The number of homes on the market is falling and down 14% from last year. In St. Paul, the number of homes on the market now is down 2.5% from last November. The numbers won’t get much lower in St. Paul we have been at a kind of “bottom” for a few years.
In the last week or so there were significantly more homes sold in St. Paul than there were new listings.
There are all sorts of reasons why people want to buy houses right now and there are reasons why people don’t want to sell. Some of it has to do with uncertainty and with not wanting to let people in to see the house. Some homeowners would like to sell but can not find a house they want to buy right now.
We are going to see a lot of pent up demand . . . eventually. Overall people do not move as often as they used to and now that so many people can work from home maybe won’t move as often in the future either.
I read a couple of articles yesterday that suggests that in most of the country there is no exodus from the city to the suburbs because of the pandemic or because of civil unrest.