St Louis home sales peaked around the midpoint of June at the same time our Market Action Index (MAI) for the St Louis MSA peaked as well. The week of June 14th saw 1,964 homes leave the market in the St Louis MSA, most as a result of sale) and during the same week our Market Action Index (the black line on the chart below) hit 42, well into “seller’s market” territory (above 30 up to a max of 60). Since that peak, both the number of homes for sale that have left the market as well as our Continue Reading →
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St Louis Foreclosures fell in April to 1.2 percent of all St Louis homes with a mortgage, a decline of 33 percent from a year ago when the rate was 1.78 percent and is now at the lowest rate in well over 3 years, according to a report just released by CoreLogic. This puts St Louis foreclosures less than half the national rate for April of 2.65 percent. In addition, the report reveals that St Louis mortgage delinquencies are also down significantly for April 2013 which 3.96 percent of St Louis mortgage being 90 days or more delinquent, a Continue Reading → There are St Louis Housing markets on the rebound with prices and demand on the rise and inventories down. For the 9 areas of St Louis where the real estate market is on the rebound listed below, I have charts showing what home prices have done over the past 3 years (the red line) as well as what our Market Action Index is for the area (an index that rates an area based upon supply and demand – the Olive colored line). As the data shows, these markets are seeing home prices on the rise and the market heating up! A survey by LendingTree reveals that now is the time to buy a home if you want to beat the coming higher home prices and interest rates. According to the survey of individuals that say they are considering buying a home in the coming year, 68% say they feel home prices will rise and 64% think interest rates will rise in the next 12 months. Of the would-be home buyers surveyed, 57 percent are first-time home buyers and 45 percent said they are “actively” shopping for a home while the remaining 55 percent said they are “casual” shoppers. Click here Continue Reading → It has only been recently that economists started using the word “recovery” in the same sentence as “housing market” and now there is talk about a possible housing bubble? CoreLogic, in it’s June MarketPulse report, citing a 12.1 percent increase in their home price index from April 2012 to April 2013 cautioned that the double-digit home price gains “prompt caution” and makes some ask “are we witnessing a new housing bubble?” The CoreLogic report encompasses the largest metro areas in the U.S. so I decided to look at the St. Louis area specifically to see if what we are Continue Reading → If you want to buy a St Louis foreclosure, you will have to be prepared to move quick, and pay up to be successful! Over the past 60 days, there were 929 new foreclosure listings (bank and government owned homes) in the St Louis core market area (St Louis City & County, St Charles, Jefferson and Franklin Counties). These new St Louis foreclosures for sale have an average listing price of $84,467 and almost 50 percent of them are already sold (48%), selling in a median time of 11 days and for an average of 106 percent of the list Continue Reading → There were 88,367 St Louis homeowners with negative equity during the first quarter of this year, according to a report just released by CoreLogic. This represents 15.7 percent of the St. Louis homeowners with a mortgage and is a decline of 10 percent from the prior quarter when there were 98,365 St Louis homeowners with negative equity, or 17.5 percent of all St Louis homeowners with a mortgage. For the State of Missouri as a whole, there were 120,056 homeowners, or 15.3 percent of all homeowners with a mortgage, with negative equity during the first quarter of this year. On Continue Reading → Over three of every four people (76 percent) say now is a good time to buy a home according to the National Housing Survey for May just released by Fannie Mae. Would be sellers are also feeling better about the housing market with 40 percent saying now is a good time to sell a home. When it comes to financing that home purchase, American’s are getting more optimistic as well, with 46 percent saying it would be easy to get a home loan today, however 50 percent believe it would be difficult to obtain a mortgage. Thinking of Continue Reading → St Louis Real Estate Market Shows Strengthening in May! The St Louis Real Estate Market remains in seller’s market territory this month, according to the latest market data from MORE, REALTORS. The inventory of homes for sale remains low while home sale and prices are increasing. 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. This is not the market to be an uniformed participant in though or not have qualified, professional representation. This can lead to frustration as a buyer as you continue to “miss” Continue Reading → St Louis Real Estate Market Sees Declining Inventory and Rising Prices The St Louis Real Estate Market remains a seller’s market this month barely, according to the latest market data from MORE, REALTORS. The inventory of homes for sale remains low while home sale and prices are increasing. 