• Friday fun
  • MUCH less expensive and MUCH better

    It is Friday and Fridays are for fun. It has been a scary week especially for those of us who pay  our own health insurance and instead of belonging to a group that pays less we get to pay extra. The insurance companies and pharmaceutical companies call all the shots (no pun intended) and buy the laws. My health insurance is obscenely expensive and because it is a crappy bronze plan I pay extra for health care but even that is better than being uninsured.

    I hope the new president honors his tweets. If you can not trust a billionaire who can you trust?

    obmacare

     

  • 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.

  • General Real Estate News
  • Supply down but sales are up

    pink
    January 2017 - in the pink

    In 2016 we hit some all time lows for the number of homes for sale in St. Paul and in the region but there were more homes sold in 2016 then have been sold during any year in the past decade. The number of homes for sale remains low because homes are selling quickly in St. Paul and in the entire region.

    In 2006 during much of the year there were three times the number of homes on the market during any given month than there were on the market during the same months is 2016 yet about 300 more homes were sold in 2016 in St. Paul than were sold in 2006.

    Median home prices are about $16,000 lower in St. Paul in 2016 than they were in 2006.

    Home values will likely go up in 2017 because of short supply. We are also facing a housing affordability crisis as rents and home prices increase faster than earnings.

  • 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.

  • For Home buyers
  • Getting a bargain

    house
    Brick House

    There are not as many bargain homes on the market as there were during the great recession but that doesn’t mean buyers should over pay.

    Home buyers often do it backwards. They make a lower than full price offer on a home that just came on the market and end up missing out when another buyer offers full price or more. Home buyers should look for the houses that have been on the market for a few weeks or months. Those houses are over priced and if the seller truly wants to sell he/she/they will accept an offer that is less than full price.

    In most cases over priced homes end up selling for less than full value which is why I recommend taking a closer look at them.