Saint Paul Market Analysis: April 2008

Similar to the experience of Minneapolis but more dramatic, new listings for homes fell in Saint Paul, Minnesota, during the month of April, according to the Minneapolis Area Association of Realtors’ Market Update for 100 Twin Cities Communities. During April of 2008, there were 681 new listings in the City of Saint Paul. In April of 2007, there were 806 new listings, which is a drop of about 15.5%. That is very different from March 2008’s drop of just 4.1%. St. Paul’s Downtown experienced the greatest decline in new listings at -42.4%.

In March the East Side, Mac-Groveland, North End/Frogtown, Phalen, and West Side/Cherokee neighborhoods had more new listings than last year. However, in April there weren’t any Saint Paul neighborhoods which experienced an increase in new listings. The West Side/Cherokee and Mac-Groveland neighborhoods managed to hold steady, with no increase or decline for the month of April. Here is a list of April 2008 new listings in Saint Paul by neighborhood and the percentage of change that has occurred compared to April 2007. (To see a Barker & Hedges article about April 2008 St. Paul Market Activity, please click here.)

Como: 38 (-33.3%)
Crocus Hill: 48 (-14.3%)
Downtown Saint Paul: 34 (-42.4%)
East Side: 167 (-0.6%)
Highland Park: 41 (-22.6%)
Mac-Groveland: 44 (-0.0%)
Merriam Park: 20 (-25.9%)
North End/Frogtown: 84 (-22.9%)
Phalen: 86 (-3.4%)
Southeast: 23 (-11.5%)
St. Anthony/Midway: 45 (-28.6%)
West 7th: 19 (-9.5%)
West Side/Cherokee: 32 (-0.0%)

When you look at Saint Paul’s posted new listing for the 2008 year-to-date, there has been less drastic of a decrease. From January through April, there were 2,515 new listings in the city, compared to 2,637 during the same time period of 2007. That means there are just 4.6% fewer new listings so far this year. The most dramatic changes have happened in the Phalen neighborhood, where new listings have increase by 15.3% while the Merriam Park neighborhood new listings decreased by 32%. Here is a list of new listings in Saint Paul for the 2008 year to date compared to 2007:

Como: 154 (-8.9%)
Crocus Hill: 203 (-9.0%)
Downtown Saint Paul: 199 (-5.7%)
East Side: 535 (+6.2%)
Highland Park: 161 (-5.3%)
Mac-Groveland: 145 (-9.4%)
Merriam Park: 68 (-32.0%)
North End/Frogtown: 304 (-4.1%)
Phalen: 331 (+15.3%)
Southeast: 84 (-19.2%)
St. Anthony/Midway: 138 (-27.0%)
West 7th: 69 (-17.9%)
West Side/Cherokee: 118 (+6.3%)

Though some areas had fewer new listings, there have still been more homes put up for sale in these areas overall for the year. It will take more months of reduced new listings to balance the excess in available homes for sale in these areas.

Closed sales on homes in St. Paul, Minnesota, picked up during the month of April. At 233, there were over 8.9% more closed sales than April of 2007’s 214. For the 2008 year overall, the picture is very different, as 5.4% fewer homes have been closed on this year. Remember, though, that in March, we had had 11% fewer homes purchased for the year to date, so we’ve made up about 5.5%. 681 home sales were closed in St. Paul from January through April of 2008 compared to 721 during the same time period last year.

As for home sales prices in Saint Paul, the downward trend continues. There are still quite a few homes on the market, so a decrease in real estate prices is to be expected as sellers tried to unload their property. The average sales price of a home in the City of St. Paul was $175,875 in April 2008 compared to $223,773 in 2007. That is a decrease of 21.4%. The average sales price year-to-date in the City of St. Paul is $183,809. During the same time period in 2007, the average sales price of a home was $219,273, a 16.9% decrease. The percentage of St. Paul homes which sold at their original list price has increased to 88.8%, a full percentage point increase from last month. But last year, 96.3% of the homes sold in April were purchased for their original listing price.

Average prices of homes sold in St. Paul by neighborhood during April 2008:

Como: $211,350 (+6.7%)
Crocus Hill: $309,047 (+ 2.5%)
Downtown Saint Paul: $193,900 (-14.5%)
East Side: $107,145 (-36.8%)
Highland Park: $259,890 (-21.2%)
Mac-Groveland: $250,754 (-12.6%)
Merriam Park: $240,903 (-36.8%)
North End/Frogtown: $73,661 (-44.4%)
Phalen: $113,374 (-39.7%)
Southeast: $158,060 (-17.1%)
St. Anthony/Midway: $216,441 (+13.0%)
West 7th: $90,525 (-58.4%)
West Side/Cherokee: $158,836 (-10.4%)

As you can see some St. Paul neighborhoods like West 7th and Frogtown have experienced deep drops in real estate prices, while Crocus Hill and St. Anthony/Midway seen some increases in average sales price compared to last year. Though in March, prices in the Downtown neighborhood had been climbing compared to last year, in April we can see that they are dropping.

Homes for sale in Saint Paul are staying on the market longer than they did in 2007. In April of 2007, a home in St. Paul was on the market for an average of 133 days before it was sold. In April of 2008, homes for sale in Saint Paul were on the market for an average of 153 days before selling. The amount of time a home spends on the market varies from neighborhood to neighborhood as well. Last year, homes sold in West 7th and St. Anthony/Midway were on the market less than two months before being purchased, but this year it’s taking about 6 months or more in both neighborhoods. During April, Crocus Hill is the only neighborhood which saw the amount of days a home spends on the market decrease. A home there spent 155 days on the market when it was sold in April compared to 168 last year. Here is the average number of days a home is on the market at the time of sale by St. Paul neighborhood for April of 2008.

Como: 112 (+1.2%)
Crocus Hill: 139 (-22.7%)
Downtown Saint Paul: 256 (+8.6%)
East Side: 153 (+6.3%)
Highland Park: 131 (+4.3%)
Mac-Groveland: 124 (-4.1%)
Merriam Park: 170 (+71.1%)
North End/Frogtown: 164 (+32.4%)
Phalen: 186 (+21.5%)
Southeast: 193 (+31.5%)
St. Anthony/Midway: 115 (+117.1%)
West 7th: 172 (+261.4%)
West Side/Cherokee: 242 (+105.3%)

This is a brief analysis of the St. Paul real estate market based on calculations by the Minneapolis Area Association of Realtors. These statistics do not reflect all situations. Though much of this information may seem like a downer, much of it a necessary market correction which has been happening for a while. It will take time for the real estate market to stabilize.

Browse homes for sale by Saint Paul Neighborhood:
Battle Creek & Highwood
Como/Como Park
Downtown
Greater East Side
Hamline-Midway
Highland Park
Dayton's Bluff
Payne-Phalen
Macalester-Groveland
Merriam Park
North End
St. Anthony/Midway
Summit Hill
Summit University
Thomas-Dale
West Side
West 7th

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