Sales are up, prices are up and our inventory of available homes is shrinking. This is the story in most of the Twin Cities’ real estate markets, so it came as no surprise to us when we opened up our copy of the latest St. Paul real estate market statistics.
Let’s take a look at St. Paul’s overall real estate statistics and then we’ll break out some neighborhood stats.
St. Paul’s Inventory of Available Homes
Anyone looking at homes for sale in St. Paul knows that our inventory of available homes is tight and that homes in good condition are being snatched up quickly. The number of homes to hit the market last month fell nearly 2 percent in July after an even larger, 9 percent tumble the month before.
Since the number of homes sold also increased (almost 16 percent) over this time last year, inventory dropped to a paltry 3.3 months’ supply of homes for sale. This is down 23.3 percent over July 2014’s inventory.
If you’ve been thinking of selling your home in St. Paul, this might just be the best time this year to get it on the market.
St. Paul’s Sale Price
There’s even better news in last month’s housing market numbers for St. Paul homeowners. The median price of a home in the city is up more than 10 percent over last year, to $175,000. The median price is down, however, from the previous month’s $181,500.
If you are a first-time homebuyer on a budget, you may want to start your search for a St. Paul home in Payne-Phalen, North End or Dayton’s Bluff, the neighborhoods with the lowest median sales prices right now.
A Look at St. Paul Neighborhoods
The three St. Paul neighborhoods with the largest jump in median sales price include:
- North End: Despite having some of the lowest median sales prices in St. Paul, home prices in North End took a hefty 28.4 percent jump from this time last year and the median price now sits at $135,000.
- Summit-U: Home prices here increased nearly 24 percent to $163,500.
- Hamline-Midway: The median price of a home here increased 22.5 percent to $189,900.
Although median sales prices decreased in five St. Paul neighborhoods, most of the drops were tiny. St. Anthony Park is the exception, however, because the median sales price dipped 42.3 percent over July 2014’s to $215,500.
Homes are selling the quickest in Battle Creek-Highwood (homes remain on the market an average of only 38 days) and Hamline-Midway where they spend an average of 36 days on the market before selling.
Two final notes: Como Park, Hamline-Midway and St. Anthony Park are the St. Paul neighborhoods where you can expect the most competition when shopping for homes.
Homeowners in Battle Creek-Highwood and Merriam Park / Lexington-Hamline are, on average, receiving more than 100 percent of their original list price. If you are planning on selling a home in one of these neighborhoods, jump into the market now.