One of our readers requested Median prices by neighborhood. If there is some thing you would like to see published on this blog please let me know.
The numbers in the charts are made from data gathered from the RMLS, which is deemed reliable but not guaranteed. These numbers are for June 2007 and include all residential properties that were listed or sold through the MLS in the city of Saint Paul.
Prices and sales by St. Paul neighborhood for previous months can be found here.
*note – the chart says May prices, these are June 2007 prices – there are no do overs on the internet either.
I hate to be the first respondant when I have a technical and negative sounding issue, but here goes.
How would we calculate absorption rate in this situation? Every month we have new listings at or near the sold numbers, which means that the inventory isn’t changing much at all. There are also expired listings, taken off the market, but the total inventory hasn’t changed a ton since October.
It seems to me that before we move back to a more balanced market, we have to see that inventory go down, either off the market or (ideally) as sales. I’m not seeing a lot of movement right now.
The inventory for the twin cities is still at about 35,000, which is very high. It is slowly going down. You are right some homes are just taken off the market. There are also new construction units on the market that have not been listed but are for sale. I guess all I can say is that purchases are up slightly and new listings are down slightly. Absorption rates are down from the December high too. You are correct the market is still adjusting. I don’t see how an exact absorption rate can be calculated. About all we can do is compare one month to another to see if it goes up or down and compare it to last year.
It’s a buyer’s market. And that means one thing:
Hey, you! Yes, you, the one thinking about buying that condo! C’mon, what are you waiting for? It’s never going to get better than this!
[I had to say it, since it looks way unprofessional for realtors to say it. But I know you’re all thinking it …]
Thanks Erik, I have said it a couple of times. 🙂