Saint Paul Real Estate Market Analysis for February 2009

Posted by Matt Barker on Wednesday, March 25, 2009 at 5:48 PM By Matt Barker / March 25, 2009 Comment

According to the Minneapolis Area Association of Realtors’ Market Update for 100 Twin Cities Communities, new posted listings for homes in St. Paul MN, decreased in February. There were 480 new listings in Saint Paul throughout the month, compared to the 602 homes put up on the market during February 2008. That is a decline of -20.3%. In contrast, there were 548 new listings in January 2009. The Merriam Park neighborhood and West 7th neighborhood of St. Paul experienced increases in posted new listings, while rest saw their listings decrease.

For the year to date posted new listings in St. Paul, the picture looks just a little different. For February and January, there were 1,027 new listings, compared to the 1,164 during the same time frame of 2008. That’s a -11.8% reduction. The Greater East Side, Merriam Park, and West 7th neighborhoods saw a rise in listings up to +17.4%; other Saint Paul neighborhood listings dropped.

There were many homes sold in Saint Paul in February compared to 2008. There were 202 homes sold throughout the month, a full +27.0% increase over the 159 homes sold in February of 2008! Rates at which homes were selling varied from neighborhood to neighborhood, with the biggest differences seen in West Side/Cherokee with a +260.0% sales increase and Downtown seeing a -55.6% sales decrease.

The median price of homes sold in St. Paul continues to plunge. Homes were selling for about $93,000 in February, a downward change of -42.9% from the $162,855 of February 2008. Only Merriam Park and Como/Como Park neighborhoods saw increases in home prices. The percentage of St. Paul homes which sold at their original list price was 89.3%, one point higher than 2008’s 88.3%.

For the year to date median sale price of homes in Saint Paul, the outlook is a little worse. For the year so far, the median home price is $90,000. That’s -45.5% less than the $165,000 for January and February of 2008. Only Como has seen a year-to-date increase in median sales price.

Lastly, in February of 2009 a home in St. Paul was on the market for an average of 146 days before being sold. In February 2008, homes in Saint Paul were on the market for an average of 162 days before selling. Homes in West 7th are selling after being on the market less than a month-and-a-half while homes in Crocus Hill and Southeast neighborhoods are spending more than 200 days on the market. Condos and town homes are selling more quickly, while single family homes are sticking around on the market longer.

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 February, 2009. These statistics of course do not reflect all situations. Please see this post for January Saint Paul real estate market statistics.

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