Changing from what has been happening in recent months, new listings of homes for sale in Saint Paul, Minnesota, rose during September according to the Minneapolis Area Association of Realtors’ Market Update for 100 Twin Cities Communities. During the month, there were 621 new listings in St. Paul. Throughout September of last year, there were 602 new listings. That is equal to an increase of about +3.2%! The Phalen and Highland Park neighborhoods of St. Paul experienced the greatest increase in new listings during September at +44.3% and +32.4% respectively. On the contrary, the West 7th and Merriam Park neighborhoods saw declines in new listings of -45.0% and -50.0% respectively during September.
Posted new Saint Paul real estate listings from January through September for the year to date were at 5,543. That is a decrease of -8.9%. The month of September’s rise in new listings helped to raise that number up a bit that from August’s -10.2%. If the trend continues in October for new listings in Saint Paul, the real estate market might be on par with posted listings for last year. Saint Paul's Merriam Park and St. Anthony / Midway had the most extreme decrease in new listings. The Phalen and West Side / Cherokee neighborhoods have seen moest increases in new listings for the year to date.
Closed sales on homes in Saint Paul, Minnesota, exploded during September compared to last year. There were 262 homes sold during the month, a +45.6% increase over last year’s figure of 180. For the year to date, there have been 2,100 close sales from January through September. Last year during the same time period, there were 2,043 closed sales. That mean’s right now, +2.8% more homes have been sold in Saint Paul by this time last year! Homes in the East Side, North End / Frogtown, and Phalen neighborhoods have seen increases in sales higher than 100% compared to 2007.
One aspect of St. Paul real estate which has not increased compared to 2007 figures is the sales prices of homes, which continue to fall. The average sales price of a home within Saint Paul was $161,251 in September 2008, well distinguished from the $216,127 homes were selling for in 2007. That is a decrease of -25.4%. The neighborhoods of Downtown Saint Paul, Mac-Groveland, and West 7th saw increases in their real estate prices. The average sales price year-to-date in St. Paul also continues to drop. So far this year, the average sales price of a home sold in Saint Paul has been $179,650. During the same time period in 2007, the average sales price of a home was $234,305, a difference of -22.2%. The percentage of St. Paul homes which sold at their original list price has fallen to 91.3%. In 2007, the percentage homes sold in September purchased for their original listing price wasn’t much higher at 92.6%.
Homes for sale in Saint Paul tend to be on the market longer before selling than in 2007. In September of 2008, homes for sale in St. Paul were on the market for about 135 days before selling. In September of 2007, a home in St. Paul was on the market for an average of 122 days before it was sold. Homes sold in Highland Park, Merriam Park, and West 7th are being snapped up by buyers after just 2 to 3 months on the market while in some neighborhoods, homes could be on the market for 6 months 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 September, 2008. These statistics of course do not reflect all situations. Saint Paul real estate market statistics for August 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
Summit Hill Real Estate
Summit University Real Estate
Thomas-Dale Real Estate
West 7th Real Estate
West Side / Cherokee