October Home sales in St. Paul

We are still in a strong seller’s market in St. Paul. Housing prices will continue to rise due to the shortage of houses for sale.

table with home sales by neighborhood
October home sales by neighborhood

This isn’t news but home prices are still rising and overall in October home sellers got more than their asking price. The number of days it takes to sell a house is up slightly but much lower than what we would expect heading into winter.

The numbers used to make the table were extracted from the NorthstarMLS and the data is deemed reliable but not guaranteed and represents most but not all home sales in St. Paul in October. Condos and townhouses are included in the data, rental properties are not.

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

For more data about local home sales and prices please see Local market conditions & home prices.   I have been tracking these numbers almost every month since 2006.

Home sales in Minnesota

This just in from the state association of Realors®

Closed Sales of Residential Homes Drop as New Listings Shrink
“As fall approached, closed sales of residential homes in Minnesota declined 8.4% compared to September 2020. Correspondingly, new listings fell 8.5% over last year and pending sales were down 15.3%. Responding to the lean inventory, buyers competed for limited housing stock, reducing the average time homes stayed on the market to just 27 days, a 34.1% decrease over last September. Sellers were receiving 100.4% of their asking price for homes, a 1.2% increase. The overall number of homes for sale shrank 19.8% to 12,618, and months supply was down 23.8% to only 1.6.”
Minnesota fall home sales

As we go into Fall we are still in a seller’s market.

St. Paul home sales by neighborhood September 2021

The year is just flying by and local home prices are still rising. In September the number of homes for sale rose slightly and the number of home sales decreased slightly as compared with August. The housing market strongly favors sellers. Average days on market went up by a fraction of a day from August to 21.7 days.

Here are home sales and prices sorted by neighborhood because real estate is that local. Overall home sales prices are higher than the asking prices.

Table shows home sale prices by neighborhood
Home sale prices September 21

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

For more local home sales data please see Local market conditions and home sale prices. 

Seasonal shift in the housing market

Some folks call it “seasonality” but I can’t see the point of adding an “ality” onto a perfectly good word. . . all though “ality” is better than “osity”. Right now there are more homes on the market than there were during the spring and the summer but when you add it all up there are still more buyers than there are sellers and we are experiencing a strong seller’s market.

I’ll have some numbers this week for September home sales. It took a few more days to sell a house in September than it did in April. We know that on average September home buyers paid slightly above the asking price. We are still seeing a lot of multiple offer situations and that will continue but sellers will get fewer offers as we head into November.

The real estate market is somewhat predictable and no it isn’t slowing up, the market is just adjusting to Fall. The weather, the economy, and congressional action or lack thereof also affect home sales.

It used to be harder to sell a home in the fall and winter but that is no longer the case and it isn’t too soon to remind people that the spring home-selling season starts in about mid-January.

 

Maple leaves

I don’t think we will see the kind of fall color that we are used to here in St. Paul because of the drought. I took this picture a few years ago.

Local home sales and prices

The numbers are in for August and we are starting to see a seasonal slowdown but by slow down I mean it may take a few more days to sell a house. Multiple offers were common in August and they still are. Sale prices were on average higher than asking prices. Overpriced real estate is slow to get offers.

Low inventories of homes for sale is driving prices up as the strong sellers market continues.

The numbers used to create the tables were extracted from the NorthstarMLS which is deemed reliable but not guaranteed.

table by neighborhood
August Home sales

For numbers from past months and years see Local market conditions and home prices.

Buyer showings are way up

I was poking around out MLS looking at some numbers and buyer showings caught my eye. The number of showing a home gets before it gets an

Monarch butterflies – on blazing star

offer is up by 62% in the Twin Cities as compared with last year. The number started to climb at the beginning of the year and has leveled off at slightly more than 11.

Yes, that is right 11 showings. For a few years, the averages have been in the 6 to 8 showings per sale range for a few years. It could mean that there are more buyers looking at fewer listings. The upward curve on the number of showings is pretty steep and it definitely means something.

If your home is in St. Paul the average number of showings has only gone up by 25% or so and is at around 12.5 showings.

The number of in-person tours or showings is the highest during the first five days on the market and then falls sharply if the house is still available.

When selling a house it is a good idea to kind of keep track of home buyer activity in the area to get an idea of how well your house is doing as compared with others.

There are still rumors of a “market shift”. We are seeing a seasonal shift but it isn’t very pronounced. We are still in a strong buyers market with a little more than a month’s supply of houses for sale in most of the metro area with averages for days on market at around 12 days.

Numbers for the month of August will be available soon and I’ll publish them next Tuesday.