Here we are in mid-summer in St. Paul and the real estate market here is hotter than July. Yes, we’re still in a seller’s market and it shows no signs of abating, at least in the near future.
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
I’m sure we don’t need to tell St. Paul homebuyers that inventory is tight in the city. The number of homes to hit the market last month tumbled another almost 9 percent over last year’s figure. Since the number of homes sold also increased (more than 21 percent), inventory dropped to a paltry 3.3 months’ supply of homes for sale. This is down more than 20 percent over last year’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 almost 8 percent to $181,500. This is $12,350 more than homeowners were getting in May of this year.
If you are a first-time homebuyer on a budget, you may want to start your search for a St. Paul home in Frogtown, 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:
- Summit-U: The median sales price is up 37 percent over last year, to $274,500.
- West Seventh: Home prices increased here 33.3 percent to $169,900.
- Payne-Phalen: The median price of a home here increased more than 25 percent to $150,000.
Although median sales prices decreased in four St. Paul neighborhoods, the two with the largest drops include Summit Hill, which saw an increase last month. This time prices have decreased more than 26 percent to $380,000. North End’s prices decreased more than 2 percent to $115,000.
Homes are selling the quickest in West Seventh (homes remain on the market an average of only 24 days) and North End where they spend an average of 39 days on the market before selling.
Two final notes: Como Park, Hamline-Midway and Highland Park are the St. Paul neighborhoods where you can expect the most competition when shopping for homes.
Homeowners in Hamline-Midway, North End and West Seventh are, on average, receiving more than 100 percent of their original list price.
Image: "St Paul Cathedral 2012" by McGhiever - Own work. Licensed under CC BY-SA 3.0 via Wikimedia Commons