Local Market Conditions & home prices
Jan2013
The numbers in the table above are taken from the NorthstarMLS which is deemed reliable but not guaranteed and are for all homes listed by a Realtor? in the city limits of St. Paul, Minnesota. ?
The inventory of homes on the market continues to decline. ?There are only 584 homes to choose from that do not currently have offers on them. ?About 35% of all homes on the market are distressed properties. ?They are being short sold or they are bank owned.
The median home price for homes that were sold and closed in January was $110K which is lower than Decembers 128K. ? This could be because homes that closed in January were likely sold in December and usually prices are lower in December.
We still have a market where there are people who want to sell but who can not because they owe more on their homes than they can get for them. ?We also have buyers who want to buy but who are having a hard time finding the right home.
The unusually high averages from the Summit hill neighborhood are from two sales and one of them was for 1,050,000 ?. . which kind of messes up the averages, and is a nice segway into my next point which is that one months numbers do not a trend make. ?There are normal seasonal ups and downs in the real estate market.?
In general the number of homes on the market has returned to what they were in 2003 before the housing market bubble and crash. ?Home buyers today will see prices are at or below what they were in 2003 and interest rates are lower.?
?For more local number and real estate is local please see my local market conditions page. ?I go way back and was one of the first real estate agents in the country to start a site like this to keep local home buyers and sellers informed.?
Source: http://www.stpaulrealestateblog.com/2013/02/home-sales-and-prices-by-neighborhood-2.html
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