St. Paul’s real estate market seems to be hanging on to that “seller’s market” label for all it’s worth. Buyers will still find lots of competition for homes that are in good condition as we head into the fall season.
St. Paul’s Inventory of Available Homes
When the number of sold homes increases and fewer new listings come to market it’s only natural that our inventory of available homes would shrink and it has. A lot. Compared to this time last year, inventory has decreased more than 30 percent.
In a month-to-month comparison the picture doesn’t get any rosier for homebuyers. Last month showed no gain in new listings over the previous year. This month’s numbers, however, show a decrease from 449 new listings to 399.
There has definitely been a downward trend in this particular market stat over the past four months.
If you are at all considering selling your St. Paul home, get it on the market NOW. Buyers are obviously clamoring for homes in good condition. Let us know if you need help determining market value for your home.
Home Prices in St. Paul
St. Paul’s median sales price increased 9 percent over this time last year and now sits at $173,000. This is also a slight increase from the previous month’s $172,500 and halted a two-consecutive month slide in home prices.
A Look at St. Paul Neighborhoods
Out of St. Paul’s 17 neighborhoods, only two saw home prices drop (Summit University and Summit Hill). The three St. Paul neighborhoods with the largest gain in median sales prices include:
- North End: Despite having some of the lowest median sales prices in St. Paul, home prices in North End keep climbing. In July, prices went up 28.4 percent from the previous July and in August they increased 17.4 percent from the same time last year. This month they’ve gone up again, a whopping 48 percent to $136,200. There is good news in this, however, for homebuyers as this represents a steep drop from the previous month when the median sales price of a North End home was $150,000.
- Payne Phalen: The median sales price here increased 33.4 percent to $147,450. At this time last year, Payne Phalen’s median sales price was $110,500.
- West Seventh: Home prices here jumped 32.7 percent over this time last year to $197,000.
Homes are selling the quickest in St. Anthony Park, Dayton’s Bluff, Highland Park and West Seventh.
You’ll find the most competition for homes in the West Side, Mac-Groveland and Dayton’s Bluff neighborhoods.
Finally, homeowners in Summit University are, on average, receiving more than 100 percent of their original list price.