There aren’t any surprises in this month’s data. The last time we had as many listings and sales in a single month in St. Paul was last October. The prices are kind of surprising. The averages in some of the affordable neighborhoods have become unaffordable.
Low interest rates are helping to make housing more affordable but we may be reaching the point where the low rates are not enough to make up for the high prices.
In every neighborhood except for downtown sale prices were higher on average than the asking prices. That is an indicator that prices are still climbing.
The current real estate market continues to strongly favor home sellers with no end in sight. The seller’s market will start to soften when either the demand for housing goes down or the supply goes up or some combination that will result in more housing.
The data used to make the table is from the NorthstarMLS which is deemed reliable but not guaranteed.
For more local numbers please see Local Market conditions & home prices
If you would like to know how much your home will sell for please call or write for your free no-obligation market analysis.