The chart below was made using date from the RMLS, which is deemed reliable but not guaranteed. The chart shows the number of single family homes, including townhouses and condo’s put on the market each week (red) and the number of homes that received offers the same week.( blue)
According to the Minnesota Association of Realtors there are slightly more than 10 homes on the market for every buyer.
It got worse as the recession progressed. Today we have far fewer homes on the market. There isn’t anyway to compute how many buyers there are for each home but if I were to take a guess I would say five or six. In Saint Paul there is about a two month supply of homes on the market.
Back in 2007 seven no one knew that home prices would hit bottom in 2009 and then again in 2011 as they did that little bounce in response to tax incentives for home buyers.