• For Home buyers
  • Sellers want feedback

    sculptures in Landmark Plaza along St. Peter street

    Home sellers like to get feedback. They want to know what buyers are saying. Most sellers do not take buyer observations too seriously but some do. Sellers should always keep in mind that the buyers agent is representing the buyer and does not have any duties to the seller and some won’t give feedback at all.

    I generally won’t give an opinion on the price to another agents client. If I am representing buyers and I suggest a home is priced just right and those buyers make an offer that is less than the asking price I just weakened their negotiating position. I regard the buyers opinion about the price as confidential and usually leave the question blank on the feedback surveys I get after I show houses.

    There are some important questions sellers should ask their agents if they want to know how well their home is doing. They should ask what the average days on the market is for a homes like their in the same neighborhood that have been recently sold. They can also ask for the total number of showings they have had and what the average number of showings are before a home gets an offer.

    These days even over priced homes will get a lot of showings, especially on the weekends but they have an above average number of showings before they get an offer.

    The numbers in the screen print are for January in St. Paul:

    days on market and number of showings
    days on market and number of showings

    I like actual numbers and facts and figures.

  • Local Market Conditions & home prices
  • Home sales by Saint Paul nieghborhood

    Home sales January 2017 St. Paul, mn

    Numbers are a great way to start the week off. Not much new to report. Home sales are strong while the inventory of homes on the market remains low. Average days on market is running at a little over 60 days.

    Here is one interesting fact and it isn’t a alternative fact but rather a true fact, median home sale prices in January 2014 were $145 ish.

    The data used to make the chart was extracted from the NorthstarMLS which has data that is deemed reliable but not guaranteed and has the most accurate and up-to-date data about local home sales.

    For more local real estate data please see the Local Market Conditions & Home Prices category. 

  • Local Market Conditions & home prices
  • Year end metro are real estate statistics

    2016XThese numbers come from a year end press release from the local Realtor Associations and are for the entire Twin Cities Metro area for 2016:

    Sellers listed 76,531 properties on the market, a 1.1 percent decrease from 2015

    Buyers closed on 59,988 homes, a 6.2 percent increase from 2015 and the highest figure since 2005

    Inventory levels for December fell 26.3 percent to 8,197 units compared to 11,125  in 2015—a 14-year low

    Months Supply of Inventory was down 30.4 percent to 1.6 months, also a 14-year low

    The Median Sales Price rose 5.5 percent to $232,000, which is an all-time record high

    Cumulative Days on Market declined 15.8 percent to 64 days, on average (median of 33)—a 10-year record low

    Changes in sales activity varied dramatically by market segment

      • Single-family sales rose 5.1 percent; condo sales rose 9.5 percent; townhome sales rose 9.9 percent
      • Traditional sales rose 10.0 percent; foreclosure sales fell 25.0 percent; short sales fell 31.1 percent
      • Previously-owned sales rose 5.7 percent; new construction sales rose 14.9 percent

    The most important achievement of 2016 was erasing the losses in prices and equity caused by the downturn” That may be true on average but I am still seeing pockets where home values are still on average lower than they were before the downturn.

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

    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

    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

    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.