently trended downward until hitting bottom in September with 5,759 homes sold in the 12-month period ended September 30, 2019, nearly a 6% fall in home sales from the recent peak. This marked the lowest home sales trend for St Charles County since April 2016.
The St Charles County home sales trend has reversed course…
The good news is, for the past two months, home sales in St Charles County, as the chart below illustrates, have trended upward hitting 5,809 homes sold in the 12-month period ended November 30, 2019, a 1.2% increase in the trend from August 2019.
[xyz-ips snippet=”St-Charles-County-For-Sale-and-Open-Houses”]
St Charles County Home Sales Trend – Past 3 Years
(Click on chart for live, interactive chart)
By Dennis Norman, on December 4th, 2019 New home construction in St. Louis during October held at about the same trend as September with 4,289 new home permits issued for the 12-month period ended October 31, 2019, a decline of 8.04% from a year ago when there were 4,664 permits issued, according to the latest data from the Home Builders Association of St. Louis & Eastern Missouri. This is about the same as September when the 12-month trend was down 8.05% from the prior 12-month period.
As the table below shows, 4 of the 7 counties covered in the report saw a decline in new home permits from a year ago. This is the same as last month, with the same four counties on the decline. For the 9th month in a row, Franklin County suffered the biggest loss at 41.31%. At the other end of the spectrum, St Charles County had the largest increase at 7.55% and took removed Warren County from the number one slot after Warren County had 9 consecutive months of the highest growth in permits.
St Louis New Home Building Permits – October 2019
By Dennis Norman, on November 20th, 2019 As the table below shows, from MORE, REALTORS® exclusive STL Market Report, the overall St Louis MSA housing market has a current supply of homes for sale equal to just a little over two-and-a-half months making it very much favor sellers. The St Louis 5-County Core market (city of St Louis and counties of St Louis, St Charles, Jefferson and Franklin) have, as the second table shows, an even lower supply of homes for sale with a 2.32 month supply.
However, as the list at the bottom shows, there are some municipalities within the St Louis area that are buyers markets, 12 in total to be exact. A healthy inventory, one that is considered “balanced” and not favoring buyers or sellers, is generally 5 or 6 months, so to make this list of buyers markets there must be greater than a 6-month supply of home currently for sale. At the top of the list is Pine Lawn a small municipality in northern St Louis county, followed by Swansea IL and then Town and Country. Town and Country with 4 homes sold in the past month and 54 active listings currently has a 13.5 month supply of homes for sale.
Continue reading “St Louis Area Buyer’s Markets – Town and Country Near Top Of List“
By Dennis Norman, on November 14th, 2019 The foreclosure rate for the St Louis MSA during October increased 11.3 percent from the month before however, it was still nearly 25 percent (24.5%) lower than October 2018, according to data just released from ATTOM Data Solutions. As the table below shows, there were some real mixed results this month. For example, St Charles County saw a 150% increase in foreclosures from the month before increasing from 10 in September to 25 in October but is down over 60% from October 2018. The city of St Louis is the only county of significant size in the St Louis MSA that saw both an increase in foreclosures from the month before (65.8^) as well as an increase from a year ago (43.2%).
[xyz-ips snippet=”Foreclosures-For-Sale-and-Homes-For-Sale”]
St Louis MSA Foreclosures – October 2019
By Dennis Norman, on October 28th, 2019 Homes in the 63304 Zip Code area of St Charles Cunty sold faster in the past 30 days than in any other zip code in St Charles County, according to the latest data available from MORE, REALTORS®. Homes that closed in the past 30 days in 63304 took an average time of just 23 days to sell.
As the list below shows, the 63776 and 63368 zip code areas weren’t far behind. The slowest-selling St Charles County zip code in the past 30 days was the 63367 zip code area where th average time to sell a home was more than double the fastest-selling zip code area.
[xyz-ips snippet=”St-Charles-County-For-Sale-and-Open-Houses”]
Fastest SOLD Zip Codes In St Charles County In Past 30 Days
(Click List Below For Current, Complete List)
By Dennis Norman, on October 27th, 2019 Homes in Rock Hill sold faster in the past 30 days than in any other city in the St Louis MSA, according to the latest data available from MORE, REALTORS®. Homes that closed in the past 30 days in Rock Hill took an average time of just 12 days to sell.
As the list below shows, 6 of the 10 fastest-sold cities in the St Louis MSA were in St Louis County, 3 in St Charles County and 1 in Jefferson County.
Fastest SOLD Cities In The St Louis MSA In Past 30 Days
(Click List Below For Current, Complete List)
By Dennis Norman, on October 25th, 2019 There were 13,181 homes sold in St Louis County in the 12-month period ending September 30, 2019, a decline of 3.2% from a year ago when there were 13,618 homes sold in the prior 12-months. For September, the home sale trend ticked upward slightly and has been fairly steady the prior 4 months.
Prices on the rise and inventory is low in St Louis County..
