Via St. Paul Real Estate blog, a chart showing how housing supply (or “how long it would take to sell all of the houses that are currently for sale at the current rate they are being purchased or absorbed”) has changed in four “hot” Saint Paul neighborhoods.
Frankly, I don’t know what this means. Hamline-Midway seems booming, I suppose. Here’s a quote from the blog:
There is a 2.5 month supply of houses on the market in the Hamline Midway neighborhood. That might be because homes in that neighborhood are more affordable than they are in other neighborhoods. The average sale price in the Midway area is $160K compared with an $198K average for the rest of the city. In Saint Paul there is a 3.7 month supply of homes on the market which makes it a strong seller’s market.
Anecdotally, I’ve been hearing of houses getting multiple offers on them within one day of being listed. That might be happening more in Minneapolis, but this shows that the St. Paul market has tightened up quite a bit.
Hope so! We’ll be listing our Lex-Ham home soon.
Went to an open house in Minneapolis the other day where they had just signed a contract the night before, the day of listing.
Developers looking to tear down and build larger houses are contributing a lot to the demand. It will be interesting to see how the new design regulations affect the market.
My guess is: not much.
Typically a six month supply is considered a healthy housing market, so I understand why they would consider these “hot” markets.
Hamline-Midway is where it’s at. On the Green Line, on the A Line, and the Facebook group even supports bike lanes at about a 98% clip.
It will be interesting to see actual home sale prices in those neighborhoods, because what I’m seeing in the Hamline Midway and the northern grids of Merriam Park is that houses may be listed for $150,000 to $160,000, but are actually selling for much lower than that. Looking at price histories for some of the recently sold houses in these neighborhoods, houses are selling around $30,000 to $40,000 less than the owners had purchased them for 5-8 years ago, and often being listed for several months. On the other hand, I’ve know people to have recently sold houses in Highland Park for more than their asking price, and within a matter of days after listing…so this graph has me scratching my head.