June 2024 Home sales – Minnesota

Numbers fresh from Minnesota Realtors Association for June 2024:

June Year-Over-Year Summary of Key Market Indicators: 

  • Closed sales: 6,713 (down 17.6%)
  • Median sales price: $355,000 (up 1.4%)
  • Average sales price: $420,886 (up 3.8%)
  • New listings: 9,230 (down 9.2%)
  • Pending sales: 6,541 (down 13.2%)
  • Days on the market: 33 (up 10%)
  • Homes for sale: 14,648 (up 11%)

“Both buyer and seller activity were down compared to last June, while median home prices and market times rose. The housing market is being held back by inflation and mortgage rates.”

Info graphic for home sales Minnesota 2024
From Minnesota Realtors

June 2024 home sales in St. Paul.

Here are the home sale numbers for June 2024. One thing that stands out is that in most neighborhoods and in the city, home sale prices were higher than asking prices. That is a sign that home prices are rising. Home prices are generally the highest in April, May and June.

As interest rates go down if they do indeed go down look for home prices to go up. The median home sale price in St. Paul was $311,000 in June. Also, downtown St. Paul kind of stands out. Now might be a great time to buy a condo in downtown St. Paul. More homes are on the market downtown than in any other neighborhood and prices are the lowest.

Houses sold quickly in June and continue to sell quickly. Median days on the market are at around 11. Some houses are on the market much longer. It is important to understand that houses can be over priced.

Table - home sales by St. Paul neighborhood, June 2024
June Home sales St. Paul, MN

Mortgage rates July 2024

Mortgage interest rates went down a little last week. Apparently, there is less inflation, and employment numbers were revised. I find the whole job thing confusing as I know several people who are struggling to find the right job.

Here is a look at mortgage interest rates from Freddie Mac. They are below 7% but not by much. Lower rates cause mortgage applications to rise.  The number of homes on the market in the Twin Cities is up slightly from last month. Home buyer demand remains very strong.

Chart - average mortgage interest rates
Mortgage rates

 

Is Air Duct Cleaning a Scam?

I have met homeowners who believe air ducts need to be cleaned regularly.  I am sure it doesn’t hurt to clean air ducts but it might not be necessary.

According to the EPA Duct cleaning has never been shown to actually prevent health problems. Neither do studies conclusively demonstrate that particle (e.g., dust) levels in homes increase because of dirty air ducts. This is because much of the dirt in air ducts adheres to duct surfaces and does not necessarily enter the living space.

However, the National Air Duct Cleaners Association (NADCA) recommends air duct cleaning every 3 to 5 years.

If there are rodents in the air ducts or mold or some other air quality problem related to the air ducts they may need to be cleaned.

Air duct cleaning is sometimes sold along with furnace tune-ups. Furnace inspections and tune-ups should be part of yearly home maintenance. In most cases, duct cleaning is an optional add-on.

furnace collage
furnaces and boilers

Summer is short

It is Friday and Fridays are for fun. My cone flowers and lilies tell me that we have reached the halfway mark for the summer of 2024. We have about eight weeks of summer left here in the bold north. Early forecasts predict a colder and snowier winter for the winter of 2024-25.

Now is the perfect time to have your old furnace replaced and to consider more insulation and maybe even a new window or two. Get the snow blower tuned-up and send the winter coats to the dry cleaners.

Cone Flowers
Cone Flowers

Throw Back Thursday – Downtown Lunds 2014

It is hard to believe but it has been ten years since the downtown St. Paul Lunds store opened. It was indeed a big deal. The population of downtown St. Paul had grown and a grocery store was and is most welcome.

The store has been in the news this week. Starting next week store hours will be shortened by 5 hours. It will open at 10:00 AM and close at 7:00 PM.  The area around the store can seem scary early in the morning. There is always a police officer in the store.

Some folks are claiming the reduced hours create a “food desert”. People who depend on the store will need to adjust and possibly be inconvenienced.  The store is open 7 days a week.

Lunds Grand opening
Musicians – Grand opening May 2014
Lunds store construction
Lunds – late 2013