Today I have some numbers for March home sales in St. Paul. It is starting to look like last year. The overall average sale price is higher for the city than the final asking price. We saw that happen last year in the spring and summer.
When the average asking price is lower than the average sale price that means that prices are going up rapidly. Often the highest home prices for the year hit in April. Current sale prices are 4% higher than they were last March.
Overall home sales were fairly low in March, mainly because there were not many houses on the market. There is a high demand for houses at the same time we have a low supply. This trend is likely to continue for several years.
The numbers used to make the table were extracted from the NorthstarMLS representing a high percentage of local home sales. The numbers were gently sorted in an MS Excel spreadsheet. I included all condos, townhouses, and houses sold in the city limits of St. Paul during the month of March 2019. Rental properties and multiple unit dwellings were not included.