I keep writing about how low the inventory of homes for sale is and it keeps getting lower slowly. There are fewer buyers and in most cases buyers can find what they are looking for. Todays buyers in general would rather wait than pay too much or settle for a home that isn’t what they were looking for.
Some homes are selling very quickly but on average the homes that are currently on the market have been for sale for an average of 189 days. Housing is likely to be a topic of the presidents state of the union address this evening. Absorption rates are a calculation of how long it will take for all the homes on the market to be sold, or absorbed, at the current rate of homes sales. Absorption rates can change quickly. I love numbers and these numbers are in months, the data used came from the RMLS, (MLS) and is deemed reliable but not guaranteed. Sadly there are no guarantees in life. These are for the seven county metro area which is like the 13 county metro area except smaller and are for the last 30 days.
Anoka County 5 Months
Carver County 6 Months
Dakota County 5 Months
Hennepin County 5 Months
Ramsey County 5 Months
Scott County 5 Months
Washington County 6 Months
The numbers indicate that there is about a six month supply of homes on the market in the metro area which is a sign of a balanced market. it still feels like a buyers market. I will be interesting to see if home prices start to tick up a bit in the next few months.
For more numbers like these for St. Paul, MN please see Local Market conditions and home prices.
