Saint Paul Real Estate Market Analysis for November 2008

Posted by Matt Barker on Monday, December 22, 2008 at 12:40 AM By Matt Barker / December 22, 2008 Comment

New posted listings for homes in Saint Paul, Minnesota, decreased during November according to the Minneapolis Area Association of Realtors’ Market Update for 100 Twin Cities Communities. Throughout the month, there were 398 new listings in St. Paul. In the previous year, there were 481 new listings during November. That is a -17.3% reduction in new listings, comparatively. The only neighborhoods of St. Paul which saw increases in posted new listings of homes for sale were Phalen and Merriam Park. A drop off in new listings is to be expected now and over the next few months as the winter season really starts kicking up snow.

Saint Paul’s new listings of homes for sale from for the year-to-date from January through November are at 6,460. That is a decrease of -9.9% from last year’s 7,169 for the same time frame. Southeast, St. Anthony / Midway, and West 7th neighborhoods are continuing to experience great declines in homes being listed for sale. The Phalen and West Side / Cherokee areas have been the only Saint Paul neighborhoods to see boosts in new listings through the month of November.

And now the part that you’ve been waiting for: the good news. The number of homes sold within St. Paul, Minnesota, during November is higher than in 2007. There were 206 homes sold, a +7.3% rise over the 192 last year. For the year to date through November, there have been 2,804 closed sales. Last year by December 1, there were 2,538 closed sales. With +10.5% more homes sold so-far, it would be hard for 2008 to end with fewer sales than in 2007, as had probably been expected with the market being as troubled as it has.

There is still some bad news, though, at least for sellers. The average prices homes in Saint Paul have been selling for have continued to fall. It was $132,824 in November, a big change from the $207,786 of 2007. It adds up, or subtracts down, to a decrease of -36.0% in sales price. Only the Southeast and Crocus Hill neighborhoods saw increases in real estate prices in November. The average sales price year-to-date in Saint Paul also continues to drop. Through November, the average sales price of homes sold in St. Paul has been $172,769, while during the same time period of 2007 it was $230,475. For those of you keeping score, that’s a decrease of -25.0%. The percentage of St. Paul homes which sold at their original list price has fallen to 88.5%. In 2007, that number for November was 90.4%.

In November of 2008, a house for sale in St. Paul was on the market for an average of 142 days. In November of 2007, they were on the market for an average of 124 days before they sold. Houses in Merriam Park, St. Anthony/Midway, and Como are selling in less than three months while homes in Southeast Saint Paul are languishing on the market for 305 days or more.

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 October 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