Tuesday, July 17, 2012
Saturday, July 14, 2012
Tuesday, July 10, 2012
Real-time Saint Louis Housing Trends and St Louis Real Estate Market Housing and Appreciation Data
St Louis County Stats St Louis City Stats St Charles County Stats
Mention that you are a top residential real estate agent in St Louis, there is one question that is asked over and over - by the vast majority of St Louis or St Charles residents.
What is the St Louis Real Estate Market Doing Right Now?
Unfortunately, the vast majority of st louis real estate agents are unable to reliably answer this very basic question with regards to the overall St Louis Real Estate market or any of the submarkets.
The St Louis housing market is continuously changing - local changes in submarkets can be very rapid and dramatic. The only way to reliably understand St Louis market conditions is to track and evaluate based on real-time data.
Kelsey Cottrell Realty Group offers the most comprehensive set of real-time data for the St Louis and St Charles housing markets - these data reports are available based on community areas and zip codes - as noted below. The data is provided in real-time from state of the art provider Altos Research.
Unlike other sources that can take months or are at least one quarter behind on real estate market data, Altos Research analyzes current real estate activity. Only Kelsey Cottrell Realty offers St Louis Real Estate home buyers and sellers the up-to-date information they need. Today!
What is the appreciation rate of St Louis Homes? What is the appreciation rate for Saint Louis Condos? Check out our Saint Louis House Appreciation information here.
Local St Louis Real Estate Market Data You Can't Get Anywhere Else
As a St Louis Home Buyer or St Louis Home Seller, do you understand the dynamics of the local St Louis real estate market? More important, can your St Louis Real Estate provide you with the real estate data you need - either down to the zip code or submarket area. The most common thing we hear is that the National Association of Realtors (NAR) has these reports or The Office of Federal Housing Enterprise Oversight (OFHEO) - now known as Federal Housing Finance Agency (FHFA)? The stark reality - Neither does.
Kelsey Cottrell Realty Group stands along in providing the most comprehsensive St Louis Real Estate Market Housing Data and Trend Analysis. In fact, St Louis Home Buyers or St Louis Home Sellers will not be able to find critical and important St Louis local housing data from any of these national sources of data.
St Louis Real Estate Stats and Data Report - Historical Summary
St Louis Metro Real Estate Market Stats and Data - St Louis County - Historical SummarySt Louis Metro Real Estate Market Stats and Data - Historical Summary
Sample St Louis Real Estate Today Market Stats Executive Summary
The following executive summary report is available for the entire St Louis real estate market, any submarket area in the City of St Louis, St Louis County or St Charles County. Reports are available down to specific zip code level by filling out the form on the right of this page.Kelsey Cottrell Realty Executive Summary Ballwin MO
Sample St Louis Real Estate Today Comprehensive Market Stats Report
The following comprehensive real estate market report is available for the entire St Louis Metro real estate marketplace, including any and all area submarkets within the City of St Louis, St Louis County or St Charles County. Comprehensive real estate market reports are available for review all the way down to specific St Louis zip code levels.
Reports are available down to specific zip code level by filling out the form on the right of this page.
Thursday, July 5, 2012
Marketing News
After Years of False Hopes, Signs of a Turn in Housing
By BINYAMIN APPELBAUM
Published: June 27, 2012 228 Comments
Justin Sullivan/Getty Images
A house in San Francisco that has been sold. Pending home sales are increasing along with sale prices, and construction companies are clearing lots and raising frames for new homes.
Multimedia
Related
Home Prices Rose a Third Month in April (June 27, 2012)
Readers’ Comments
Readers shared their thoughts on this article.
The housing market is starting to recover. Prices are rising. Sales are increasing. Home builders are clearing lots and raising frames.
Joe Niece, a real estate agent in the Minneapolis suburb of Eden Prairie, said he recently concluded a streak of 13 consecutive bidding wars over homes that his clients wanted to buy. Each sold above the asking price.
“I just had a home that wasn’t supposed to go on the market for two weeks sold before it even went on the market,” Mr. Niece said. “It’s definitely a lot different than what we saw” during the last few summers.
