Saint Paul Real Estate Market Analysis for December 2008

Posted by Matt Barker on Monday, January 26, 2009 at 12:13 AM By Matt Barker / January 26, 2009 Comment

This is the final St. Paul real estate market analysis for the year of 2008. According to the Minneapolis Area Association of Realtors’ Market Update for 100 Twin Cities Communities, new posted listings for homes in St. Paul, Minnesota, increased in December. There were 399 new listings in St. Paul, compared to the 351 homes put up on the market during the same month of 2007, which adds up to an increase of +13.7%. Unlike November, lots of neighborhoods in Saint Paul saw increases in new listings. The increase is a little unusual, because December is obviously a month full of holidays and most people don’t want the hassle of putting their house up on the market.

There were 6,859 new listings of homes for sale in St. Paul that were posted within the 2008 year. That is a decline of -8.8% from the 7,520 homes listed throughout the year of 2007. The neighborhoods of Mac-Groveland, St. Anthony / Midway, and West 7th experienced the greatest declines in new listings. The Phalen and West Side / Cherokee neighborhoods have been the only St. Paul neighborhoods that saw boosts in new listings compared to 2007.

There was a higher number of homes sold within St. Paul, Minnesota, in December 2008 than in 2007. There were 217 homes sold during the month, +5.9% more than the 205 homes sold during December of 2007. There were 3,046 closed sales in Saint Paul from January through December 2008. In 2007, there were 2,743 closed sales. That adds up to an increase of +11.5% more homes sold in 2008 than in 2007.

The price of homes that sold in Saint Paul has continued to fall. The average price of a home sold in December was $138,227, a drastic -33.6% drop from the $208,108 of December 2007. Crocus Hill was the only St. Paul neighborhood to see an increase in real estate prices during December. For the entire 2008 year, the average sales price of homes in Saint Paul dropped to $170,184 from the $228,858 homes fetched in 2007. That is a price drop of -25.6%. The percentage of St. Paul homes which sold at their original list price was 88.1%, just a little bit higher than 2007’s 87.2%.

In December of 2008, when a home in St. Paul it was on the market for an average of 144 days. In December of 2007, homes were on the market for an average of 140 days when they sold. Homes in Mac-Groveland, Southeast, and West 7th are selling after being on the market for around 3 months while homes in Crocus hills are spending 260 days or more on the market.

This is a short review of the St. Paul real estate market based on calculations by the Minneapolis Area Association of Realtors for the month of November, 2008. These statistics of course do not reflect all situations. Saint Paul real estate market statistics for November 2008 are also available.

Battle Creek & Highwood Real Estate

Como / Como Park Real Estate

Dayton’s Bluff Real Estate

Downtown Saint Paul Real Estate

Greater East Side Real Estate

Hamline-Midway Real Estate

Highland Park Real Estate

Macalester-Groveland Real Estate

Merriam Park Real Estate

North End / Frogtown Real Estate

Payne-Phalen Real Estate

St. Anthony Real Estate