Saint Paul Real Estate Market Analysis for October 2008

Posted by Matt Barker on Thursday, November 13, 2008 at 12:52 AM By Matt Barker / November 13, 2008 Comment

New listings for homes in Saint Paul, Minnesota, fell again during October according to the Minneapolis Area Association of Realtors’ Market Update for 100 Twin Cities Communities. Throughout the month, there were 515 new listings in St. Paul. During October of 2007, there were 603 new listings. That is a decrease of about -14.6%. Normally, I list the neighborhoods here that saw the greatest decreases in new listings, but there are many which saw decreases of 20% to over 45%. The only neighborhoods which saw any significant increase of new listings were the Phalen and Merriam Park neighborhoods of Saint Paul.

Posted new listings of Saint Paul real estate for the year to date were at 6,062 from January through October. That is a decrease of -9.4% from last year’s 6,688 during the same time period. Merriam Park, West 7th, and St. Anthony / Midway continue to experience great decreases in new listings. The Phalen neighborhod and West Side / Cherokee neighborhoods are the only ones to have seen any increases in new listings for the year to date.

Now for a really good number: The amount of homes sold within Saint Paul, Minnesota, increased significantly during October compared to last year. There were 255 homes sold throughout the month, a +33.5% increase! It is also on par with the 262 homes sold during September. For the year to date, there have been 2,589 closed sales from January through October. Last year by this time, there were 2,346 closed sales. That means for 2008, +10.4% more homes have sold so-far than 2007. Once again, homes in the East Side, North End / Frogtown, and Phalen neighborhoods have seen increases in home sales greater than 100%.

Now comes for some bad news. Real estate prices have continued to fall. The average sales price of a home within Saint Paul was $146,892 in October 2008, very different from the $208,786 of 2007. That is a decrease of -29.6%. Only the Mac-Groveland neighborhood saw increases in the sales price of their home in October. The average sales price year-to-date in St. Paul also continues to drop. Through October, the sales price of a home sold in Saint Paul has been $175,932. During the same time period in 2007, the average sales price of a home was $232,261, a difference of -24.3%. The percentage of St. Paul homes which sold at their original list price has fallen to 89.9%. In 2007, the percentage homes sold in October purchased for their original listing price was 92.1%.

In October of 2008, a home in Saint Paul was on the market for an average of 132 days before they sold. In October of 2007, homes in Saint Paul were on the market for an average of 135 days before selling. Homes for sale in St. Anthony/Midway and Merriam Park are selling after being on the market for just 3 months while homes in some neighborhoods are spending nearly 6 months 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 October, 2008. These statistics of course do not reflect all situations. Saint Paul real estate market statistics for September 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