These numbers are for 2017 and they came from a press release from the Saint Paul Area Association of Realtors®:
- Changes in sales activity varied dramatically by market segment
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- Single-family sales decreased 1.1 percent; condo sales rose 2.0 percent; townhome sales rose 5.7 percent
- Traditional sales rose 3.7 percent; foreclosure sales fell 42.8 percent; short sales fell 49.9 percent
- Previously-owned sales declined 0.7 percent; new construction sales rose 13.9 percent
It isn’t at all hard to see why new construction sales rose. There has been very little new construction in the last few years but a little more in 2016 and 2017 than we saw in the previous 8 years. I haven’t done the math yet but the increase in condo and townhome sales could be because of new construction of condo projects.
Existing home sales are being hampered because there are not as many sellers as there were in prior years. The only reason for the decrease in single-family home sales is because fewer homeowners decided to sell in 2017.
In the last year or so I have met several people who want to buy foreclosures and fix them up. Unfortunately, the foreclosure market has been contracting for the past several years from the peak during the great recession.
I’ll predict that in 2018 single family home sales will be lower than they were in 2017.
For local real estate market numbers please see Local market conditions and home prices.
