Winter Carnival 2020

It is Friday and Fridays are for fun. . . and so is the Saint Paul Winter Carnival which will be in full swing this weekend. The grand day parade is on Saturday at 2:00 PM starting at Smith and West 7th and ending at Rice Park.

This year will be a little different than past years because it will be warm enough to go outside. For a complete list of events visit the winter carnival website. 

rice park
Rice Park in downtown St. Paul – getting ready for winter carnival festivities.
rice park
Rice Park – downtown St. paul

How many Realtors are there?

REALTORS are members of the National Association of REALTORS. The word REALTOR is often confused with the job title “real estate agent”. I like to think of the word as a brand name.

Here in the Metro area, most real estate agents are REALTORS. The number of REALTORS peaked at 1.38 million in 2007 which was just after the housing market peaked and as it was starting to crash.

Membership numbers dropped to slightly less than a million in 2008. I remember it well. Some members got jobs if they could find them and others were able to retire.

In 2018 membership numbers reached a new high and as of 2019, there are 1.4 million members nationwide. Membership growth has slowed. Home sales have declined as fewer homeowners are selling.

In Minnesota, membership numbers peaked at 25,400 in 2006 and went down to 16,071 by 2012. The latest numbers I can find showed that there were 19,752 members in 2017.  California and Florida have the largest number of REALTORS.

graph of NAR membership
REALTOR membership numbers

Real estate agents learn on the job. By hiring an inexperienced agent you are giving him/her/an opportunity to learn on the job. If you would rather not provide a learning experience there are plenty of qualified and experienced agents to choose from.

A recap of 2019 Home sales

Here are some numbers for home sales in St. Paul in 2019. The average amount of time it took to sell a home last year was around 31 days. That is super fast. The houses that sold the fastest were those that were in the $200,000 to $300,000 price range. They sold in an average of 26 days. The median sale price in St. Paul was $225,000 up from 212,000 in 2018.

table of home sales by neighborhood
There are variations by neighborhood and real estate is that local. The graphic below is a recap of homes sales by St. Paul neighborhood for 2019. The numbers to the right are some overall averages for the housing that was sold.

Home sales in St.Paul 2019The demand for housing remains high in St. Paul. The reason why home sales were down in 2019 from 2018 is that there were fewer homes on the market in 2019.

The data used to make this report was extracted from the NorthstarMLS which is deemed reliable but not guaranteed.

It is still just a dream

Martin Luther King Jr. day 2020, a  federal holiday, which means most banks, the post office, and government offices are closed.  Public schools are closed today too. Consult Google for special events being held in the area today.

I have a dream that one day this nation will rise up and live out the true meaning of its creed: “We hold these truths to be self-evident, that all men are created equal.”

– Martin Luther King, Jr 1963

Minnesota and the Twin Cities are home to some of the worst racial disparities in the country. In metrics across the board—household income, unemployment rates, poverty rates, and educational attainment—the wealth gap between white people and people of color is significantly larger in Minnesota than it is most everywhere else. There is also a large gap in homeownership between people who are white and people of color. Homeowners have a significantly higher net worth than renters have which is one of the reasons for the large wealth gap.

Dr. Martin Luther King Speaking at the University of Minnesota
Dr. Martin Luther King Speaking at the University of Minnesota –

Photograph from the Minnesota Historical Society collection