For Home buyers
Last April one of the home buyers I was working with made an offer on a property that she just loved but it wasn’t a full price offer. The property needed some maintenance and when we compared the asking price with homes like it that had recently sold in the area it was easy to see that the home was over priced.
The sellers rejected the offer and generally gave us a bad time and went on and on about how much the place is worth and how easy it will be for them to get their asking price. A couple of weeks later we found another place and the same buyer made a full priced offer on the home. Her offer was accepted and she is very happy with her purchase.
We had both been kind of watching the other property because we want to know how much it sells for. My guess is that the seller will end up with less than what my buyer offered because the property has now been on the market for 120 days.
There was an inspection contingent offer on it but now that offer appears to have gone away and the property is still on the market. I am sure the owners still believe in the price that they are listing it for because they still have it at the same price they had it at four months ago. I wonder how many other buyers made offers and then moved on?
Even in today’s market a home has to be priced right to sell.
This year was a little different. Instead of the usual fireworks over the Mississippi River they had to be moved to the state capitol grounds because of the floods. It was all kind of last minute but it worked out anyway and was well attended. St. Paul PD did a great job with crowd and traffic control. In my neighborhood it was the nosiest 4th of July ever with lots of firecrackers, bottle rockets and cherry bombs.
July 4th 2014 – St. Paul, mn
it is Friday and Fridays are for fun. Last weekend for fun we went up to the Franconia sculpture park near Schaffer MN. It is about a 40 minute drive and well worth it. We like to get their in the morning while the park is mostly empty and we tend to pick the most perfect days. The park is more like a field with art work strewn about. If you have not seen the sculptures you should go.
They even have sculptures that look like houses
Franconia sculpture park
Local Market Conditions & home prices
We like to say real estate is local and it really is local. These two charts reflect the average days on market for homes for sale in Downtown St. Paul, Vs Highland Park in St. Paul. In the graphs days on market follow a similar trend but Downtown condos are on the market more than twice as many days as homes in Highland park. Park of the reason for the difference is that the dominant housing style Downtown is the condo which in St. Paul take longer to sell than other styles of housing but not as long to sell as townhouses. . . but again real estate is local in some markets condos sell more quickly than other types os single family homes.
downtown St. paul
St. Paul MN
fire – St Paul FD
Someone set fire to the railroad trestle near the St. Paul school district headquarters on Colborne street near Randolph and Shepard road a couple of weeks ago. The smoke could be seen for miles and miles. I happened to be on my bike in the area and had to take a couple of shots. There are no homes close by.
Local Market Conditions & home prices
It is hard to believe June is past but it is all gone now. June was the six month in a row where we saw an increase in the number of homes on the market in St. Paul and an increase in the number of home sales and the first month this year we saw a slight decrease in the number of new listings.
The inventory of homes on the market is growing slowly because slightly more homes are listed each month than are sold each month. Both the average and the median home price when down slightly in June. Average home prices typically start to go up in January, peak in about April or May and then go down a little each month.
Overall the market is healthy and still a sellers market but not as much of a sellers market as what we saw in 2013. We seem to be headed toward a calmer, less bubblish and more balanced real estate market.
June home sales – St. Paul, MN
To view more numbers like these including tables like the one above for each month going back almost a decade see Local market conditions & home prices
The numbers used to make this report came from the Northstar MLS which is deemed reliable but not guaranteed which is OK because there really aren’t any guarantees in life.