This year is one of the better times to sell a house and buy a condo downtown. As I wrote yesterday homes are selling quickly in St. Paul and for more than the asking price.
The condo market downtown is a little different. While the number of homes on the market is going down in St. Paul the opposite is true downtown. It is still a seller’s market but weaker than what we are seeing in the rest of the city.
The months supply of inventory is 4.43, which indicates the number of months it would take to sell all currently listed properties at the current rate of sales. A balanced market is considered to have around 6 months of inventory. The rest of the city has a one-month supply of homes for sale.
The 12-month change in months of inventory is +12.72%, which means that inventory levels have increased over the past year. This indicates a slowdown in buyer demand.
The median days homes are on the market is 71, which is significantly higher than the average for the city which is 13 days.
The list-to-sold price percentage is 97.3%, which means that on average, properties are selling for just under the listing price. Overall home sellers in St. Paul are getting more than the asking price.
The median sold price is $215,000, in downtown St. Paul which is lower than the median in the rest of the city.
Overall, these metrics suggest a relatively strong market for sellers, with low inventory levels and a relatively short median time on the market. Yet there are more opportunities to buy real estate downtown with less competition.
Sell your house and use the money to buy a condo downtown.
Also see: Housing supply and demand in St. Paul 2023