St. Paul’s real estate market may be settling in for the winter. We say “may” because we need more than this one month’s statistics to see a trend so we’ll proceed with caution and use the qualifier. Allow us to explain what happened last month in St. Paul’s housing market.
St. Paul’s Inventory of Available Homes
Fewer people listed their homes for sale in St. Paul and fewer people bought homes in St. Paul compared to this time last year. Despite the latter, it is because of the former that the city’s inventory of available homes decreased more than 25 percent over what it was in October of 2014. We now have a 2.8 month supply of homes for sale which is a clear sign of a seller’s market.
If, on the other hand, this indicates a slowing of the market – common at this time of year – the buyer’s market/seller’s market metric may change.
Home Prices in St. Paul
The median sale price of a St. Paul home is up nearly 4 percent from this time last year and it now sits at $163,000. It is down $10,000 from last month, however.
If you are hoping to buy a house in St. Paul and you’re on a tight budget, start your home search in North End, Dayton’s Bluff and Frogtown as they’re the neighborhoods with the lowest median price right now.
A Look at St. Paul Neighborhood Real Estate Statistics
Out of St. Paul’s 17 neighborhoods, about half saw price increases. The neighborhoods with the highest increases include Dayton’s Bluff, North End and Summit Hill.
Interestingly, Summit Hill saw their prices drop last month and Dayton’s Bluff and North End still have some of the lowest prices in St. Paul, despite the increase last month.
The neighborhoods with the steepest price drops include Downtown (prices decreased 38.5 percent), Frogtown (down 26.8 percent), Payne-Phalen (down 20 percent).
Homes are selling the quickest in the Como Park, Greater East Side and West Side neighborhoods. You’ll find the most competition in the St. Anthony Park, West Seventh and Hamline-Midway.
Finally, homeowners in the North End neighborhood are, on average, receiving 100.9 percent of their original list price.