It has been awhile since I have published absorption rates which is the rate at which the homes for sale in St. paul are being absorbed or purchased. Right now there is about a 3 month supply of homes for sale which means if no more homes were put up for sale but buyers kept purchasing homes at the current rate all the homes for sale would be sold.
Generally we would call this a sellers market when there is less than a six months supply or homes for sale but for some reason it doesn’t feel like one right now. We are not seeing many multiple offer situations and buyers are in general very choosy and won’t be rushed. During the sellers market of 2013 buyers were quick to jump on the best deals. Some homes were sold before they hit the MLS.
It could just be a November thing and home buyers should do their homework and see as many houses as they need to before making a decision. I would like to see more homes on the market so buyers have more options.
The local housing market is still in recovery. There are still people who are upside down on their mortgages and it will be another year or two before they will want to consider selling.
