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Local Housing Market Numbers
Click on the chart to make it bigger, trust me clicking beats the heck out of trying to find a magnifying glass. I run this chart about once a month. It is designed to show the relationship between how many new listings are put on the market each week and how many homes get offers from buyers that are accepted by sellers each week. The relationship between listing activity and buying activity shows what direction the market is headed. In 2008 it looks like we started to reach a more balanced market. The number of homes on the market has gone down. Last year the number of homes being listed kept climbing while at the same time the number that were being purchased went down. The trend lines were going in opposite directions because of a strong buyers market.
It is still a buyers market and we have reached a new level of affordability. Prices have gone down some 30% on the bank owned or mediated homes and about 2% on the homes that are not bank owned and are in move in condition. Interest rates are at a five year low and yes buyers can get mortgages even if they have less than perfect credit scores.
For sellers you need to know that there are still more sellers than buyers. Homes really need to be priced correctly, marketed and they need to be in move in condition so they will sell quickly. Some do sell quickly and with multiple offers. Buyers need to make sure they have their financial houses in order to take advantage of the combination of lower prices and lower interest rates. They also need to look at the big picture and refrain from buying now if they are planning on moving again in the next few years.
The data used to make the chart was gathered from the Regional Multiple Listing Services (MLS) and is for the city of St. Paul. It includes all single family houses including townhouses and condos of all types. The data is deemed reliable but it is not guaranteed. We all know there are really no guarantees in life anyway.
I will do a year end wrap up and make some predictions for next year but don't look for it until mid January. I want to make sure I have all of the available data.
For related data see: Local numbers and market conditions
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Those are encouraging trend lines. It is very interesting to see how erratic the market has been. Those ups and downs are incredible.
Riley it isn't as erratic as it looks. It is the scale on the left. A ten digit change makes it look like a jump. I guess percentage wise it is a jump but it isn't really as erratic as it looks. Real estate sales in my area are so seasonal.
True. There are still some pretty big swings in there. From 140 to 60 on the 4th of July, and then back from 60 to 140 on Thanksgiving.
From the chart I can see that exactly when your market slows down in the winter our market here in South Florida picks up.
Thanks for sharing this data. It clearly shows what we have been wanting to know about the topic. This will be helpful to a lot of people, especially buyers.
-Ella