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. This is not the market to be an uniformed participant in though or not have qualified, professional representation. This can lead to frustration as a buyer as you continue Continue Reading → Tyler Frank,Paramount MortgageNMLS ID 942420 Housing Boom Era Type Home Buying Tactics Reappearing in St Louis Real Estate Market During the home buying frenzy of the housing boom, which peaked in 2006, it was common to see home buyers, in an effort to beat out other buyers fighting for the same home, include price escalation clauses in their offers and make “naked” (contingency-free) offers. It was also common for a seller to purposely price their home low in an effort to rein in multiple buyers and pit them against each other in a bidding war. We are Continue Reading → St Louis Real Estate Market Turns Into Seller’s Market! The St Louis Real Estate Market has become a seller’s market, according to the latest market data from MORE, REALTORS. The inventory of homes for sale is on the decline while buying activity is up which makes for a competitive market for buyers. 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. To get the latest St Louis Real Estate Stats and the latest, best and most comprehensive St Louis Real Estate Data, check out our 5-minute Continue Reading → Has St Louis Become A Sellers Market? As the news about the St Louis real estate market becomes more optimistic, the question being asked has become “Is It A Sellers Market In St Louis?”. To answer that question, I put together some market data from that last couple of years to show how the market is changing in the St. Louis area and produced our latest infographic illustrating what I found. To find out if it is a sellers market in St Louis check out the infographic by clicking here. Barely over 3 month supply of homes for sale in St Louis Home sales in the U.S. fell slightly in February from the month before, according to the National Association of REALTORS’ pending home sales index. The index slid to 104.8* in February from 105.2 in January however was still 8.4 percent higher than a year ago and at the second highest level in nearly three-year. Lawrence Yun, chief economist for NAR, said “limited inventory is holding back the market in many areas” and that “only new home construction can genuinely help relieve the inventory shortage…” As the Continue Reading → St. Louis Real Estate Market Gaining Steam! The St. Louis Real Estate Market is getting close to becoming a seller’s market in many neighborhoods. The inventory of St Louis homes for sale is down from a year ago while sales are increasing paving the way for what could be a somewhat robust selling market this spring. 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. To get the latest St Louis Real Estate Stats and the latest, best and most comprehensive St Louis Real Estate Continue Reading → The St. Louis Real Estate Market is heating up in many areas and, in fact, some neighborhoods are beginning to take on the appearance of a seller’s market. A decline in the inventory of homes for sale along with some increased demand is helping spark life into many markets…I show the impact on two of these markets in this months video but we can easily show you how your neighborhood is doing as well. Or, if you are trying to decide if not is the time to buy, contact us and we’ll help you answer that question and see specifically what areas are the best for buyers at this time. Continue Reading → The real estate market is definitely heating up in many cities throughout the U.S. as well in many areas of St. Louis. A decreasing inventory of homes for sale, and even a shortage of homes for sale in many areas, along with increased confidence from consumers in the real estate market, has driven many cities from a “buyers market” to a “sellers market”. Continue Reading → The St. Louis Real Estate Market is still dealing with the effects of foreclosures and other distressed sales but continues to show some improvement, and even what I would describe as a sustained recovery in some neighborhoods though certainly not all. To get the latest St. Louis Real Estate Stats and the latest, best and most comprehensive St Louis Real Estate Data, check out our 5-minute video update below for January for the St Louis real estate market. 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 → I don’t know that “hot” comes to mind when I think about any St Louis real estate market today, however, relative to the rest of the market, I think I can identify some St. Louis real estate markets that I feel are poised to perform better in 2013 than other St Louis markets. Below are my charts showing some key market data for the top markets. Included in my data are 4 pieces of information that I think are key to determining the health of a local real estate market: Home prices – I show what prices have done over Continue Reading → The National Association of REALTORS® (NAR) announced this morning that U.S. existing home sales increased in November 5.9 percent from the month before and 14.5 percent from the year before. The NAR report indicated the median home price in the U.S. in November was $180,600, an increase of 10.1 percent from a year ago. The St. Louis Real Estate market (the 5-county core St Louis Real Estate area (City of St Louis and the Counties of St Louis, St Charles, Jefferson and Franklin), as my chart below shows, saw home prices rise slightly in November from October to a median price of $122,000 which is an increase of 7.5 percent from a year ago. St