As 2015 quickly comes to an end, we close out what has been one of the better years for the St Louis real estate market in many years! Homes in St Louis sold at a brisk pace and St Louis home prices showed solid appreciation! We saw a spring market that brought home buyers racing to new listings often competing with other buyers to see who could make the best offer the quickest, often-times with the final sale price equaling or exceeding the asking price followed by a steady market throughout the summer and into the winter months. Continue Reading →
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I have the honor of serving as chairman of the St Louis Industry Forum which consists of leaders of professional and trade associations that are engaged in some aspect of the real estate industry in St Louis (such as REALTORS, Builders, Mortgage Lenders, Bankers, etc) and at our bi-monthly meetings millennial’s are often the topic of conversation with regard to this generations thoughts on home ownership vs. renting, where they want to live and other related matters. Continue Reading → As 2015 quickly nears the end, the St Louis real estate market continues to perform well (no doubt fueled, in part, by the unusually warm weather we are having) with year-to-date home sales through the end of November up nearly 9 percent from the same time last year and St Louis home prices up almost 4 percent from the same time last year. Continue Reading → St Louis Foreclosure activity increased in November to 1 foreclosure activity on 1 of every 1,086 housing units in the St Louis MSA, a decrease of 8.06 percent from the month before but an increase of 62.59 percent from November 2014, according to a report just released by RealtyTrac. Continue Reading → Distressed home sales in St Louis during the month of October 2015 accounted for about 11.6 percent of all home sales during the month, a decline of about 50 percent from a year ago when St Louis distressed home sales accounted for 23 percent of the all home sales, according to the latest data just released by RealtyTrac. Continue Reading → Homeownership in the U.S. is down 7.58% in the past 10 years, according to the latest information available from the U.S. Census Bureau. The St Louis homeownership rate for the 3rd quarter of 2015 was the lowest rate for the 3rd quarter of any year in over 10 years. In addition, as our table below showings, the 12 month rolling average St Louis homeownership rate at the end of the 3rd quarter was at 69.9%, the lowest rate in well over a decade. Continue Reading → The St Louis Real estate market remains fairly strong however, winter is coming! St Louis home sales in 2015 continue to outpace the year before however, as draw nearer and nearer to winter and the inevitable slowdown in the real estate market that comes along with the cold weather, we are seeing St Louis home prices trending downward and the supply of homes for sale trending upward. Currently, 4 of the 5 counties in the St Louis core market still have a median supply of homes for sale of less than 6 months, which is good, but it’s on the rise. Continue Reading → Foreclosure activity, after an extended downward trend, has trended upward lately in the St Louis metro area and October was no exception seeing an increase of over 13 percent (13.17%) in activity from the month before and, on a 12-month rolling average, an increase of almost 30 percent (29.85%) from a year ago, according to the latest data from RealtyTrac. Continue Reading → Nearly one in every 4 home sales in St Louis (23.9%) during the 3rd quarter of 2015 were financing with an FHA loan, according to data just released by RealtyTrac. This is a slight decrease from the quarter before when 24.3% of the homes sold were financed with an FHA loan, but is an increase of 30% from a year ago when FHA financing was used on just 17.45 of the homes purchased in St Louis. Continue Reading → Distressed Home Sales accounted for just 13 percent of St Louis home sales thus far in 2015, a decline of 37.6 percent from two years ago when over 1 in every 5 (20.83%) St Louis home sales was a short sale or foreclosure. Continue Reading → In St Louis Nearly One In Every Home Sales Is A Condo – As the table below shows, during 2015 nearly one of every 8 (12.22%) home sales in St Louis has been a condominium, exactly the same as last year, and higher than the 11.61% rate on the national level shown in the second table below. Continue Reading → 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 Continue Reading → If you live in Crestwood, Glendale, Warson Woods or Rock Hill and have considered selling your home, now is the time! With less than a 2 month supply of homes for sale, these four St Louis communities are definitely seller’s markets and now would be the time to list your home for sale. In addition to those 4 areas, as the list below reveals, there are 17 other St Louis neighborhoods that are also very attractive seller’s markets, each with less than a 3 month supply of homes currently listed for sale. Continue Reading → No, in spite of the fact this is October, this article is not about Halloween nor the zombies associated with it, instead, it’s about vacant homes that have delinquent mortgages but have not yet been foreclosed upon yet, which the industry has applied the term of “zombie” to. Continue Reading → Since the real estate market bubble burst in 2008, the number of foreclosed homes that the U.S. Department of Housing and Urban Development (HUD) has had to manage and sell to investors and new home owners has increased significantly, averaging around 100,000 homes sold per year and hitting a peak of 111,416 HUD homes sold during fiscal year 2013. Continue Reading → Where are the buyers markets in St Louis? You cannot determine the health of a real estate market with just one piece of data, however, a good indicator of a potential buyers market would be areas with a high supply of homes for supply. Note that I said supply and not number. This is important, as some areas, such as Chesterfield for example, may have what seems like a large number of homes currently for sale, but given the size of the market and number of sales, it could still well be a sellers market. The supply of homes for sale on the other hand, takes into account the number of active listings as well as the rate of home sales and then determines how many months it would take to “sell out” of homes on the market if no new listings came on the market. A supply of around 4 -5 months has historically been pretty typical. The list below, which is from our real-time data that you won’t find anywhere else and is always up to date, shows the cities within St Louis with the highest supply of homes for sale based upon the current sales rate thus indicating a slow market with too much