There are more houses on the market right now than there were a year ago but it is fair to say that the seller’s market that we have been seeing for the past few years is as strong as ever.
Houses are staying on the market longer but they are still selling in less than 50 days in most cases. Prices are still going up but much more slowly and hesitantly than what we saw in 2020, 2021, and much of last year.
The closed sales prices reflect January activity more than February activity as there is usually a 30 lag between when an offer on a house is accepted and when the sale closes.
Interest rates and weather are both contributing to slower home sales.
The numbers used to create the table below are from the NorthstarMLS which is deemed reliable but isn’t guaranteed. The majority of the homes that were sold in St. Paul in February were listed on the NorthstarMLS (multiple listing service)
In the Twin Cities, the housing market usually starts to peak in mid-March as far as the number of sales and the prices. It will be an interesting Spring with higher interest rates and high demand and low supply of houses on the market.