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.
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.
St Louis MSA Home Prices and Sales 2017
(click on table below for tables for all counties)
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For the 12-month period ending July 31, 2017, as the table below shows, there were 36,741 homes sold in the St Louis MSA an increase in home sales of 13.35% from the prior 12-month period. The median price of homes sold in the St Louis MSA during the past 12 months was $170,000, an increase in home prices of 3.66% from the prior 12 month period.
St LouisHome sales and price summary by county (see tables below for details):
St Louis City and County
Home sales Up 6.06%
Home prices Up 4.79%
St Charles County
Home sales Up 4.43%
Home prices Up 6.88%
Jefferson County
Home sales Up 3.77%
Home prices Up 6.54%
Franklin County
Home sales Up 11.42%
Home prices Up 5.89%
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Yes, I often harp on the importance of having accurate information when it comes to the St Louis real estate market and, admittedly, am a data nerd, however, considering that a home sale or purchase is generally one of, if not the, largest financial transactions a person makes, I think it’s worth the effort to get it right. This is why at our company, MORE, REALTORS, we have spent thousands and dollars and thousands of hours of work over the course of several years to develop software for our agents, and clients, that provides what we feel is the most accurate and relevant information out there when it comes to St Louis home prices and sales information.
Yesterday, after I arrived at my destination for a lunch meeting with my business partner, I pulled out my iPhone and opened the RPR® (REALTOR® Property Resource®) app (only available to REALTORS) to see what it would show me about the real estate market for the area I was in, which was Sunset Hills (63127). The app correctly identified my location and then showed the information on my screen that I show below. While I liked the look of the screen, it was definitely ascetically pleasing, I immediately noticed the rather large “-19.2%” on the screen next to “Median Sales Price – 12 Month Change”. What??? Was I that out of touch I thought, could home prices in the Sunset Hills area really have fallen over 19%without me, the data nerd and, in some peoples opinions, “market guru”, even noticing? While I don’t know exactly what is meant by the label on the app, whether it is for the most recent month compared with the same month a year ago, what I do know is one way or the other they are indicating a big drop on home prices which would be very scary to me if I were a homeowner in that area, and very concerning to me if I were considering buying.
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It probably won’t come as a surprise to you that many homeowners feel their homes are worth more than perhaps they are, particularly when the time comes to sell them. This is evidenced by the Quicken Loans’ Home Price Perception Index (HPPI) which looks at appraised values of homes versus the the homeowners estimate of value. The HPPI chart below shows that, for April 2017, appraisal values of homes came in nearly 2 percent less (1.9%) than the homeowners expectations. As the chart reveals, for the past two years homeowners opinions on their homes value have exceeded that of appraisers, however, for roughly a two-year period from 2013 until late 2014, the opposite was true.
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St Louis was ranked number 2 on the list of “Lowest Performing Major Metro Markets” just released by Clear Capital. The Clear Capital report listed the top 15 performing housing markets in the U.S. as well as the 15 worst performing housing markets in the U.S. during the month of May 2013, based upon home price appreciation on a quarter over quarter basis. At the top of the list of top performing markets is Las Vegas with a 4.5 percent increase in home prices from the prior quarter and a staggering 27 percent increase over the past year. In the 2nd spot on the list of worst performing markets is St Louis with a 0.7 percent decrease in home prices over the last quarter and a decrease of 3.1 percent from a year ago.
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