This chart is based on information from the REGIONAL MULTIPLE LISTING SERVICE OF MINNESOTA, INC for the period February 1, 2008, through February 29, 2008. Clicking on the chart will enlarge the image so that it is readable.
There is good news and bad news in this chart. Compared to the numbers from January, 2008, the number of active listings has decreased by about half. That is a good thing for the St. Paul housing market because there isn't so much inventory flooding the St. Paul market. The number of new St. Paul listings has fallen as well. The number of expired, off market listings, and houses accepting a purchase agreement have all increased which contributes to the decrease in St. Paul real estate inventory.
The bad news for St. Paul home sellers is that the average sales prices and the average list prices of homes has fallen along with the number of houses on the market. Most sellers are moving up to a more expensive or larger home. Along with taking a "hit" on the price of the sale of their smaller home, today's sellers will benefit from the decrease the seller of their new home is making to entice them to buy. Larger homes have usually taken a larger discount than the entry level home, so the moving up home buyer has an advantage when s/he purchases their new home.
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