Like the economic recovery that began three years ago, what happens next is likely to prove a little disappointing. The pace of recovery will probably be slow, and the prices of many homes will continue to decline.
Millions of people remain underwater, owing more on their homes than the homes are worth, and unable to sell. Millions of families still face foreclosure. And a setback in the still-fragile economic recovery could easily reverse the uptick in housing prices, too.
But roughly six years after the housing market began its longest and deepest slide since the Great Depression, a growing number of experts and people who actually put money into housing believe the end has come.
“Our sense is that the market is recovering, and we’re extremely confident that it’s not going to get worse,” said Ronnie Morgan, a San Diego real estate professional who recently created a $10 million partnership to buy foreclosed homes. The group, Alegria Real Estate Funds, already has bought about 20 homes in suburban communities, most of which they plan to hold as rental properties.
“It feels very much like we’ve hit a bottom and we’re starting to come off of that bottom,” said Stuart Miller, chief executive of Lennar, a major national home builder based in Miami. The company said Wednesday that second-quarter profits were higher than expected, and orders for new homes rose 40 percent.
“I’m a little nervous,” Mr. Miller quickly added in a conference call with analysts, “about saying the word ‘recovery.’ ”
The trend is clear in the data. The widely respected S.&P./Case-Shiller index reported earlier this week that sales prices for existing homes rose in April for the first time this year. Several other measures, including a seasonally adjusted version of the index, show that price increases began in February. The pace of housing construction has increased. And the National Association of Realtors said Wednesday that pending home sales climbed to the highest level since the end of a federal tax credit for first-time buyers in September 2010.
This is the fourth consecutive year that the housing market has shown signs of revival, and each previous episode ended with prices renewing their downward slide.
But with each passing year, an eventual recovery has grown more likely. Prices have continued to fall, and the economy has continued to recover, a combination that has expanded the pool of potential buyers. The population has continued to grow while few new homes have been built.
Basic indicators of market health that bulged during the bubble, like the ratio of housing prices to income, have returned to more normal levels.
Government efforts to help homeowners have intensified, allowing more borrowers to refinance or avoid foreclosure.
“All bets are off if anything happens to the economy, but apart from that, I think the fundamentals look better than they’ve looked in 17 or 18 years,” said Richard K. Green, a professor of real estate at the University of Southern California.
Professor Green cited the combination of rising rents and low mortgage rates as a powerful inducement to potential buyers, both renters who would prefer to own and investors who want to become landlords.
“Compared to a lot of other investments right now this looks pretty good,” he said.
The influx of investors is a major reason that the market is looking stronger. Mr. Morgan, 56, built apartments before the housing crash. In 2010, seeing a new opportunity, he and some friends started bidding at the foreclosure auctions then held on the steps of the San Diego County Courthouse.
At first they bought properties to renovate and resell. Now they are focused on potential rental properties in the kinds of gated, planned communities in suburban San Diego that once were populated almost exclusively by people who owned their homes. Some of their tenants are former homeowners.
And competition has increased. The auctions were moved from the courthouse steps last year because the crowds had grown too large.
“There’s not a whole lot of other places to put your money,” Mr. Morgan said.
There are still reasons for caution. An unusually warm winter seems to have given a temporary and misleading boost to a range of economic indicators.
The pace of economic growth remains slow and fragile, shadowed by the risk that politicians in Europe and Washington will fail to address looming problems.
And the rise in prices is happening despite the vast number of vacant houses awaiting buyers, up to two million more than the normal level, with several million more houses still at risk of being foreclosed.
But this “shadow inventory” is not distributed uniformly, according to a new analysis by Goldman Sachs. Even within metropolitan areas like Phoenix, the vacant houses are clustered in less desirable neighborhoods, while buyers are seeking homes in areas where there are few vacancies.
Under these circumstances, the researchers concluded, “It is possible for us to see both house price increases and excess housing supply at the same time.”
Indeed, in a growing number of areas demand for homes is outstripping supply.
The number of homes for sale has been falling for more than a year, according to the National Association of Realtors. Some owners are waiting for prices to rise; some of them must wait because they are underwater.
