$100,000,000 is a lot of digits, and a lot of real estate, especially one house at a time. I just crossed that threshold for my career sales volume last week on a home closing in Fenton! I began selling homes in 1990 and have now personally sold 432 homes, and prices were much lower 30 years ago!

Speaking of prices, if you think St Louis home prices are high, check this out, from The Seattle Times/ Northwest Multiple Listing Service, where I just visited:

June Median Home Prices in King County--

  • Seattle in 2020, $800,000....in 2021, $890,444.....Increase of 11.3%
  • Eastside in 2020, $976,800....in 2021, $1,364,000....Increase of 39.6%
  • North King Co in 2020, $650,000....2021, $925,000....Increase of 42%
  • SW King Co in 2020, $479,350....in 2021, $577,000....Increase of 20%
  • SE King Co in 2020, $519,000....in 2021, $660,000....Increase of 27%

Not sure what that averages out to be for the entire Seattle area, but holy cow, that makes STL look cheap, and our appreciation rates seem low. And our lots are bigger too. Interesting observation - some of the modern townhome styles that are popping up in STL city neighborhoods the last 3-5 years were built in Seattle many years ago.

The home sale market is still moving very quickly, with multiple offers still common. My last 4 listings in Apr-May have set new or near record prices for their model, all had multiple offers, two sold over list price, two slightly under. I have buyers successfully buying homes, some are bidding well over list price, some are not. 2 buyer's appraisals even came in over the sale price! None have come in low. A winning bid can depend on the area, price range, condition of home, attractive terms beyond price (this is the real difference today), and sometimes just getting lucky. Here is an idea: For a buyer not flush with cash, maybe parents can purchase the home, without financing or appraisal protections (can still finance, and be a winning strategy without having to bid too high). They can then rent to child for a bit, and sell to them later. This is a growing trend.