Home prices and sales by neighborhood

It is Monday and I have the numbers for August home sales. The shortage of homes for sale continues and on average actual sale prices are higher than list prices. As we head into fall prices will continue to go up but by smaller amounts than what we saw in the spring.

Median prices were lower in August than they were in July and it took about a day and a half longer(26.6 days) to sell a house in August than it took in July.

chart with home price numbers
August home sales St. Paul, MN

The data used to create the chart was extracted from the NorthStarMLS and was gently sorted using MS Excel and never stirred because that would be wrong.

If you would like to know how much your home will sell for, contact me for a free no-obligation consultation.

For more local numbers see Local Market Conditions & home prices.

Instant offers for your house

Bricks

Instant offer programs, sometimes called “guaranteed offers”  are gaining popularity. The way it works is a company buys your house. They turn around and sell it. Homeowners don’t have to make repairs and can close quickly or even on the exact day they want to close.

Generally, the homeowner gets less money than she would get in a traditional sale but it is fast and convenient and there is almost always a price for convenience. The guesswork is taken out of selling the home. No need to wonder when an offer will come or when it will close.

If you read the fine print you will learn that there are some restrictions and that the house must qualify. Houses in St. Paul rarely qualify because they are too old.  Usually, they have to have been built after 1969 and even that is too old for some of the instant buyers.

There is one company that will even buy old houses that need a lot of work and there are investors who will buy houses, fix them up and sell them.

You can sell any home quickly in St. Paul without ever having an open house and without making any repairs or upgrading anything.

Real estate has always been an asset that takes time to liquidate. Maybe that will change someday even for old houses.  Until then I would be happy to help sell any old house in St. Paul. I actually like old houses.

 

 

 

St. Paul home sales and prices by neighborhood

Here are the July home sales numbers. They are pretty average for what we have been seeing of the last few years. The number of homes on the market is slowly creeping up but is still at historic lows.  The number of pending sales is the same as last month and overall list prices are lower than sales prices.

The number of days it takes to sell a home is up from last month which is a normal seasonal variation. Average home sale prices are up but down from when they likely peaked for the year in May.

The seller’s market remains strong. Some economists are suggesting that it may weaken next year. We shall see. I don’t expect to see changes until 2025 or so.

The sales prices in red on the table are all higher than the average list price.

table of home sales by neighborhood
July Home sales number – St. Paul, MN July 2019

If you would like to know how much your house might sell for and how long it will take to sell please contact me for a free no-obligation consultation.

If you like numbers and would like to see more look in our Local market conditions & home prices category.

The data used to create the table with home prices was extracted from the NorthstarMLS. The data in the NorthstarMLS is deemed reliable but not guaranteed.

Housing absorption rates

The housing absorption rate is a measure of how long it would take for buyers to buy every home that is on the market. We assume that no more houses would be added. The overall absorption rate for St. Paul is 1.8 month. That is lower than the 2.2-month overall rate for the Region and the 2.1-month rate for the 7 county metro area.

For an up-close local look here are absorption rates by St. Paul neighborhood. Rates have gone up slightly for some neighborhoods and down for others.

table
Absorption rates for housing in St. Paul

Data used to make the table above was extracted from the NorthstarMLS and is deemed reliable but not guaranteed. Tomorrow I’ll publish Home sales and prices for July 2019.

Median Home sale prices in the metro

Here is a snapshot of median home sale prices in the 7 county Metro area, the data includes June 2019.

graph of median home prices
Median Home sale prices 7 county metro area

The line in the graph has peaks and valleys with the peaks in spring and the valleys in the winter.  Home prices are higher in the metro area than they were before the crash. We are still seeing foreclosure activity but not much.

Here is a look at the same data county by county:

Median Home sale prices compared with last year

June home sales and prices by neighborhood

Monday is a wonderful day to look at numbers especially on Mondays after holiday weekends. Most years home prices peak in April or May and that may be the case this year as sale prices are down from last month. The number of home sales are down from last month as is the median home sale price of St. Paul homes that were sold and closed in June.

The average number of days it takes to sell a home has stayed the same at 21 days. The number of homes on the market is up from last month but still at historic lows.

The overall average list price is lower than the overall average sale price. The sales prices in red on the table are all higher than the average list price.

June Home sales – St. Paul, MN

If you would like to know how much your house might sell for and how long it will take to sell please contact me for a free no obligation consultation.

If you like numbers and would like to see more look in our Local market conditions & home prices category.

The data used to create the table with home prices was extracted from the NorthstarMLS. The data in the NorthstarMLS is deemed reliable but not guaranteed.