• Local Market Conditions & home prices
  • Where the houses go

    Market watch
    Market watch

    The graph above is one of the first things I look at each morning. Today there is one more house on the market than there was yesterday but we are still at an all time low for the number of homes for sale and just when I think we have reached bottom we go down further. Right now there are fewer than 500 homes for sale the our fair city.

    In the last three days there have been 27 new listings but there have also been 27 homes that got offers that were accepted by the seller. (pending status) Ten listed homes were cancelled but 7 homes came back on the market.

    People like to wait until spring to put their homes on the market. The spring real estate market usually starts in January. Usually we see the highest home prices in April and May. Those numbers represent home sales that closed during those months and those homes were put on the market during the winter.

  • Local Market Conditions & home prices
  • December home sales and prices

    December 2016 home sales numbers

    Happy Monday! Here are the December home sale numbers by neighborhood for St. Paul Minnesota. The number of homes sales were low as were the number of homes on the market. The average days on the market was about 51 days.  Prices are holding pretty steady and are likely to go up as they often do during the first quarter of the year.

    I’ll be publishing more year end numbers from 2016 this week. The numbers used to make the table were extracted from the Northstar MLS. The numbers are deemed reliable but not guaranteed.

    Real estate is local. For more local numbers please see the Local Market Conditions and Home Prices category.

  • Local Market Conditions & home prices
  • 2.6 months housing supply in the Twin Cities

    absorption

    The supply of homes for sale is slightly smaller for St. Paul than it is for the rest of the metro area. We are sitting at 2.4 months. The Twin Cities average is 2.6 months.  The chart includes 10 years of data. The year 2006 was when the local housing market peaked and before the housing market crashed and the great recession began. During the great recession it wasn’t unusual to see a 10 month supply of homes for sale.

    The absorption rate calculates how long it would take for all of the homes on the market to sell if buyers continue to purchase them at the current rate and if no more homes are put up for sale. We continue to be in a strong sellers market. A record breaking sellers market.

  • Local Market Conditions & home prices
  • 2016 Real Estate

    2016_realestate
    Homes sales in 2016

    The data used to make the chart comes from the Northstar MLS and is deemed reliable but is not guaranteed.  The price curve is pretty typical with the highest home prices occurring in the middle of the year.  The red line that shows the number of homes on the market is also pretty typical but in past years there have been more homes on the market at the end of the year.

    There is one thing about the chart that I don’t understand and will have to ask someone who is smarter than I am and that is how the supply can go down so low without driving the prices up further.

    Look for more numbers this week and maybe some predictions.

  • Local Market Conditions & home prices
  • Low supply, high demand

    infosparks
    Supply of homes for sale in St. Paul and the 7 county metro area

    I used to write about absorption rates in the seven county metro area about once a month. For years the rate went up each month as homes languished on the market during the great recession and housing market crash.

    There are all kinds of reasons why there are so few houses on the market. It has to do with fewer people wanting to move or relocate and less new construction and the fact that our population is aging and older people do not move as often as younger people move.

    My husband and I have not moved for 27 years, mainly because we do not have any reason to move. Our next door neighbor moved in a couple of months after we did and we have one neighbor who has lived on our street for about 38 years.

    To add to the perfect storm there are people who really want to sell their houses and move on but they can not find a home to buy.

    Right now I can not see anything on the horizon that will cause the trend of high demand and low supply to change. There is some squawking about higher interest rates but those higher interest rates are still very low.

  • 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”.