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The clearance sale I keep writing about continues.  The neighborhoods with the most foreclosures have the lowest average sale prices for February.  About 60% of all homes on the market in St. Paul are in some stage of foreclosure.  The inventory, or number of homes on the market continues to go down. Only 205 home sales actually closed last month, and they were on the market for an average 0f 150 days. The homes that are currently on the market have been on the market for an average of 190 days. Buyer often comment on how long a home has been on the market and need to know that average market times have gotten longer.

The data used to make the chart is gathered from the MLS.  The data in the MLS is deemed reliable but not guaranteed. This data is for November 2008 for single family homes which includes condos, in the city of St. Paul, MN.  Homes that are pending have had offers made on them, and those offers have been accepted by the seller but the sale and has not yet closed. 

The last two homes I wrote offers on for buyers had multiple offers.  We are finding a shortage of homes in some price ranges which is causing them to get multiple offers.  In both cases the sellers got slightly less than their asking price but the homes sold very quickly.  More than twice as many homes were listed last month than were sold.