A peek at the housing market in St. Paul in March of 2009:
I use these charts to show the relationship between how many homes are put on the market and how many are getting offers. In 2007 the two lines went in opposite directions, more and more homes were put on the market but fewer, and fewer got offers each month. Our local inventory of homes on the market just kept climbing. This chart shows that the lines are both going in the same direction, but there is still more listing activity than there is buying activity. The inventory of homes on the market is much lower than it has been at any time in the last two years. There are currently 1760 homes on the market in St. Paul Last year at this time there were more than twice as many homes on the market.
It is still very much a buyers market but the selection of homes to buy has been shrinking each month. Some buyers are having trouble finding that perfect home.*
If you bought a house in March of 2009 in St. Paul you paid and an average of $113,306. The house was likely on the market for six months or more. If you bought a house this year in St. Paul you paid an average of $231,363. The house was on the market an average of 22 days.
In 2009 it seemed like we could not give a house away. If you bought your home in 2009 it may have already doubled in value. Keeping in mind that average sale prices were $229,625 in early 2006 when local home values peaked. If you bought a house in 2006 it may be worth a similar amount today. In other words, 2009 was a good year to buy a house.
*written in March 2009