Blog Posts | Gladys Manion Real Estate

August Market Update

Tuesday, September 13th, 2022

𝐀𝐮𝐠𝐮𝐬𝐭 𝐌𝐚𝐫𝐤𝐞𝐭 𝐑𝐞𝐩𝐨𝐫𝐭 | Year over Year Change

Central Corridor

Average Sale Price $575,823 | +2.8%%

Average Price per/Sqft. $253 | +3.3%

Homes Sold 209 | -19%

Average % of List Price Paid 100.1% | -0.6%

Average Days on Market 25 | -16.7%

Months Supply of Inventory 1.8 | -21.7%

Active Listings 41 | -28.8%

"Mortgage rates continue to escalate, moving closer to 6%. According to Freddie Mac, the 30-year fixed mortgage rate rose to 5.89%, surpassing their recent high in mid-June. As a result, the monthly mortgage payment is about 60% higher compared to last year. While borrowing costs have increased faster than people’s wages, buyers currently need to spend 10% more of their budget for their mortgage payment if they want to buy the median-priced home....Nevertheless, home prices continue to rise as inventory remains tight." - NAR

Gladys Manion Real Estate

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Monday, August 8th, 2022

July Market Report | Year over Year Change

Central Corridor

Median Sale Price $400,000 | -2.7%

Median Price per/Sqft. $237 | +5.8%

Homes Sold 193 | -36%

Average % of List Price Paid 101.7% | +0.9%

Median Days on Market 26 | -13.3%

Months Supply of Inventory 1.7 | -22.7%

Active Listings 331 | -29.6%

Mortgage Rates Dip Below 5% Giving Buyers More Confidence

What Lies Ahead

Wednesday, August 3rd, 2022

With home prices in many local markets reaching record levels in 2020 and 2021, homeowners and prospective homeowners alike wonder what lies ahead.

What has caused home prices to appreciate so much over the last two years?

June Market Report

Monday, July 11th, 2022

𝐉𝐮𝐧𝐞 𝐌𝐚𝐫𝐤𝐞𝐭 𝐑𝐞𝐩𝐨𝐫𝐭 | Year Over Year Change

Central Corridor

Median Selling Price - $652,958 | +4.2%

Median Price per/Sqft. $252 | +6.8%

Homes Sold - 240 | -13%

Average % of List Price Paid 101.7.% | +1.7%

Median Days on Market - 6 | -25%

Months Supply - 1.7 | -19%

Active Listings 331 | -26%

𝐖𝐡𝐚𝐭 𝐇𝐚𝐩𝐩𝐞𝐧𝐞𝐝 𝐭𝐨 𝐌𝐨𝐫𝐭𝐠𝐚𝐠𝐞 𝐑𝐚𝐭𝐞𝐬 𝐋𝐚𝐬𝐭 𝐖𝐞𝐞𝐤:

“The Freddie Mac fixed rate for a 30-year loan took a sharp drop last week, falling to 5.30% and offsetting some of the significant rate increases of May and June amid rising recession concerns. The 40 basis point fall from last week comes on the heels of the recent volatility in the 10-year Treasury yield, which dropped below 2.8% in the first week of July and rebounded to 2.9% after spending most of June above 3%. Continued fears of a bear market have driven investors into safer, longer-term bonds, driving up the price of the 10-year note and pushing its yield below that of the 2-year Treasury. Economists and policy makers will watch closely to see whether these market conditions will lead to increases in the unemployment rate or decreases in production that characterize a recession. “

-Joel Berner/Senior Economist NAR

𝐖𝐡𝐚𝐭 𝐢𝐭 𝐌𝐞𝐚𝐧𝐬: Prospective homebuyers who have been waiting through 24 consecutive months of year-over-year listing price growth of more than 8.5% may be well-positioned to make a purchase soon if current trends continue.

Gladys Manion Welcomes New Interns!

Thursday, June 23rd, 2022

Gladys Manion Welcomes New Interns!

An internship at Gladys Manion Real Estate allows students to uncover their passions in real estate, marketing, and building productive relationships. For the past 20 years, Gladys Manion has offered internships to students in the St. Louis area. This year, three interns have joined: Massimo Seifarth, Eliana Brook, and Adam Sutter. Each of them hopes to gain new experiences in a professional real estate environment.

May Market Report

Tuesday, June 7th, 2022

𝐌𝐚𝐲 𝐌𝐚𝐫𝐤𝐞𝐭 𝐑𝐞𝐩𝐨𝐫𝐭 | Year over Year Change

Central Corridor

Median Sale Price $437,500 | +2.8%

Median Price per/Sqft. $243 | +13.6%

Homes Sold 198 | -1.5%

Average % of List Price Paid 102.% | +1.6%

Median Days on Market 8 | -38.5%

Months Supply of Inventory 1.6 | -23.8%

𝐖𝐢𝐥𝐥 𝐫𝐚𝐭𝐞𝐬 𝐟𝐚𝐥𝐥 𝐢𝐧 𝐉𝐮𝐧𝐞?

The first quarter of 2022 saw a spike in mortgage rates. The 156 basis point (1.56 percent) increase was the fastest three-month increase since May 1994, according to Freddie Mac.

Interest rates may continue to rise as the pandemic's economic impact fades, inflation rises to 40-year highs, and the Federal Reserve announces an aggressive policy strategy.

With the Fed announcing future rate hikes, mortgage markets have likely already factored in a significant portion of the impact. If the economy encounters headwinds, a surge in positive Covid instances could result in some weekly drops.

Experts from the Mortgage Bankers Association, the National Association of Realtors, and other industry experts disagree on whether 30-year mortgage rates will rise or remain flat in June.

Gladys Manion, Inc. is pleased to welcome a new agent to its real estate team: Richard Hart

Wednesday, December 15th, 2021

Richard Hart joined Gladys Manion Real Estate as a Residential Real Estate Specialist in November 2021. Richard

Hart began his real estate career in 2004 and operated exclusively in the central corridor of St Louis. A west end

native that knows all the streets, alleys and who is never lost in Forest Park.

Rich Hart’s enthusiasm for his hometown is contagious—a repeat client became an agent at the office where Rich

Real Estate Market Re-cap

Tuesday, December 7th, 2021

Will Housing Market Crash in 2022?

The home price growth in the United States will “moderate” or slow down in 2022, but shows no signs of a crash. The housing market has been along for much of the ride and continues to benefit greatly from the overall health of the economy. However, hot economies eventually cool and with that, hot housing markets are expected to move more towards balance.

The latest housing market trends show that prices are rising in most parts of the country and most price segments because of the lack of supply, St. Louis has seen a considerable decline in supply since 2012. Economic activities are ramping up in all the sectors, mortgage rates are rising, and jobs are also recovering. As of now, low mortgage rates are providing opportunities for buyers to lock in low monthly mortgage payments for future years.

The graphs show the data trends in the St. Louis County market from January 2011 to December 2021 for;

Average Sales Price,
Average % of List Price Paid
Median Price Per Sqft
Months Supply of Housing Inventory

Each data point is 12 months of activity. Data is from December 7, 2021. All data from MARIS.

Gladys Manion Real Estate

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The Foundation for Barnes-Jewish Hospital's Giving Magazine 2021

Thursday, October 21st, 2021

We are happy to share this article by Gail Appleson in the latest issue of Giving Magazine.

Read the full article here......

A lasting way to support exceptional health care in our community is by making a gift through an estate plan that allows donors to contribute beyond their lifetime.

Written by Gail Appleson

Photo courtesy of Randall Kahn