Yes, it is cold as ______ outside but the spring real estate market is in full swing. The market isn’t as seasonal as it used to be but we still see an uptick in activity in the late winter through early summer.
Homes are selling quickly in St. Paul and this week there were twice as many new pending sales as there were new listings. That means that homes are being purchased faster than they are being listed. There were 40 new listings and 81 new pending sales. By new I mean within the last 7 days. Pending sales are home sales that are scheduled to close.
The median number of days on the market right now is 12. Typically that includes inspection periods but does not include the days the home may have been in the “coming soon status”.
The best word to describe the housing market is “fast”.
I am seeing some affordable homes out there and even though interest rates are rising they are still at historic lows. Right now could be that perfect window of opportunity for people who want to own rather than rent. As high as home prices are right now sometimes rents are higher.
