This chart is based on information from the REGIONAL MULTIPLE LISTING SERVICE OF MINNESOTA, INC for the period December 1, 2007, through December 31, 2007. To see the figures full size click on the image.
The St. Paul areas in the chart are based on the MLS boundaries and vary from St. Paul's local neighborhoods. A good example is that there is no Frogtown, Greater Frogtown, Thomas Hamline, etc., in the MLS areas, but there is an area called "Central" which does not have a St. Paul neighborhood corresponding to that name. The MLS areas are mapped in the Kings Map book for those wanting to identify which area their home is in. Better yet, you can give any real estate agent a call (including me) and we can tell you what MLS area your home is in.
The factor that shows how long it would take to sell the entire housing inventory is called the absorption rate. It is found by dividing the number of homes listed in a month by the number that sold or became pending. In the month of December there were 6,547 St. Paul houses listed as active. Only 345 houses closed in December. If the number of homes that accepted a purchase agreement (pending) is added to the 345 sold, a total of 1,568 were under contract in December. At that sales rate, it would take a little more than 4 months to sell every houses listed in December IF no new listings went on the market.
Four months is a long time to wait to sell a house. To try to attract buyers, St. Paul home sellers are lowering their prices and offering other incentives. The houses that could model for "Better Homes and Gardens" are still selling close to the list price, but others are making concessions in order to sell.
Its always a good sign when people track stats. It shows theres an expert around.
Posted by: Utah Dave | March 19, 2009 at 10:16 PM