Mr. Niece, the Minnesota real estate agent, said he and his partner had seen their book of listings decline from about 120 properties to 70 properties, about 45 of which already are under contract.
“I have buyers every single day complaining that they can’t find houses,” he said.
Driving through a neighboring suburb last week, Mr. Niece said that he passed a sign outside another real estate office that read, “The market is great. We’ve sold all of our inventory. We need listings.”
After Years of False Hopes, Signs of a Turn in Housing
By BINYAMIN APPELBAUM
Published: June 27, 2012 228 Comments
WASHINGTON — Announcements of a housing recovery have become a wrongheaded rite of summer, but after several years of false hopes, evidence is accumulating that the optimists may finally be right.
Justin Sullivan/Getty Images
A house in San Francisco that has been sold. Pending home sales are increasing along with sale prices, and construction companies are clearing lots and raising frames for new homes.
Multimedia
Related
Home Prices Rose a Third Month in April (June 27, 2012)
Readers’ Comments
Readers shared their thoughts on this article.
The housing market is starting to recover. Prices are rising. Sales are increasing. Home builders are clearing lots and raising frames.
Joe Niece, a real estate agent in the Minneapolis suburb of Eden Prairie, said he recently concluded a streak of 13 consecutive bidding wars over homes that his clients wanted to buy. Each sold above the asking price.
“I just had a home that wasn’t supposed to go on the market for two weeks sold before it even went on the market,” Mr. Niece said. “It’s definitely a lot different than what we saw” during the last few summers.
Like the economic recovery that began three years ago, what happens next is likely to prove a little disappointing. The pace of recovery will probably be slow, and the prices of many homes will continue to decline.
Millions of people remain underwater, owing more on their homes than the homes are worth, and unable to sell. Millions of families still face foreclosure. And a setback in the still-fragile economic recovery could easily reverse the uptick in housing prices, too.
But roughly six years after the housing market began its longest and deepest slide since the Great Depression, a growing number of experts and people who actually put money into housing believe the end has come.
“Our sense is that the market is recovering, and we’re extremely confident that it’s not going to get worse,” said Ronnie Morgan, a San Diego real estate professional who recently created a $10 million partnership to buy foreclosed homes. The group, Alegria Real Estate Funds, already has bought about 20 homes in suburban communities, most of which they plan to hold as rental properties.
“It feels very much like we’ve hit a bottom and we’re starting to come off of that bottom,” said Stuart Miller, chief executive of Lennar, a major national home builder based in Miami. The company said Wednesday that second-quarter profits were higher than expected, and orders for new homes rose 40 percent.
“I’m a little nervous,” Mr. Miller quickly added in a conference call with analysts, “about saying the word ‘recovery.’ ”
The trend is clear in the data. The widely respected S.&P./Case-Shiller index reported earlier this week that sales prices for existing homes rose in April for the first time this year. Several other measures, including a seasonally adjusted version of the index, show that price increases began in February. The pace of housing construction has increased. And the National Association of Realtors said Wednesday that pending home sales climbed to the highest level since the end of a federal tax credit for first-time buyers in September 2010.
This is the fourth consecutive year that the housing market has shown signs of revival, and each previous episode ended with prices renewing their downward slide.
But with each passing year, an eventual recovery has grown more likely. Prices have continued to fall, and the economy has continued to recover, a combination that has expanded the pool of potential buyers. The population has continued to grow while few new homes have been built.
Basic indicators of market health that bulged during the bubble, like the ratio of housing prices to income, have returned to more normal levels.
Government efforts to help homeowners have intensified, allowing more borrowers to refinance or avoid foreclosure.
“All bets are off if anything happens to the economy, but apart from that, I think the fundamentals look better than they’ve looked in 17 or 18 years,” said Richard K. Green, a professor of real estate at the University of Southern California.
Professor Green cited the combination of rising rents and low mortgage rates as a powerful inducement to potential buyers, both renters who would prefer to own and investors who want to become landlords.
“Compared to a lot of other investments right now this looks pretty good,” he said.
