feb 2011 home prices
Tuesday is a great day for posting some local housing numbers because it is not Monday. The chart was made from numbers from our local MLS for St. Paul, Minnesota for the month of February 2011. The data is deemed reliable but not guaranteed but there are few guarantees in life.
St. Paul home prices have gone down for the fourth month in a row. They are slightly lower than they were in February of 2010 and higher than they were in February 2009. The number of home sales was up from January but down from February of 2010 which was down form February 2009.
For buyers there are bargains to be had and it is a buyers market with low interest rates but stricter lending standards.
Teresa, what effect do you expect the central corridor light rail to have on homes near the stations?
Property values could be positively or negatively affected by being close to the stations. I don’t think the impact will be huge.
I think the big issue in this report is the ratio of new listings to pendings. Inventory is climbing and that will pose a problem for sellers if more buyers don’t jump in. What month would you typically see buyer activity start to spike?
-Joe
typically sales should peak in April. Buyer activity is low and right now.