Tuesday is a great day for posting some local housing numbers because it is not Monday. The chart was made from numbers from our local MLS for St. Paul, Minnesota for the month of January 2011. The data is deemed reliable but not guaranteed but there are few guarantees in life.
January home prices are often slightly lower than December home prices. The inventory is growing a bit. We have not seen a month with over 500 new listings in a long time. A percentage of the new listings are old listings that were taken off the market during the holidays and then put back on the market after the first of the year.
Buyers with a median home price of $82,667 and interest rates still at historic lows homes are more affordable than they have been in at least a decade. The price of everything else has gone up. Some renters are finding that they can reduce monthly expenses by buying a home.
Yes it is a buyers market.
Related articles: Local Market Conditions & Home Prices