The influx of investors is a major reason that the market is looking stronger. Mr. Morgan, 56, built apartments before the housing crash. In 2010, seeing a new opportunity, he and some friends started bidding at the foreclosure auctions then held on the steps of the San Diego County Courthouse.
At first they bought properties to renovate and resell. Now they are focused on potential rental properties in the kinds of gated, planned communities in suburban San Diego that once were populated almost exclusively by people who owned their homes. Some of their tenants are former homeowners.
And competition has increased. The auctions were moved from the courthouse steps last year because the crowds had grown too large.
“There’s not a whole lot of other places to put your money,” Mr. Morgan said.
There are still reasons for caution. An unusually warm winter seems to have given a temporary and misleading boost to a range of economic indicators.
The pace of economic growth remains slow and fragile, shadowed by the risk that politicians in Europe and Washington will fail to address looming problems.
And the rise in prices is happening despite the vast number of vacant houses awaiting buyers, up to two million more than the normal level, with several million more houses still at risk of being foreclosed.
But this “shadow inventory” is not distributed uniformly, according to a new analysis by Goldman Sachs. Even within metropolitan areas like Phoenix, the vacant houses are clustered in less desirable neighborhoods, while buyers are seeking homes in areas where there are few vacancies.
Under these circumstances, the researchers concluded, “It is possible for us to see both house price increases and excess housing supply at the same time.”
Indeed, in a growing number of areas demand for homes is outstripping supply.
The number of homes for sale has been falling for more than a year, according to the National Association of Realtors. Some owners are waiting for prices to rise; some of them must wait because they are underwater.
Mr. Niece, the Minnesota real estate agent, said he and his partner had seen their book of listings decline from about 120 properties to 70 properties, about 45 of which already are under contract.
“I have buyers every single day complaining that they can’t find houses,” he said.
Driving through a neighboring suburb last week, Mr. Niece said that he passed a sign outside another real estate office that read, “The market is great. We’ve sold all of our inventory. We need listings.”
Frozen Fruit Pops
Fresh fruit with a splash of juice makes a fresh and healthy snack. Use whatever fruit you're heart desires. A perfect summer treat!
These are so simple and so darn cute, my one year old probably had just as much fun playing with them as she did eating them. Super easy to make and no fancy gadgets required, you'll need small 5 oz disposable cups and some craft sticks.
Frozen Fruit Pops
Gina's Weight Watcher Recipes
Servings: 4 • Serving Size: 1 pop • Old Points: 0 pt • Points Plus: 1 pts
Calories: 32.1 • Fat: 0.2 g • Carb: 7.8 g • Fiber: 1.1 g • Protein: 0.4 g • Sugar: 5 g
Sodium: 1.4 mg
Ingredients:
- 1/3 cup diced kiwi
- 1/3 cup diced watermelon
- 1/3 cup diced strawberries
- 1/3 cup diced pineapple
- 1/4 cup fresh pineapple juice or orange juice
Combine diced fruit in a bowl and fill each 5 oz cup with fruit. Add 1 tbsp of juice and insert craft sticks into each cup. They easily stay in place because of all the fruit. Placein the freezer a few hours until firm. To remove the pops from the cups, run under warm water a few seconds. Enjoy!
Tuesday, July 3, 2012
Existing-Home Sales Constrained by Tight Supply in May, Prices Continue to Gain
Limited supplies of housing inventory held back existing-home sales in May, but sales maintained a strong lead over year-ago levels and home prices are on a sustained uptrend in all regions, according to the National Association of REALTORS®.
Total existing-home sales, which are completed transactions that include single-family homes, townhomes, condominiums and co-ops, declined 1.5 percent to a seasonally adjusted annual rate of 4.55 million in May from 4.62 million in April, but are 9.6 percent above the 4.15 million-unit pace in May 2011.
Lawrence Yun, NAR chief economist, said inventory shortages in certain areas have been building all year. "The slight pullback in monthly home sales is more likely due to supply constraints rather than softening demand. The normal seasonal upturn in inventory did not occur this spring," he says. "Even with the monthly decline, home sales have moved markedly higher with 11 consecutive months of gains over the same month a year earlier."
