• Local Market Conditions & home prices
  • Home sales and prices by neighborhood

    neighborhoodstat
    St. Paul home sales by neighborhood for November 2016

    The table shows home sales for the month of November 2016  by St. Paul neighborhood. If some of the prices seem off it is because there were very few sales in a couple of the neighborhoods. In general average home sale prices are up from last month and from last November.

    Home sales are actually up a little from last November even though there were fewer homes on the market this November. The inventory of homes for sale remains alarmingly low. The average days on market last month was 38 which is down from 58 a year ago.

    Generally the last couple of months of the year show the lowest number of home sales and the lowest home sale prices. Fewer people put their homes on the market during the winter holidays than at other times of the year.

    The data used to make the table was extracted from the NorthstarMLS which is deemed reliable but not guaranteed. There are few guarantees in life and even fewer in data. The data was exported and gently sorted and subtotaled it was never shaken or stirred.

    For more local real estate numbers please see “Local Market Conditions & Home Prices”.

  • Local Market Conditions & home prices
  • What does full recovery look like?

    infosparks
    Average home prices i St. Paul

    I have been reading articles about the housing market that indicate it has made a full recovery. I guess I could argue that at the last peak we hit a bubble that wasn’t sustainable. Yet it has been a decade since the peak and you would think by now prices would be back to what they were at the peak but they are not.

    We can see by looking at the line at the 2016 end of the chart that home prices have started kind of leveling off. We will see more of the same in 2017. Home prices will go up slightly.

    In some St. Paul neighborhoods like Hamline Midway and the West 7th neighborhood home values are where they were at the peak, even slightly higher. In other neighborhoods like the Greater East side home values are lower than they were during the last peak. If you average out the whole city home values are close to what they were during the peak.

    Tomorrow I’ll have the December home sale numbers.

  • General Real Estate News
  • The number of homes on the market continues to drop

    Lights

    The math is pretty simple. Here is a look at the real estate market in St. Paul over the last seven days.

    There were +63 homes listed  and -58 homes got offers during the same 7 days and are off the market. So that would make a net gain of +5 homes for sale but –15 sellers cancelled listings and took their homes off of the market and –9 home sellers let their listing contract expire which means those homes are off the market too. Leaving us with –19 fewer homes on the market than there were 7 days ago.

    I can tell you from experience that if my math is wrong a man will stop by and correct if for me in the comments. Thanks guys. 

    It is always easier to sell a home that is listed for sale than it is to sell one that isn’t but people like to take them off during the holidays and put them back on after the first of the year. Last year I was fortunate to have a few listings during the holidays and they all sold before Christmas.

    As I keep saying we are in a strong sellers market. People who are having trouble selling are probably priced too high or their home isn’t being marketed correctly or maybe it has some glaring defect like a road running through the living room.

    I am currently working with home buyers who have kind of given up and one of them has a home to sell but doesn’t want to put it on the market because the right home to move to hasn’t come on the market yet.

    Happy holidays!

  • Downtown
  • How many showings until you get an offer?

    infosparks
    number of showings

    This is a question you can ask your Realtor if your home is on the market. How many showings on average before a home gets an offer. What got me thinking about it is that over the weekend one of my clients made an offer on a condo the first day that it was on the market. The unit got very few if any showings.

    Since only one person can buy the home it is a matter of having the right people stop by and take a tour. In St. Paul right now it will take about 8 showings to sell a house and about 6 to sell a downtown condo.

  • Local Market Conditions & home prices
  • October home sales and prices by nieghborhood

    neighborhoodstat
    October home sales and prices

    Monday is a great day for numbers. I did a little comparison between this October and last. Home prices and sales are both up slightly from October 2015. I mention this only because the October 2016 home prices are slightly lower than they were in September. There is a normal seasonal variation in home prices.

    Generally there are fewer homes on the market in the Fall too but this year we are seeing fewer homes on the market every month and there isn’t a noticeable difference from one month to the next.

    The numbers used to create the table were exported from the NorthstarMLS and imported into MSExcel where they were gently sorted and sub-totaled.  No numbers were harmed in the process. The data in the NorthstarMLS represents a great percentage of the homes sold in St. Paul and is deemed reliable but not guaranteed, and I apply the same principle to the numbers I publish.

    If you would like to know how much your home is likely to sell for contact me and I’ll figure it out. For more local housing numbers please see Local Market Conditions & Home prices. Real estate is local.

  • Local Market Conditions & home prices
  • homes sell and fewer are for sale

    infosparks-2
    Homes for sale in St. paul
    Closed home sales in St. Paul
    Closed home sales in St. Paul

    As we head from fall and into that other season the number of homes on the market remains fairly low yet at the same time home sales are fairly high because homes are selling quickly which is part of the reason why there are so few on the market. I’ll go out on a limb and say that we will have as many home sales in 2016 as we had in 2006, which was a banner year for home sales.

    No there are not enough homes on the market. Buyers end up looking at more homes over a longer period of time before the find the right home.