Saint Paul Real Estate Market Analysis for June 2008

New listings for homes fell in Saint Paul, Minnesota, during the month of June, according to the Minneapolis Area Association of Realtors’ Market Update for 100 Twin Cities Communities. There were 632 new listings in the City of Saint Paul throughout the month. In June of 2007, there were 694 new listings, which reflects a drop of about 8.9%, much better than May 2008’s new listings drop of 23.8%. St. Paul’s Downtown, for the second month in a row, has experienced the greatest decline in new listings at -51.2%. This time it was the Phalen neighborhood which experienced the greatest increase in new listings over last year at 111, 18.1% more than June 2007.  

When you look at Saint Paul’s posted new listing for the 2008 from January through June for the year-to-date, there were 3,770 new listings in the city, compared to 4,149 throughout the same period of time in 2007. That means there have been about 9.1% fewer new listings of homes for sale so far this year. The most dramatic changes have happened in the Merriam Park neighborhood, where new listings have decreased by 28.0% over the course of the year; the Phalen neighborhood’s new listings continue to increase with 11.9% more houses for sale than last year.  

Reduced listings does not mean that there have been fewer closed sales on homes in St. Paul, Minnesota.  There were over 6.5% more closed sales at 297 last month than June of 2007’s 279.  This has helped the 2008 year overall closed sales creep closer to last year’s average.  Now its just 3.6% under the amount of homes sold in 2008 by this time.  1,237 home sales were closed in St. Paul from January through June of 2008 compared to 1,283 last year. We’re slowly getting back to where we were before!

As for home sales prices in Saint Paul, the downward trend has unfortunately continued. The average sales price of a home in St. Paul was $185,868 in June 2008 compared to the much higher price of $265,234 in 2007. That is a huge decrease of 29.9%! The solitary exception for this was the West Side/Cherokee neighborhood, which experienced a home sales price increase of 4.0% to $178,317 over last year. The average sales price year-to-date in the City of St. Paul is no better at $184,538. During the same time period in 2007, the average sales price of a home was $231,782, a decrease of 20.4%. The amount of St. Paul homes which sold at their original list price has risen to 90.1%, an increase of over one full percentage point from May’s figures. But in 2007, 95.5% of the homes sold in June were purchased for their original listing price.

Homes for sale in Saint Paul are staying on the market longer than they did in 2007, that is evident.  In June of 2008, St. Paul home was on the market for an average of 134 days before it was sold.  In June of 2007, homes for sale in Saint Paul were on the market for an average of 112 days before finally selling. The amount of time a home spends on the market varies from neighborhood to neighborhood as well, obviously. Homes sold in Saint Paul’s Como neighborhood during June were on the market for just 60 days, compared to 2007’s 89.  It’s taking about 5 months in most other neighborhoods.  In Southeast St. Paul, it’s taking 244 days for a home to sell! That’s over 8 months!  Year to date, homes are taking an average of 144 days to sell, compared to 2007’s 125 days.

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 June, 2008. These statistics of course do not reflect all situations. Click here if you’re interested in reading May’s statistics.

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