The Gellman Team Real Estate Blog

Now that summer is over, many are wondering about what’s going on in our market. So let’s take a look at the latest developments.

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Now that summer is over and school is back in session, what is happening in the St. Louis real estate market?

As is typical of this time of year, there was a lull in our market toward the end of July and into the beginning of August. Since then, though, conditions have begun to pick up once again.

With this in mind, we’ve been getting a lot of questions from buyers and sellers about how to proceed through the rest of the year. Is it a good time to make a move or would waiting be a better option?

"Buyers and

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Welcome to another edition of Mark's Market update. Now that school is back in session, kids are out of the house, what is happening in real estate? Like traditional years, we saw the lull at end of July and beginning of August, and now seeing the seasonal pick up. However, we are getting numerous questions from prospective buyers and sellers, as to what to do now that the fall is upon us. Should a seller take their home off the market, if it did not yet sell? Should buyers wait until Spring to begin their home search again? We are recommending to sellers - Keep Your Home on The Market, as there is pent up buyer demand, from those buyers that were unable to purchase in the Spring market, due to "tight inventory levels", as previously discussed. We

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Welcome to another edition of Mark's Market Update. I was reading a couple of articles today that I wanted to discuss with you. CNBC had an article titled "Southern California Home Sales Crash. Warning Sign for Nation??" It discussed how sales plummeted by 12%, but we still saw record sales prices. It appears that in Southern California, a lot of people getting out of the market due to rising home prices.

Now let's move on to St. Louis and the indicators we are seeing in the luxury market. When evaluating the luxury market over $1 million in St. Louis County, we looked at the top six municipalities that have the most luxury home sales; Ladue, Clayton, Town & Country, Creve Coeur, Frontenac, and Chesterfield. For the first seven months of 2018,

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Welcome to another edition of Mark's Market Update. The first half of the year is over. When evaluating statistics for the first half of the year, we reviewed YTD 2017 vs 2018. For this update, we reviewed the entire MLS. Other week's we have just looked at St. Louis County, St. Charles, Northern Jefferson County and St. Louis City. 1st Half 2017 vs 2018 - Overall Inventory was flat. Pending sales down 1%. Available listings (current inventory) down 3.5%. Expired listings down 10% (good news, showing the sell through of current homes). New listings up 1%. 5 years appreciation: 2014=5.4% 2015=5.4% 2016=3.1% 2017=3.4% 2018=3.8% Note: over the last 5 years, total appreciation has been in the range of 16-18%. However, appreciation over that time period

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Welcome to another edition of Mark's Market update. The summer is definitely here. 102 degrees, 93% humidity. If you're in St. Louis, you understand what I am talking about and if you are not in St. Louis, you are not missing anything, Now back to real estate: We are still seeing soft inventory levels and single digit inventory growth over the last month and consistent with last year. Interest rates this week are still 4.6% to 4.65%, which is consistent with prior week and over last month they have dropped. However, I am concerned about "loose lending" that is occurring and reminds me of 2008 and prior. We are seeing Stated Income Loans coming back, Loans to Borrowers with credit scores under 600, 3% or less down on Jumbo Loans and other risky

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Welcome to another edition of Mark's Market update. Great news in the interest rate arena. Interest rates this week hit 4.6% to 4.65% vs over 5%, 4 weeks ago. Active inventory in St. Louis County, St. Charles County, St. Louis City and Jefferson County is down 8% over previous year. Some offset is the significant increase in New Construction which is booming. Buyers are paying premiums for new construction, but they are able to get what they want in the areas they want. "Fall Out of Contracts" are higher than any time this year. Buyers are writing contracts, getting under contract and then "catching their breath and changing their mind" and terminating the contract. We are starting to see homes go on the market and all contracts reviewed x days

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Mark's Market Update: Listen to Mark's Interview on KMOX 1120 with Mark Reardon on the "Mark Reardon Show” and “Total Information PM”

Welcome to another edition of Mark's Market update, taking place at KMOX 1120 am with our good friend Mark Reardon, host of The Mark Reardon Show and Total Information PM. Listen to the entire interview for market insights. Per S&P CoreLogic Case-Shiller index for March, National home prices rose 6 1/2%, there is 3.8 months of inventory, which is lower than 1990 levels, and home prices will continue to rise. Per Mark Gellman, when evaluating the following markets: St. Louis, St. Louis City, Jefferson County, St. Charles for Month of May 2018 to date vs same period 2017; unit sales down 10%, prices up 2.5%, $ /sq

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Welcome to another edition of Mark's Market Update. Now that it is Mid May, I did an analysis to compare sales from 1/1/17-5/15/17 vs 1/1/18-5/15/18 for the overall market in St. Louis County, St. Louis City, St. Charles County and Jefferson County for the price range between $250,000 - $1million. Sales units increased 7.5% from 2017 to 2018, while average sales price only increased .25% The Spring market is here and pools are open and flowers are blooming. Inventory levels have increased 35-40% over beginning of April levels. In addition, we are seeing New Construction having an impact on the market, with many new build opportunities available; including great custom options at www.newconstructionstl.com Also, we are seeing high volume builders

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Welcome to another edition of Mark's Market Update. This week we are in New York City, one of the highest rent districts in the United States. Premium Real Estate is selling for $4,000-$5,000 per square foot compared to St Louis; where the premium maybe $400-$450 per square foot. New York prices, in many cases, are 9-10 times the price in St Louis! St. Louis indeed has great values and a high affordability index. Now back to St. Louis update: Inventory levels increased 35% percent this week, over past weeks and good news that interest rates stayed the same, although higher, still historical low. The increase in new homes on the market this week, provide great opportunities for buyers! Now that spring is here, if you a seller, it is the time to sell.

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Welcome to another edition of Mark's Market Update. I compared the first 2 weeks of April 2017 with the first 2 weeks of April 2018 for Sold Properties and the following were the results when evaluating St. Louis County, St. Charles County, St. Louis City and Jefferson County. 2018 prices were up over 6% and sold units were up over 12%. As we discussed, inventory levels in 2018 were at record lows, the good news is buyers were absorbed! This current week, inventory levels at record lows, but good news is interest rates fell to 4.5% or even a tad lower. Lastly, when looking at trends for May, June 2017, inventory levels reduced from April to May to June and if that same trend occurs in 2018, we will see less than 2 months of inventory (the lowest in

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