As we move into summer, the heated St. Paul real estate market shows no signs of cooling off. We are definitely in a seller’s market as homebuyers hit the market in droves, trying to beat any additional interest rate increases.
News for St. Paul Home Buyers
The number of homes to hit the market in May was down, but only by less than 1 percent. This means that St. Paul homeowners aren’t shying away from getting their homes on the market and we’re hopeful that summer will bring more of them.
Right now, however, the inventory of available homes has shrunk another 11 percent over this time last year to where we now have only a 3.3 month supply. Look for lots of competition in St. Paul’s most popular neighborhoods, especially for homes in good condition.
News for St. Paul’s Home Sellers
There’s good news for homeowners thinking of selling their homes this summer in St. Paul. More homes sold in May of this year than last year, closed sales are up 7.6 percent. Since the inventory of available homes is so tight and demand is strong, the median sales price has increased more than 6 percent over last year to $169,150.
Homes are selling quicker as well, spending, on average, 81 days on the market, compared to 88 last year.
The three St. Paul neighborhoods with the largest jump in median sales price include:
- St. Anthony Park, where home prices increased more than 44 percent to 299,900.
- Merriam Park/Lexington-Hamline. Home prices here increased 36.8 percent to $290,000.
- Summit Hill’s median home price has gone up 29.4 percent since May of 2014 to $332,000.
Although median sales prices decreased in four St. Paul neighborhoods, the two with the largest drops include Downtown St. Paul, with a decrease of 11.6 percent to $162,175 and Como Park, with a decrease of 6.6 percent to $184,325.
Image: By Telepwn at en.wikipedia [Public domain], via Wikimedia Commons