In the Twin Cities metro area there is about a 1.3 month supply of houses on the market which is down 27.8% from last January.
In St. Paul we don’t even have a months supply, but about 3/4 of a month supply, down by 40% from a year ago.
Generally, there are more homes for sale during the spring and summer months than there are in January. We should start to see these numbers go up a little in February.
I think it is fair to say the local real estate market is strong but I cannot call it healthy due to the fact that the demand is higher than the supply and prices are going up too high too fast.
I’ll have the home sales and prices numbers for January 2018 posted this week. I think it will show that home sales are down a little due to lack of homes for sale and prices are up.