Yesterday I was looking at some numbers from a decade ago. May 28, 2009, to be exact:
Downtown St. Paul had a 9 month supply of condos on the market. The average cumulative days on market for the 136 condos on the market was 206 days and the average list was $288,344.
Ten years later there is a 3.2 month supply of condos on the market downtown. There are 27 units on the market and the average number of cumulative days on market is 95 days. The average list price is 386K.
Some things have not changed. It still takes longer to sell a condo than it takes to sell other types of housing. There isn’t any other type of housing downtown. Condos in other parts of the city sell faster than downtown condos but take longer to sell than other types of housing.
The demand for inexpensive condos is high and the supply remains low.
Back in 2009, we were in a buyers market. In some parts of the country, it is a buyer’s market but here in the metro area, the seller’s market remains strong.
The overall housing supply in St. Paul is currently 2.3 months, which is the same as it was in May of 2018. In May of 2009, it was 12.4 months.