How is the real estate market?

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Pending home sales 2019

In the Twin Cities there is a 2.2 month supply of houses and in St. Paul we have a 1.8 month supply. The number of houses on the market is up slightly from last this time last year but we need to keep in mind that last year we broke records.

We are in a strong seller’s market with few sellers. The forces of supply and demand continue to drive prices up. The national market is showing some signs of becoming more balanced between buyers and sellers but we are not seeing any signs of that in the metro area.

January home sales and prices

Even though today isn’t Monday I thought I would just go ahead and publish the home sales numbers for St. Paul, MN for January 2019. January went so darn fast I almost missed it.

Home prices were probably at their low for the year in January. The median home price was down very slightly from last month. Two things stand out. The low number of homes for sale and the fact that it took an average of 7 days longer to sell a home in January than it did last December. The weather may have been a factor but maybe not.

St. Paul home sales -January 2019

As I have mentioned before the biggest challenge in our local real estate market is finding someone who wants to sell a house. There are plenty of buyers out there ready to buy.

The data in the table was extracted from the NorthStarMLS which is deemed reliable but not guaranteed. The numbers were gently sorted and totaled but never shaken or stirred. I love numbers and would never knowingly harm them.

If you would like to know how much your house might sell for contact me or click on the link to the right. For more local real estate numbers please see Local Market Conditions & Home Prices.   I have been publishing these local but never hyper statistics for St. Paul since 2006.

St. Paul’s shrinking housing supply

There is about a 1.7 month supply of homes for sale in St. Paul and a 2.1 month supply for the twin cities. Supply is down slightly from last year when we set records for new lows. Demand for housing remains strong and the market favors sellers. The average amount of time it takes to sell a house in St. Paul right now is about 57 days, the median days on market is currently about 35 days.

 

More numbers for 2018

I don’t normally publish so many numbers in one week but this is the first full work week of the new year and I have numbers. The chart below shows the number of home sales by neighborhood for 2018 and the average sale price and days on market.

The most expensive home sold in St. Paul in 2018 sold for 2.4 million which was more than the asking price and it sold in 11 days. The home is located on Mississippi Blvd in the Merriam Park neighborhood.

There are one house and one condo that sold for $15,000. They were the lowest sale amount in 2018. They were both in the Payne Phalen neighborhood. One sold in 4 days the other in 30 days.

Overall homes in the Como neighborhood sold the fastest with average cumulative days on market of 24. Homes in the downtown St. Paul neighborhood took the longest to sell with an average of 74 cumulative days on market. Most of the homes downtown are condos and on average they take longer to sell than other types of housing.

It should be noted that the neighborhoods do not all have the same amount of housing in them.

The data used to make the table was extracted from the NorthstarMLS and is deemed reliable but not guaranteed. The numbers were gently sorted and never stirred.

They sell faster and faster

In 2011 it may have taken 77 days to sell the same home that sold in 30 days in 2018.

Some homes sell in a day, while other homes will stay on the market for months. How a home is presented and priced makes a difference.

graph of days on market
Average cumulative days on market – St. Paul

CDOM in the chart stands for “cumulative days on market”, that includes the entire time a home was on the market before it sold . . . which gets complicated but I like to use the number as a guide and I can drill down and look at the numbers for various neighborhoods and price points.

The chart was made using data from the Northstar MLS which is deemed reliable but not guaranteed.

Home prices and sales by St. Paul Neighborhood

Welcome to the first full work week of 2019. I feel as though the work from 2018 never really stopped but I like the idea of a new beginning.

I am going to kick the year off with home sales and prices by St. Paul neighborhood for the month of December 2018. As for as Decembers go last month was pretty typical for home sales. Home buying and selling activity is generally lower in December than it is in other months. We can call it the holiday effect.

Home sold at a slightly faster rate in December than they did in November. The story for 2018 has been the extremely low inventory of homes on the market and ultimately that resulted in fewer home sales for the year.

Table with data
December home sales St. Paul, Minnesota

The numbers used to make the chart were extracted from the NorthstarMLS which is deemed reliable but not guaranteed. This data covers a high percentage of local real estate sales activity.

For more local numbers that are not at all hyper please see local market conditions and home sales. Real estate is local. If you would like to know how much your St. Paul home might sell for please call or write. My contact information is on the right and yes there is an @ in my email address, not an (at) and like most email addresses it isn’t case sensitive.