Numbers fresh from Minnesota Realtors Association for June 2024:
June Year-Over-Year Summary of Key Market Indicators:
Closed sales: 6,713 (down 17.6%)
Median sales price: $355,000 (up 1.4%)
Average sales price: $420,886 (up 3.8%)
New listings: 9,230 (down 9.2%)
Pending sales: 6,541 (down 13.2%)
Days on the market: 33 (up 10%)
Homes for sale: 14,648 (up 11%)
“Both buyer and seller activity were down compared to last June, while median home prices and market times rose. The housing market is being held back by inflation and mortgage rates.”
Here are the home sale numbers for June 2024. One thing that stands out is that in most neighborhoods and in the city, home sale prices were higher than asking prices. That is a sign that home prices are rising. Home prices are generally the highest in April, May and June.
As interest rates go down if they do indeed go down look for home prices to go up. The median home sale price in St. Paul was $311,000 in June. Also, downtown St. Paul kind of stands out. Now might be a great time to buy a condo in downtown St. Paul. More homes are on the market downtown than in any other neighborhood and prices are the lowest.
Houses sold quickly in June and continue to sell quickly. Median days on the market are at around 11. Some houses are on the market much longer. It is important to understand that houses can be over priced.
Minnesota May 2024 housing report from the Minnesota Realtors:
Supply levels are on the rise as home prices continue their ascent
Seller activity was flat while buyers were less active compared to May of 2023. Supply levels are up for the tenth consecutive month as home prices continue increasing.
Many consumers and real estate professionals were expecting fixed mortgage rates to be lower by now, which has caused some buyers to postpone purchase decisions due to declining affordability levels.
Even as closed sales and inventory increased, new listings and pending sales fell compared to last May, an indication that the market has been slightly cooler this spring.
“Despite the slowdown in new listings in May, anytime we see inventory levels rise overall, it’s a good sign,” said 2024 MNR President Geri Theis. “Both buyers and sellers can find opportunities in this market by working with a trusted local Realtor®.”
May Year-Over-Year Summary of Key Market Indicators:
New month, same story. The low inventory of homes for sale and the high demand are driving prices up. Home sales likely peaked for the year last month. Some home buyers are waiting for interest rates to go down because high home prices and high interest rates makes home ownership unaffordable.
Houses are selling quickly in St. Paul, often with multiple offers. If you would like to sell your house go for it.
Home sales by St. Paul Neighborhood for May 2024
The numbers used in the table were extracted from the NorthstarMLS. The data is deemed reliable but not guaranteed.
The very best years I had as a Realtor were 2013 – 2015. There were fewer Realtors than there are today and more houses to sell. The number of homes on the market has been declining ever since and at the same time there are a record number of Realtors. If you plan on working with a Realtor please choose with experience. Experience is even better than a fancy car or someone “nice”.
There is some good news in the housing market. The median days on the market during June was 11 days. Prices remain at an all-time high. It is all about supply and demand. Mortgage Interest rates are on average slightly over 7%.
That means houses are selling fast. I’ll have lots of numbers by mid-week. I need to wait a day or two for the dust from May to settle.
This just in from Minnesota Realtors. April 2024 definitely outperformed April 2023.
Screen print – Home sales infographic
“The Minnesota housing market, along with the weather, is heating up. Seller activity increased, and buyers were also more active compared to April of 2023. Home prices and inventory both rose, but affordability issues persisted due to supply and demand imbalance.
Our April affordability index shows that the majority of buyers with median incomes don’t make enough to afford median priced homes. To that end, more supply is still needed across the price spectrum, especially in ranges first-time buyers can afford.
“Even as inventory levels rise, sellers are still finding they have the upper hand in most areas and price points,” said Geri Theis, President of Minnesota Realtors®. “Buyers should understand that while they have more options, there is still competition. That’ll be even more true if rates fall.”
April Year-Over-Year Summary of Key Market Indicators:
• Closed sales: 5,465 (up 17.9%)
• Median sales price: $350,000 (up 4.5%)
• Average sales price: $405,208 (up 4.6%)
• New listings: 9,042 (up 20.3%)
• Pending sales: 6,283 (up 7.7%)
• Days on the market: 42 (no change)
• Homes for sale: 12,408 (up 18.2%)”
