We are experiencing a typical post-Thanksgiving pre-Christmas real estate market. That means fewer people have houses to sell. There is less activity than there was a month ago. Many Minnesotans prefer to move during the warmer months.
So far upticks in Covid-19 cases have not had any kind of an impact on the housing market and I don’t anticipate that the new Omicron variant will have an impact. Right now in the five-county Twin Cities Metro area which includes St. Paul and Minneapolis. the average days on market for houses for sale is less than 25 and the median is around 13 days.
Prices are still going up but I am also seeing more price reductions and even a few bargains. People who sell during the holidays are usually highly motivated to sell quickly.
Next week I’ll have some home sales numbers for November early next week. It took less slightly than 30 days to sell a house in St. Paul in November. Home sales are down slightly from October. Home sales usually reach their low for the year in November and December.