I love numbers and data. The chart below shows the number of homes on the market in St. Paul. The high for 2017 is just a tad higher than the low was for 2016. This isn’t a picture of a healthy housing market. We are in a strong seller’s market. There isn’t much new construction.
Apartment vacancy rates remain low and rents are high. More housing would alleviate the shortage. Maybe some tiny houses and micro apartments to add to our current mix. I think this would be a great time to get creative and maybe even tweak some building codes and zoning rules.
Looser underwriting standards on condo/townhouse mortgages would also help. There are not enough condos/townhouses where FHA financing is accepted.
Unless something changes we can expect more of the same in 2018.