The number of homes on the market continues to decline in the metro area and beyond. These numbers were just published by the Saint Paul Area Association of Realtors. We have even fewer homes for sale this year than we had last year. Fewer homeowners are selling while the number of people who want to buy remains high.
The silver lining for homeowners is that prices are strong because the demand is strong and the supply is week. I have been closely watching the number of homes for sale in St. Paul and that number remains at historic lows for June. Homes are selling quickly in St. Paul with median days on the market of 13 and an average of 26. On average home, sellers are getting more than the asking price.