St. Paul’s latest real estate market statistics are hot off the presses and, we must say, last month’s numbers are a bit interesting when compared to this time last year. Not a whole lot has changed.
Let’s take a look at St. Paul’s overall August real estate statistics and then we’ll break out some neighborhood stats.
St. Paul’s Inventory of Available Homes
Yes, the inventory of St. Paul homes for sale is still tight and homes that are in good condition in popular areas don’t remain on the market for long. There was no change in the number of homes listed this August from August of 2014. Looking at the month-to-month numbers, however, shows us a decrease from July to August of this year. In July 510 homes were listed and in August, only 449 homes went on the market.
This could merely be a sign of an overheated summer real estate market beginning to cool, but we won’t know that until we see a trend.
The number of closed sales increased 9 percent in St. Paul from this time last year, depleting the inventory even more.
If you’ve been thinking of selling your home in St. Paul, get it on the market soon, while buyers are still out there searching.
St. Paul’s Sale Price
St. Paul’s median sales price increased slightly from this time last year to $172,500. This is down, however, from July’s $175,000, which, in turn, was a decrease from June’s $181,500. Again, we’ll have to wait and see if prices continue trending down on a month-to-month basis.
If you are a first-time homebuyer on a tight budget, you may want to start your search for a St. Paul home in Payne-Phalen, Downtown or Dayton’s Bluff, the neighborhoods with the lowest median sales prices right now.
A Look at St. Paul Neighborhoods
Out of St. Paul’s 17 neighborhoods, only nine had home price increases. The three St. Paul neighborhoods with the largest jump in median sales price include:
Frogtown: The median sales price in the Thomas Dale neighborhood increased a whopping 80.6 percent, to $144,500 compared to this time last year. This is also a substantial increase from the previous month, when the median sales price here sat at $135,000.
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’ve increased 17.4 percent from the same time last year. Even more exciting is the month-to-month hike; the median sales price in July was $134,500 and in August it was $150,000.
Dayton’s Bluff: The median sales price here increased 19.8 percent to $139,900.
Median sales prices dropped in the majority of St. Paul neighborhoods. Merriam Park / Lexington-Hamline saw the steepest decline. Compared to this time last year, prices are nearly 26 percent lower and now sit at $252,000.
Homes are selling the quickest in Payne-Phalen (homes remain on the market an average of only 35 days) and Hamline-Midway where they spend an average of 32 days on the market before selling.
Two final notes: Hamline-Midway and Como Park are the St. Paul neighborhoods where you can expect the most competition when shopping for homes.
Homeowners in Como Park and Payne-Phalen 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.