June 2024 home sales in St. Paul.

Posted on by Teresa Boardman

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.

Table - home sales by St. Paul neighborhood, June 2024
June Home sales St. Paul, MN

Mortgage rates July 2024

Posted on by Teresa Boardman

Mortgage interest rates went down a little last week. Apparently, there is less inflation, and employment numbers were revised. I find the whole job thing confusing as I know several people who are struggling to find the right job.

Here is a look at mortgage interest rates from Freddie Mac. They are below 7% but not by much. Lower rates cause mortgage applications to rise.  The number of homes on the market in the Twin Cities is up slightly from last month. Home buyer demand remains very strong.

Chart - average mortgage interest rates
Mortgage rates

 

Is Air Duct Cleaning a Scam?

Posted on by Teresa Boardman

I have met homeowners who believe air ducts need to be cleaned regularly.  I am sure it doesn’t hurt to clean air ducts but it might not be necessary.

According to the EPA Duct cleaning has never been shown to actually prevent health problems. Neither do studies conclusively demonstrate that particle (e.g., dust) levels in homes increase because of dirty air ducts. This is because much of the dirt in air ducts adheres to duct surfaces and does not necessarily enter the living space.

However, the National Air Duct Cleaners Association (NADCA) recommends air duct cleaning every 3 to 5 years.

If there are rodents in the air ducts or mold or some other air quality problem related to the air ducts they may need to be cleaned.

Air duct cleaning is sometimes sold along with furnace tune-ups. Furnace inspections and tune-ups should be part of yearly home maintenance. In most cases, duct cleaning is an optional add-on.

furnace collage
furnaces and boilers

Summer is short

Posted on by Teresa Boardman

It is Friday and Fridays are for fun. My cone flowers and lilies tell me that we have reached the halfway mark for the summer of 2024. We have about eight weeks of summer left here in the bold north. Early forecasts predict a colder and snowier winter for the winter of 2024-25.

Now is the perfect time to have your old furnace replaced and to consider more insulation and maybe even a new window or two. Get the snow blower tuned-up and send the winter coats to the dry cleaners.

Cone Flowers
Cone Flowers

Throw Back Thursday – Downtown Lunds 2014

Posted on by Teresa Boardman

It is hard to believe but it has been ten years since the downtown St. Paul Lunds store opened. It was indeed a big deal. The population of downtown St. Paul had grown and a grocery store was and is most welcome.

The store has been in the news this week. Starting next week store hours will be shortened by 5 hours. It will open at 10:00 AM and close at 7:00 PM.  The area around the store can seem scary early in the morning. There is always a police officer in the store.

Some folks are claiming the reduced hours create a “food desert”. People who depend on the store will need to adjust and possibly be inconvenienced.  The store is open 7 days a week.

Lunds Grand opening
Musicians – Grand opening May 2014
Lunds store construction
Lunds – late 2013

The typical Realtor in 2023

Posted on by Teresa Boardman

On Monday I wrote about the typical home buyer and on Tuesday I wrote about the typical home seller. Today I am writing about the typical Realtor using statistics from the National Association of Realtors.

In advertising and in the media Realtors are often portrayed as men in suites or as young women. Neither is accurate.

Here are some demographics:

  • Sixty-four percent of REALTORS® were licensed sales agents, 20 percent held broker licenses, and 18 percent held broker associate licenses.
  • The typical REALTOR® is a 60-year-old white female who attended college and is a homeowner.
  • 62% of all REALTORS® are female, and the median age of all REALTORS® is 60.
  • Real-estate experience of all REALTORS® (median): 11 years
  • Median tenure at present firm (all REALTORS®): 6 years
  • Most REALTORS® worked 30 hours per week in 2022.
  • The median gross income of REALTORS®—income earned from real estate activities—was $56,400 in 2022, an increase from $54,300 in 2021.
  • Median number of transaction sides in 2022:
    • Residential sides for all REALTORS®: 12
    • Residential sides for residential specialist broker/broker associates only: 14
    • Residential sides for residential specialists only: 10
    • Residential sides for commercial specialists only: 4
    • Commercial sides for commercial specialists only: 5
  • Formal education of REALTORS®:
    • Some college: 30%
    • Bachelor’s degree: 31%
    • Graduate degree and above: 12%
    • Associate degree: 12%
    • Some graduate school: 6%
    • High-school graduate: 8%
  • REALTOR® affiliation with firms:
    • Independent contractor: 89%
    • Employee: 4%
    • Other: 7%

When you think of Realtors picture older women who are independent contractors.