As the STL Market Report for St Louis County below the chart shows, there is just a 2.45 month supply of homes for sale in St Louis County and the median price of homes sold has increased 6.09% from a year ago.
Continue reading “St Louis County Home Sales Trend Down From A Year Ago But Remains Steady“
By Dennis Norman, on October 24th, 2019 The median price of homes sold in St Charles County during the past 12-months was $243,900, an increase of 6.09% from the prior 12-month period when the median price was $229,900. As the STL Market Report (an exclusive report available only from MORE, REALTORS®) shows, home sales declined over 5 percent during the same period and the inventory remains low with a listing supply of just 2.37 months.
As the STL Market Chart at the bottom illustrates (also exclusively available only from MORE, REALTORS®), home prices in St Charles County have had the normal, seasonal, fluctuations but have been steadily trending upward over the past five years. Home prices peaked in August of this year at $257,500 and have been slipping into the normal “winter lull” and will continue to slide until around January or February when they typically bottom out. Last year, home prices peaked in June then fell 4.2% by September and this year, even though home prices peaked just last month, have fallen over 5% already since. I expect home prices in St Charles County will see some correction going forward and anticipate less of a spike in home prices come spring than we saw last year. Last year, in St Charles County, prices increased by nearly 14% in the 4-month period from the seasonal low in February to the peak in June.
[xyz-ips snippet=”St-Charles-County-For-Sale-and-Open-Houses”]
Continue reading “St Charles County Home Prices Increase By Over 6 Percent In Past Year“
By Dennis Norman, on October 24th, 2019 There were 3,379 homes sold in Jefferson County in the 12-month period ending September 30, 2019, a very slight decline of about 1% from a year ago when there were 3,413 homes sold in the prior 12-months. For the past three months, the 12-month home sales trend in Jefferson County has been amazingly consistent, with data for July and September being identical and August being off by just 1 home sale.
Prices on the rise and inventory is low in Jefferson County..
As the STL Market Report for Jefferson County below the chart shows, there is just a 2.75 month supply of homes for sale in Jefferson County. The fact that Jefferson County home prices have risen 6.83% in the past year doesn’t seem to have affected home sales there.
[xyz-ips snippet=”Jefferson-County-For-Sale-and-Open-Houses”]
Continue reading “Jefferson County Home Sales Trend Holds Steady“
By Dennis Norman, on October 23rd, 2019 The median price of homes sold in the St Louis 5-County Core Market during the past 12-months was $205,000, an increase of 5.13% from the prior 12-month period when the median price was $195,000. As the STL Market Report (an exclusive report available only from MORE, REALTORS®) shows, home sales declined nearly 3 percent during the same period and the inventory remains low with a listing supply of just 2.53 months.
As the STL Market Chart at the bottom illustrates (also exclusively available only from MORE, REALTORS®), home prices in the St Louis 5-County Core Market have had the normal, seasonal, fluctuations but have been steadily trending upward over the past five years. Home prices peaked in June of this year at $230,000 and have been slipping into the normal “winter lull” and will continue to slide until around January or February when they typically bottom out. Last year we saw the same pattern with home prices peaking in June however last year from June to September home prices fell 9.33% and this year they fell 10.87%. This could perhaps be indicative of a little market correction coming with regard to home prices.
Continue reading “St Louis Area Home Price Appreciation Tops 5 Percent In Past Year“
By Dennis Norman, on October 23rd, 2019 There were 5,755 homes sold in St Charles County in the 12-month period ending September 30, 2019, a decline of 5.2% from a year ago when there were 6,070 homes sold in the prior 12-months. This is the lowest 12-month trend since February 2016 when there were 5,676 homes sold in the prior 12-months.
As the chart below illustrates, even with the declining trend in home sales in St Charles County, it is still significantly higher than back in 2014 and 2015.
Lack of listings in St Charles could be part of the problem…
As the STL Market Report for St Charles County below the chart shows, there is just a 2.37 month supply of homes for sale in St Charles County. This lack of supply of homes for sale is no doubt contributing to the declining home sales trend. Also worth noting is the 6% increase in the median home price in St Charles County from a year ago.
[xyz-ips snippet=”St-Charles-County-For-Sale-and-Open-Houses”]
Continue reading “St Charles County Home Sales Trend Falls Back To Early 2016 Levels“
By Dennis Norman, on October 22nd, 2019 New home construction in St. Louis continued its decline, although at a lower rate, with 4,286 new home permits issued for the 12-month period ended September 30, 2019, a decline of 8.05% from a year ago when there were 4,661 permits issued, according to the latest data from the Home Builders Association of St. Louis & Eastern Missouri. This is an improvement from the 12-month period ended August 31, 2019, when the decline was nearly 10% from the year before (9.74%).