Louis home sales in November on the other hand declined slightly from the month before to 2,523 homes but was up 19.6 percent from a year ago Continue Reading → I continue to see encouraging news about the housing market and today was no exception. The Freddie Mac housing market outlook for December was released and included a very encouraging outlook for the real estate market in 2013 by its chief economist, Frank Nothaft. Not that I’m on the same level as Northaft, but I will be coming out later this month with a short market recap video for 2012 as well as an outlook for 2013, both specifically for the St Louis real estate market. In the meantime, below are the highlights from Mr Nothaft’s projections for the U.S. Continue Reading → The St. Louis Real Estate Market continues to show some strength and appears to generally be headed toward recovery, albeit a long slow one. To get the latest St. Louis Real Estate Stats and the latest, best and most comprehensive St Louis Real Estate Data, check out our 5-minute video update below for October for the St Louis real estate market. 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 → While it does appear the St Louis real estate market has hit bottom and begun to slowly make some headway to a recovery it is clearly not going to be without some bumps in the road along the way. One of those bumps appears to be home prices as, according to a report just released by Fiserv indicates, St Louis home prices are projected to fall 2.7 percent by next summer. Continue Reading → The St. Louis Real Estate market (the 5-county core St Louis Real Estate area I’m showing which includes the City of St Louis and the Counties of St Louis, St Charles, Jefferson and Franklin) saw home prices fall slightly (1.1 percent) in October from September to a median price of $120,000 which is an increase of 4.4 percent from a year ago. St Louis home sales, on the other hand, rose in October 6.6 percent from the month before to 2,607 homes, an increase of 18.9 percent from a year ago. If you would like to receive a free copy of the NAR home sales report please click here for immediate access. Continue Reading → Annually, the National Association of REALTORS (NAR) conducts a survey of people that bought and/or sold a home in the past year to learn about their shopping habits, what motivated them to do what they did, etc. The NAR “Profile of Home Buyers and Sellers” for 2012 was just released and shows, among other things, that 90 percent of home buyers used the internet in finding the home they bought and, of those, about half used a local MLS site and/or agent/company site Continue Reading → As the St Louis real estate market continues to show signs of improvement in many areas, as I often talk about, real estate is very local, so markets within a metro area can behave quite different. Aware of this, many home buyers, particularly home buyers relocating to St Louis, often want to know what are the “hot” markets, or the markets that have definitely begin to come back? Seller’s want to what the hot markets are as well with the hope they will see their city or zip on the list. Continue Reading → The National Association of REALTORS® (NAR) announced this morning that U.S. existing home sales, and prices, slipped slightly in September, falling 1.7 percent from the month before however were up 11 and 11.3 percent, respectively, from the year before. The St. Louis Real Estate market, as the charts below show, we see slightly different data, at least for the 5-county core St Louis Real Estate area I’m showing (the City of St Louis and the Counties of St Louis, St Charles, Jefferson and Franklin). In this core area, which makes up the bulk of the Saint Louis real estate market, home prices fell 7.6 percent in September, from the month before, to a median price of $121,884 and home sales slid over 20 percent to 2,428 homes sold in September, down from 3,045 in August. Continue Reading → According to a report released this week by Interest.com, St. Louis is the 5th most affordable metro area in the U.S. with a median-income household having 23 percent more income than needed to buy a median priced home. Continue Reading → St. Louis home prices are on the rise as all signs continue to point toward a recovery for the St. Louis real estate market! The table below shows the change in the median list prices from a year ago for the 25 St. Louis area zip codes with the highest increases. Now, before people that live in some of the top zip codes on the list get too excited, remember, this does not mean that the actual value of a home rose by the percentage indicated, it just means the median list price has which could be the result of higher priced homes hitting the market. Having said that, the trend of list prices, along with other related data on the St Louis real estate market I’m seeing, is still a positive sign and a strong indicator of better times ahead for the St Louis real estate market. Continue Reading → The St. Louis Real Estate Market is showing signs of strengthening and even recovery in many of the neighborhoods throughout St. Louis. To get the latest St. Louis Real Estate Stats and the latest, best and most comprehensive St Louis Real Estate Data, check out our 5-minute video update below for October for the St Louis real estate market. 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 Continue Reading → |
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