supply and very possible some good buying opportunities. Continue Reading → St Louis home prices have made a strong recovery since bottoming out in 2011 as a result of the housing market bubble bursting in 2008. In fact, for the 5-county St Louis area I often focus on (the city of St Louis and counties of St Louis, St Charles, Jefferson and Franklin) home prices have increased 27 percent to a median price of $168,313 after hitting a post-bubble low of $132,500 in 2011. In fact, as my chart below shows, the median 5-county home price for 2015 has topped the peak price of $160,000 at the height of the market in 2007 by over 5 percent. Continue Reading → The Department of Justice (DOJ) announced today that they had reached an agreement with Eagle Bank and Trust Company to resolve allegations that “Eagle Bank and Trust Company (Eagle Bank) engaged in a pattern or practice of “redlining” predominantly African-American neighborhoods in and around St. Louis.” “Redlining” is defined by the DOJ as “the discriminatory practice by banks or other financial institutions to deny or avoid providing credit services to a consumer because of the racial demographics of the neighborhood in which the consumer lives.” Continue Reading → If you live in Missouri you are probably aware of the fact that, within our state, is the New Madrid fault, a 150-mile long fault that covers portions of five states, including the New Madrid are of Missouri. The New Madrid fault zone was the location of three (or some say four) of the largest earthquakes ever recorded on this continent, reaching a magnitude as high as 7.0 – 7.5. These massive earthquakes occurred at the end of 1811 and beginning of 1812. What you may not know, is the impact an earthquake in New Madrid may have on your Continue Reading → St Louis distressed home sales share of the St Louis real estate market continues to decline minimizing the negative effect on home prices caused by distressed home sales. In August, distressed home sales, primarily consisting of foreclosures and REO’s (bank owned properties) at this point as short sales have fallen to the point to be statistically insignificant, accounted for just 6 percent of the overall home sales in the St Louis metro area, according to a report just released this morning by RealtyTrac. This is a decline of over 50 percent (56.3%) from a year ago when distressed home sales accounted for 13.7 percent of total home sales in St Louis. Continue Reading → The St Louis Real Estate market is still doing well! However, some cities, like Valley Park for example, that were strong sellers markets not that long ago have now become more of a buyer’s market and other cities have flipped the other direction. To find out which neighborhoods are buyers markets, which are sellers markets, what home prices are doing and a whole lot more, check out our newly released 5-minute, market video update for September 2015, below. Continue Reading → St Louis Foreclosures in August decreased slightly from the month before (1.51%) however increased over 140% from August 2014, according to a report released today by RealtyTrac. According to the report, there were 1,176 foreclosure filings in the St Louis metro area in August 2015 which equates to 1 in every 1,043 housing units in the metro area. Continue Reading → There were 123,546 St Louis homeowners with negative equity, or in a seriously underwater condition on their mortgage meaning they owe more than the current value of their home, in the St Louis MSA during the 2nd quarter of 2015 according to the most recent data by RealtyTrac. This works out to 17 percent of all St Louis metro area homeowners with a mortgage being underwater on their mortgage which is an improvement from 21 percent just 2 quarters prior. Continue Reading → St Louis foreclosure activity increased in July 32.23 percent from the month before to 1,194 foreclosures actions in the St Louis metro area, or a rate of one foreclosure activity for every 1,028 homes, according to the latest data from RealtyTrac. As the table below shows, the foreclosure activity in July 2015 was up almost 150 percent from July 2014, however, when we look at the 12-month rolling average, we can see that the activity has risen about 6 percent from a year ago. (We work hard on this and sure would appreciate a “Like”)[iframe http://www.facebook.com/plugins/like.php?href=https%3A%2F%2Fwww.facebook.com%2FStLouisRealEstateNews&send=false&layout=standard&width=50&show_faces=false&font&colorscheme=light&action=like&height=35&appId=537283152977556 100 35 ] The St Louis Real Estate market continues to be strong! Homes are selling quick in St. Louis and at prices that show solid appreciation over the past couple of years. Get the details on the current St Louis real estate market, as well as where in St Louis are the hottest markets as well as the coldest ones, and much more in our newly released, 5-minute, market video update for August 2015, below. Continue Reading → I often talk about the effect the quality of a public school district has on home prices so decided to take a look at a few of the larger (and many of the top ranked) districts to see how home price appreciation has been during the past year. Continue Reading → The number of St Louis homeowners that are underwater, or have negative equity in their homes, has shown an upward trend lately, while those St Louis homeowners that are “equity rich” has trended downward. Continue Reading → The rental vacancy rate in the U.S. during the second quarter of this year was 6.8 percent, the lowest level in over 10 years, according to data just released by the U.S. Census Bureau. This was a decline of over 9 percent (9.33%) from the 2nd quarter of 2014 when the rental vacancy rate was 7.5%. Continue Reading → The St Louis real estate market, like the weather, is HOT! Many of our listings are selling the first day and then for full price or above! Naturally though, this is not true for all areas of St Louis nor all prices ranges. Find where the hot seller’s markets, as well as cold buyer’s markets are in St Louis in our newly released, 5-minute, market video update for July 2015, below. If you have considered selling your home, or perhaps tried and failed in the past year or so, now is the time to consider it again. Give us a Continue Reading → St Louis Rental Vacancies remain at historically low levels in spite of a slight increase in the first quarter of this year to 8.6% from 8.5% in the 4th quarter of 2014. The St Louis vacancy rate for first quarter of 2015 was also up significantly from the first quarter of 2014 when the vacancy rate for St Louis stood at just 7.2% although we have to remember that was the lowest vacancy rate we had seen in over 10 years. Continue Reading → |
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