In recent weeks the inventory if homes on the market in St. Paul has risen which is a good thing because in January and February it started getting hard to find the right home for some buyers. As I looked at all of those new listings, we have about 400 more homes on the market here in St. Paul in March than we did in January I started to wonder if they were being absorbed by the buyers.
Absorption rates are a calculation of how long it will take for all the homes on the market to be sold, or absorbed, at the current rate of sales. I do love numbers, and these are in months, the data used came from the RMLS, (MLS) and is deemed reliable but not guaranteed. Sadly there are no guarantees in life.
The absorption rate for the last thirty days for St Paul is:
Sweet! That means that as the homes are going on the market and up for sale buyers are buying them. How long will this last? Hard to say. Applications for new mortgages were down in February and in some parts of the country home sales were down as well but not here.
There are more homes for buyers to choose from but the best deals are being scooped up quickly as buyers race to beat the clock on the first time home buyer tax credit which expires on April 30th.
For some very local real estate numbers . . and we all know real estate is local check the Local Market Conditions & home prices category.
The picture has nothing to do with the post and I blurred his face just because I can. I am hoping someone claims this child and tells him he should not be playing with his skateboard so close to the "No skateboards allowed" sign on Chestnut Park Plaza or he might get shot. . . with a camera of course.