This is what the St. Paul Association of Realtors has to say about the housing market in St. Paul:
"Strong indications of an improving 13-county metro housing market are beginning to appear indicating a return to a healthier housing market. Pending sales have taken a dramatic jump in the past two months compared to one year ago according to housing sales statistics released this morning by the Saint Paul Area Association of REALTORS®. Reported pending sales during this period are up an impressive 21.05 percent compared to 07. There were 7,055 pending sales
reported over the past eight weeks compared to 5,828 during the same period of 07."
In general for the twin cities metro area, the number of homes being put on the market for the metro area has gone down and so has the inventory. The number of closed sales is down from last year by a little more than 11% and prices are 13.4% lower than they were for last year. Each neighborhood is different and these numbers are for the entire metro area. Click to read the entire press release.
These numbers vary by city and by neighborhood. The number of homes on the market in St. Paul has gone down from last year. I compared the number of closed sales in 2007 from January to August, to the number of closed sales this year and found that there were 3.46% fewer this year, than last year. That number is for single family hones and condos in the city of St. Paul.
Tomorrow I’ll have some numbers and home prices by St. Paul neighborhood. The real estate market is also affected by the economy and the fact that it is an election year. Mortgage rates are being affected by the government take over of Fannie Mae and Freddie Mac. Mortgage rates have gone down the national average for the 30-year fixed-rate loan was 5.93% for the week ended Thursday, down from 6.35% the prior week and 6.31% a year ago, but getting a home loan has gotten harder.
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This is the same words they use in Tucson AZ it’s always so “great”, I don’t know why they use the over the top propaganda when everyone knows the truth. The market here is getting better however if you listened only to the local association you would think it was the busiest real estate market ever…and that’s just simply not the case.
The beat goes on, I see.
Begging pardon, but when has an industry group like this ever handed out anything BUT sunshine and lollipops?
When prices were rising rapidly (too rapidly) REALTORS (“R”) grimly warned people that if they did not buy now, they would only be able to afford less house later.
Now, with only the beginnings of a real price drop, buyers are being chided for being ‘greedy’ and ‘fearful’. Good thing the firm, masterful hand of their REALTOR is on the helm, guiding them through their fear and confusion with steely-eyed determination, through the confused seas and ominous storms.
The myth of perpetual inflation-adjusted appreciation is/has been the silver bullet in the RE industry’s gun for so long that they have almost forgotten how to sell a house without it.
For now, appreciation is not present. Sure you can PROMISE your buyers that EVENTUALLY the house they buy will appreciate, but agents must realize this:
People will pay more in a market that is appreciating than one that MIGHT appreciate.
There is no sense of urgency on the part of buyers. Sellers may be another story…
I’ll keep beating my drum here: REALTORS should NOT be dispensing financial advice, PERIOD.
And commenting on near or eventual appreciation is doing exactly that.
Usual disclaimer:
This applies only to the housing cheerleaders who use the phrase ‘great time to buy’ every ten minutes.