There are broad-based shortages of inventory in the lower price ranges in much of the country except the Northeast, and in the West supply is extremely tight in all price ranges except for the upper end. " REALTORS® in Western states have been calling for an expedited process to get additional foreclosed properties onto the market because they have more buyers than available property," Yun adds. Widespread inventory shortages also are found in much of Florida.
Total housing inventory at the end of May slipped 0.4 percent to 2.49 million existing homes available for sale, which represents a 6.6-month supply at the current sales pace; there was a 6.5-month supply in April. Listed inventory is 20.4 percent below a year ago when there was a 9.1-month supply. Unsold inventory has trended down from a record 4.04 million in July 2007; supplies reached a cyclical peak of 12.1 months in July 2010.
"The recovery is occurring despite excessively tight credit conditions and higher downpayment requirements, which are negating the impact of record high affordability conditions," Yun says.
According to Freddie Mac, the national average commitment rate for a 30-year, conventional, fixed-rate mortgage declined to a record low 3.80 percent in May from 3.91 percent in April; the rate was 4.64 percent in May 2011; recordkeeping began in 1971.
The national median existing-home price for all housing types rose 7.9 percent to $182,600 in May from a year ago, the third consecutive month of year over year price gains. The last time there were three back-to-back price increases from the same month a year earlier was from March to May of 2006. "Some of the price gain results from a shrinking share distressed homes in the sales mix," Yun explains.
Distressed homes - foreclosures and short sales sold at deep discounts - accounted for 25 percent of May sales (15 percent were foreclosures and 10 percent were short sales), down from 28 percent in April and 31 percent in May 2011. Foreclosures sold for an average discount of 19 percent below market value in May, while short sales were discounted 14 percent.
NAR President Moe Veissi offers advice to buyers in markets with limited supply. "We are hearing a lot about multiple bidding and quick sales in areas with tight supply, with competition between first-time buyers and cash investors, who have a significant advantage," he says.
"It's extremely important to listen to the advice of your agent and perform all the due diligence that you would normally do in a more balanced market, such as making offers contingent upon a satisfactory home inspection," Veissi says.
First-time buyers accounted for 34 percent of purchasers in May, compared with 35 percent in April and 36 percent in May 2011.
All-cash sales slipped to 28 percent of transactions in May from 29 percent in April; they were 30 percent in May 2011. Investors, who account for the bulk of cash sales, purchased 17 percent of homes in May, down from 20 percent in April and 19 percent in May 2011. "These figures reflect a modest increase in traditional repeat home buyers in May," Yun says.
Single-family home sales slipped 1.0 percent to a seasonally adjusted annual rate of 4.05 million in May from 4.09 million in April, but are 10.4 percent above the 3.67 million-unit level in May 2011. The median existing single-family home price was $182,900 in May, up 7.7 percent from a year ago.
Existing condominium and co-op sales fell 5.7 percent to a seasonally adjusted annual rate of 500,000 in May from 530,000 in April, but are 4.2 percent higher than the 480,000-unit pace one year ago. The median existing condo price was $180,000 in May, which is 8.8 percent above May 2011.
Regionally, existing-home sales in the Northeast fell 4.8 percent to an annual level of 590,000 in May but are 7.3 percent higher than May 2011. The median price in the Northeast was $250,700, up 3.8 percent from a year ago.
Existing-home sales in the Midwest rose 1.0 percent in May to a pace of 1.04 million and are 19.5 percent above a year ago. The median price in the Midwest was $147,700, up 6.4 percent from May 2011.
In the South, existing-home sales slipped 0.6 percent to an annual level of 1.78 million in May but are 9.2 percent higher May 2011. The median price in the
South was $159,700, up 7.8 percent from a year ago.
Existing-home sales in the West declined 3.4 percent to an annual pace of 1.14 million in May but are 3.6 percent above a year ago. The median price in the West was $233,900, up 13.4 percent from May 2011. "The sharp price increase in the West results largely from more sales at the upper end of the market," Yun explains.
Copyright© 2012 RISMedia, The Leader in Real Estate Information Systems and Real Estate News. All Rights Reserved. This material may not be republished without permission from RISMedia.
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