Real estate is local and I like to drill down to the neighborhood level each month and report on home sales in the city of St. Paul. I get my data from the NorthstarMLS which has most but not all of the home sales data for the city and the data is deemed reliable but not guaranteed. January home sales were kind of unremarkable. Prices were down slightly from December but mostly because the homes that closed in January were probably sold in December.
The inventory of homes on the market is still very low but showing signs of going up as new listings were up some 30% from last month. This winter is a bit milder than last winter which should mean that the number of home sales and the number of new listings on the market should increase a bit each month until the summer when the numbers will go down again.
775 homes on the market isn’t many especially considering that 150 of those homes already have contingent offers on them. Right now there is a shortage of three bedroom, two bath, two car garage homes on the market with 1500 to 2000 square feet of finished living space. We do have buyers who are looking.
For more local real estate numbers please see Local Market Conditions & Home prices
