For Home buyers
The 70 days is an average of course. Some houses get offers the day they are put on the market and some get offers even before that as they are “pre-listed” to “build excitement”. If your St. Paul home is on the market it should sell faster this month than it would have if you had put it on the market last June and on average you will get more money for your home this month than you would have last June. Average days on market are running at around 70 for all types of single family homes including townhouses and condos is St. Paul. It should be noted that 70 days is an average and if your home is over priced or if it needs a lot of work it might linger on the market for longer. I did a quick search and found two homes that have been on the market for more than 500 days.
Saint Paul condos are still taking a little longer to sell an average of 100 days but the trend line is going in the same direction which is down.
Average days on market in St. paul, MN
The data used to make the chart came from the NorthstarMLS which is deemed reliable but not guaranteed.
It is Friday and Fridays are for fun.
First Time Home Buyers
Yesterday I was reading some advice written for first time home buyers about how they can save up for a downpayment. The article had some great ideas but the author stated that 20% down is common. Actually it isn’t common. Down payments of 5% or less are far more common.
There are some downpayment assistance programs too. Just click on the graphic at the bottom of this article or in the sidebar. If you have a tax refund coming this year that just might be the start of your down payment savings. Personally I like to make automatic payments to my savings account as a way to put money aside without thinking about it. I have also been known to eliminate or reduce a monthly expense and put that money into a savings account.
It does help to have a plan because it is always easier to spend money than it is to make it or to save it.
Robert street at Kellogg
If you live in these parts “downtown” almost always means downtown Minneapolis . . yet when I say downtown I mean downtown St. Paul. Condo sales downtown have been gathering strength. It seems like just a few short years ago they were hard to sell. These days they are flying off the shelves . . . kind of. There are more than twice as many people living downtown today as there were in 2005.
Number of condos sold
For Home Sellers
Now that we have a little snow on the ground showing homes to buyers has gotten messier. Persons touring homes need to take their wet boots off at the door. Having a sign by the front door that says “please remove shoes” certainly helps but having a large walk off rug or mat helps even more.
The rug should be thick and absorbent and placed close to the inside of the front door. It should be large enough to hold at least 3 pair of wet winter boots. If the rug is too small there will be a puddle on the floor from the wet boots, If there isn’t any rug sometimes buyers will just leave their shoes on and walk through your home.
Local Market Conditions & home prices
I just love numbers, especially on a Monday morning. Here are some numbers for January 2016 home sales by St. Paul, Neighborhood. Real estate really is that local and as a homeowner myself I like to know about sales in my own neighborhood. The data used to make the chart below was gently extracted from the NorthstarMLS. It was then imported into MS Excel where is was sorted and never shaken. Data from the NorthstarMLS is deemed reliable but not guaranteed . . and as we all know there are few guarantees in life.
Saint Paul Home sales January 2016
I have written about this before but every time I look to see the number of homes for sale in St. Paul I see a new low for the number of homes on the market. 606 is indeed a new low and has me wondering how low we can go. To have a healthy real estate market we need to have more than 47 closed sales in a month. In a good month for home sales we would see at least 300 homes newly listed.
Home prices continue to rise in spite of threats of rising interest rates. If you would like to sell your home please contact me. I will give anyone who sites this article a 25% discount on my fees.
For more local home sale numbers see Local Market Conditions & home Prices.