This month I decided to include a extra graphic with numbers for the city for 2007 and 2008. The numbers on the chart above are for home sales in the city of St. Paul, by neighborhood for the Month of October 2009. The data used is from our regional MLS system and is deemed reliable but not guaranteed. I take the data and export it into a spread sheet. There is some chance for human error but not much because MS Excel does all the math.
Prices have bobbed up and down this year. They have been higher, this year but not much and they have been lower. In general home prices have trended upward, these prices look about the same as July and August of this year. They took a slight dip in September but they were the lowest at the beginning of the year.
What I keep noticing in these numbers is that number of homes on the market keeps going down. The number of new listings is about average and the number of pending sales are down from the last couple of months which makes sense because there are fewer home sales this time of year. The number should be even lower next month. I think many anticipated that it would be higher in October because of the first time home buyers tax credit. I suspect there were a few more pending sales in October that have not been marked pending in the MLS but it still won't be a huge month for St. Paul Home sales.
I think the prices are remaining stable and going up a little because of the lower inventory, and probably because of the tax credits for home buyers. There are still homes that don't sell and are taken off the market and I still meet would be sellers who owe more money on their homes than they can be sold for. Those sellers are holding off.
Here is what the month of October looked like for October 2007 and 2008:
The number of homes on the market was much higher two years ago and last year too. The number of pending sales were also higher and the average sale price was higher both years. In general the real estate market has shrunk both in volume and in value.
For more local numbers, because real estate is local go to the Local market conditions link