As the table below shows, 4 of the 7 counties covered in the report saw a decline in new home permits from a year ago. Franklin County again suffered the biggest loss at 43.82% making it the 8th month in a row Franklin County has seen a loss. At the other end of the spectrum, Warren County again had the largest increase at 22.22% and this marks the 9th month in a row of increases for the county. For only the second time in the past 12-months, St Charles County saw an increase in new home permits issued during the period with a 3.79% increase.
St Louis New Home Building Permits – September 2019
By Dennis Norman, on October 11th, 2019 Home sales in the St Louis 5-County Core Market for the 12-month period ended September 30th, 2019 were down just over 3% from the same period a year ago. During the same period, home prices in the St Louis 5-County Core market increased a little over 5% as the report below from MORE, REALTORS shows.
Inventory of homes for sale still favors sellers…
As the report shows, there is just a 2.44 month supply of homes for sale in the St Louis core market which means the St Louis market is still very much a seller’s market.
Continue reading “St Louis Home Sales Continue Downward Trend“
By Dennis Norman, on October 7th, 2019 One story homes, often referred to as “ranch-style”, have always been popular, especially with ageing home buyers that don’t want stairs. With a large number of baby boomers that have become empty nesters, many of them are downsizing and one-story homes are often their style of choice as well. Whether this demand is the reason or not, one-story homes in St Charles County have outpaced 2-story homes in terms of home price appreciation over the past 10-years.
As the charts below show, one-story homes in St Charles County show, have increased in price from a median sold price of $116 per sqft. 10 years ago to $156 per sqft today, an increase of 34.5% during the period. As the second chart below shows, 2-story homes during the same period increased from $94 per sqft. to $124 per sqft, an increase of 32.0%.
In terms of the median price homes sold for, there was an even bigger gap between 1-story and 2-story homes. One-story homes increased in price from $164,5000 to $229,000, an increase of 39.2% and 2-story homes from $210,000 t $275,000, an increase of 31.0%.
[xyz-ips snippet=”St-Charles-County-For-Sale-and-Open-Houses”]
Continue reading “1-Story Homes In St Charles County Appreciated More Than 2-Story Homes In Past 10 Years“
By Dennis Norman, on September 26th, 2019 Home affordability improved in the St. Louis metro area during the 3rd quarter, with 4 of the 7 largest counties seeing an improvement in their affordability index from the prior quarter and 5 of the 7 seeing an improvement in affordability from a year ago, according to the latest data from ATTOM Data Research.
The greatest improvement in affordability was in Franklin County.
As the table below shows, Franklin County saw a 12% improvement in housing affordability from the prior quarter and an 11% improvement from a year ago. Jefferson, St Charles and St Clair (IL) County saw improvements in affordability from the prior quarter as well.
St Louis County suffered the greatest decline in housing affordability.
St Louis County saw affordability decline 12% from the prior quarter and 10% from a year ago.
Home prices are outpacing wages in 5 of the 7 counties covered…
Continue reading “Home Affordability Improves In St Louis During Third Quarter“
By Dennis Norman, on September 25th, 2019 Homes in Crestwood sold faster in the past 30 days than in any other city in the St Louis MSA, according to the latest data available from MORE, REALTORS®. Homes that closed in the past 30 days in Crestwood were on the market an average of just 21 days.
As the list below shows, 7 of the 10 fastest-sold cities in the St Louis MSA were in St Louis County, 2 in St Charles County and 1 in Jefferson County.
Fastest SOLD Cities In The St Louis MSA In Past 30 Days
(Click List Below For Current, Complete List)
By Dennis Norman, on September 8th, 2019 Yesterday, I shared information showing the home sales trend for the 5-county core St Louis housing market declined 3% but today am going to drill down a little further into the data. I wanted to look at the home sales trend in the 5 individual counties that make up the core market to see which are performing better or worse than the others.
All 5 counties had a decline in their home sales trend in August that was similar to the 5-County Core market, however, the extent of the change varied somewhat. St Charles County’s home sales trend, as our chart below shows, with 5,612 homes sold in the 12-month period ended August 31st, fell back to a level not seen since November 2015 when there were 5,545 homes sold in the prior 12-month period.
St Charles County – Home Sales Trend – Past 5 Years
(click on chart for live chart)
 ©2019 MORE, REALTORS – all rights reserved
By Dennis Norman, on August 8th, 2019 St Louis may be the 8th most affordable metro area in the country to buy a home, but it also has areas where home prices are much higher as well. The median price of homes sold in the St Louis metro area during the past 12-months is $184,500 however the average price of homes sold within the past 12-months has exceeded this in 85 of the 205 municipalities within the St Louis MSA.
Below is our list of the 30 cities with the highest average price of homes sold during the past 12 months. St Louis County has the majority of the most expensive cities at 22 (although, in all fairness, St Louis County is also chopped up into a ridiculous number municipalities) followed by 7 in St Charles County and 1 in Warren County.
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St Louis MSA’s Most Expensive Cities
Continue reading “The Most Expensive Homes In St Louis“
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