• For Home Sellers
  • Low Inventory continues

    graph

    The chart shows the number of homes on the market over a ten year period. At the same time the chart below shows that home sales are strong. I suspect that if there were more homes on the market home sales would be even stronger. The demand for homes is high.

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    Home sales in St. Paul

    If you have been thinking about selling your home you don’t have to wait until spring. It is unlikely home prices will go down this fall and there is generally less competition with other homes for sale in the fall.

  • Downtown
  • What is up in downtown

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    Median sales price and number of Condo sales downtown St. Paul

    The chart above has some numbers for downtown condo sales. Right now there are 47 units on the market. Asking prices range from $67,000 to $2,249,900 with a median asking price of around $210,000. The over all median sales price downtown has been around $174, and the average sale price of 209K this year with 129 sales so far.

    The average cumulative number of days on market is just over 91 days which is higher than the St. Paul average of 63.2 cumulative days on market. Nothing new for many years it has taken longer to sell a condo than other types of housing and downtown is mostly condos.

    To get a little perspective on how long it takes to sell a downtown condo look at the graph below that shows average days on market downtown for the last five years.

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    Downtown St. Paul

    If you would like more information about the downtown St. Paul real estate market please call or write. The numbers used in the graphs are from the NorthstarMLS which is deemed reliable but not guaranteed. The majority of the homes sold in St. Paul are listed on the MLS.

    also see Downtown is different – fewer real estate agents know downtown.

    Downtown housing – a chart that shows the impact of the Green line.

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

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    August 2016 home sales St. Paul, MN

    August home sales numbers are similar to July Home sales. The Median price is up by a couple hundred dollars. The number of new listing is down slightly as are the number of sales. Traditionally there are fewer home sales and new listings in August than there are in July so it is O.K. The average number of days on market was about 48 days.

    The small number of homes on the market remains a challenge for home buyers. If you want to sell your home don’t be afraid to put it on the market this fall.

    For more local numbers see the Local Market conditions & home prices category.  The numbers used to make the table above are from the NorthstarMLS. The data is deemed reliable but not guaranteed. Most of the homes sold in St. Paul are sold through our MLS. All single family homes including condos and townhouses are included in the data.

  • Local Market Conditions & home prices
  • Past our yearly sales peak

    Infosparks
    St. Paul Home sales by month From the Northtar MLS

    Here is a quick look at home sales in St. Paul. Home sales peaked at 457 in June. Those homes were likely on the market while there was still snow on the ground and they received offers in March and April. The number of homes on the market may have peaked in July at a low 881 homes for sale.

    Shortages of homes for sale has been the big story the last few years.  The trend started in late 2011 and has persisted ever since. I’ll have the August real estate numbers sometime next week. Happy September.

    Infosparks 2

  • Local Market Conditions & home prices
  • Mortgage rates were not as fair a decade ago

    state fair

    This is from a post I wrote on the first day of the Minnesota state fair 10 years ago.

    Mortgage Rates – Freddie Mac Primary Market Survey – average rates for 30 year, conforming, fixed rate mortgages:

    week ending 8/24/2006 6.48%

    week ending 8/17/2006 6.52%
    week ending 8/10/2006 6.55%
    week ending 8/03/2006 6.63%
    week ending 7/27/2006 6.72%
    week ending 7/20/2006 6.80%

    According to Freddie Mac Average rates this week look like this:

    Average rate for a 30 year conforming loan is 3.43%

    Houses in St. Paul are still on average less expensive than they were in 2006 and interest rates are lower.

    Today is the first day of the Minnesota State Fair. Enjoy!

     

  • Local Market Conditions & home prices
  • Asking price Vs. Sale price

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    Sometimes how buyers ask me for averages of list price Vs. sale price and use it as a guide for making an offer. Having some averages of list prices Vs. sale prices is useful but some homes are overpriced and some are underpriced and a few are priced just right. On average home sellers will get less than their asking price but pricing a home higher does not necessarily result in a higher sale price and can result in a lower sale price. The sellers best chance to get the maximum amount of money for their home is with-in the first two weeks it is on the market.

    The data used to make the chart was extracted from the NorthstarMLS which is deemed reliable but not guaranteed. A very high percentage of the homes that are sold in St. Paul each year are listed in the NorthstarMLS.