Saint Paul Real Estate Market Analysis: July 2008

For the yet another month, new Saint Paul, Minnesota, listings for homes decreased during the month of July, according to the Minneapolis Area Association of Realtors’ Market Update for 100 Twin Cities Communities. Throughout July of 2008, there were 599 new listings within the City of Saint Paul. In July of 2007, there were 692 new listings, which is a drop of about -13.4%. This is worse than June 2008’s drop of -8.9%. The Mac-Groveland neighborhood of St. Paul experienced the greatest decline in new listings this month at -56.9%. The West Side/Cherokee neighborhoods experienced the greatest increase in new listings over last year at 41, a very significant 86.4% more listings when compared to July 2007. Here is a list of July 2008 new listings in Saint Paul by neighborhood and the percentage of change that has occurred compared to July 2007. (To see a Barker & Hedges blog entry about June 2008 St. Paul Market Activity, please click here.)

Como 33 (-21.4%)
Crocus Hill 37 (-19.6%)
Downtown Saint Paul 30 (-23.1%)
East Side 125 (-16.7%)
Highland Park 38 (-28.3%)
Mac-Groveland 22 (-56.9%)
Merriam Park 19 (-0.0%)
North End/Frogtown 75 (-12.8%)
Phalen 95 (+6.7%)
Southeast 32 (-25.6%)
St. Anthony/Midway 29 (-0.0%)
West 7th 20 (-9.1%)
West Side/Cherokee 41 (+86.4%)

As we view the city’s posted new listing for the 2008 year-to-date, from January through July, there were 4,369 new listings in St. Paul, compared to 4,841 during the same months of 2007. That equates to 9.8% fewer new listings so far this year. The most extreme changes have happened in the St. Anthony/Midway neighborhoods, where new listings have decreased by 29.8% while the Phalen neighborhood’s new listings continue to increase with 12.1% more homes for sale than last year. Here is a list of new listings in Saint Paul for the 2008 year to date compared to 2007:

Como 263 (-17.6%)
Crocus Hill 331 (-16.8%)
Downtown Saint Paul 271 (-20.5%)
East Side 933 (-2.1%)
Highland Park 285 (-13.4%)
Mac-Groveland 247 (-20.8%)
Merriam Park 127 (-24.9%)
North End/Frogtown 525 (-6.9%)
Phalen 620 (+12.1%)
Southeast 161 (-21.8%)
St. Anthony/Midway 224 (-29.8%)
West 7th 130 (-20.7%)
West Side/Cherokee 236 (+17.4%)

For yet another month, fewer new listings have not meant fewer closed sales on homes in St. Paul, Minnesota. At 300, there were 5.3% more closed sales this year in July than the same month of 2007’s 285. This has helped the 2008 year overall closed sales, which has inched up from 3.6% below last years figure to exactly 2.0% under. 1,537 home sales were closed in St. Paul from January through July of 2008 compared to 1,568 during the same time period last year. A little bit more and we’ll be on par with last year’s stats!

Home sales prices in Saint Paul continue to fall. The average price of a home sold within the City of St. Paul was $180,871 in July 2008 compared to $248,104 in 2007. That is a decrease of a noteworthy 27.1%. The exceptions to the downward trend were the Downtown and Highland Park neighborhoods, which saw increases over last year’s home sales prices of 10.6% and 1.5% respectively. The average sales price year-to-date in the City of Saint Paul is no better at $183,823. During the same time period in 2007, the average sales price of a home was $234,749, a decrease of 21.7%. The percentage of St. Paul homes which sold at their original list price has decreased to 91.3%. In 2007, 93.7% of the homes sold in July were purchased for their original listing price.

Average prices of homes sold in Saint Paul by neighborhood during July 2008:

Como $214,487 (-3.4%)
Crocus Hill $245,156 (-41.3%)
Downtown Saint Paul $204,979 (+10.6%)
East Side $107,984 (-30.6%)
Highland Park $303,873 (+1.5%)
Mac-Groveland $264,494 (-25.3%)
Merriam Park $252,947 (-14.3%)
North End/Frogtown $82,439 (-36.3%)
Phalen $102,421 (-36.8%)
Southeast $171,640 (-7.2%)
St. Anthony/Midway $180,384 (-28.8%)
West 7th $154,067 (-14.1%)
West Side/Cherokee $149,210 (-26.3%)

As we saw last months, homes for sale in Saint Paul are staying on the market longer than they did in 2007. In July of 2008, a home in St. Paul was up for sale an average of 133 days before it sold. In July of 2007, homes for sale in Saint Paul were on the market for an average of 116 days before selling. Of course, the amount of time a home spends on the market varies from neighborhood to neighborhood. Homes sold in the Mac-Groveland and Como neighborhoods of Saint Paul in July on the market 98 days before selling. That might seem quick at first glance, but they were selling in 81 and 92 days in July of 2007. It’s taking about 5 months for homes to sell in most neighborhoods. In Southeast St. Paul, it’s taking 195 days for a home to sell. That’s much better than last month’s 244 days for that neighborhood! Year to date, homes are taking an average of 141 days to sell, compared to 2007’s 123 days. Here is the average number of days a home is on the market at the time of sale by St. Paul neighborhood for July of 2008.

Como 98 (+6.9%)
Crocus Hill 170 (+77.7%)
Downtown Saint Paul 164 (+1.1%)
East Side 160 (+12.6%)
Highland Park 102 (-14.9%)
Mac-Groveland 98 (+20.1%)
Merriam Park 132 (+26.1%)
North End/Frogtown 138 (+20.0%)
Phalen 130 (+5.9%)
Southeast 195 (+40.6%)
St. Anthony/Midway 111 (+31.8%)
West 7th 128 (-30.1%)
West Side/Cherokee 154 (+3.8%)

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.

Browse homes for sale by Saint Paul Neighborhood:

Battle Creek & Highwood Real Estate
Como/Como Park Real Estate
Downtown Real Estate
Greater East Side Real Estate
Hamline-Midway Real Estate
Highland Park Real Estate
Dayton’s Bluff Real Estate
Payne-Phalen Real Estate
Macalester-Groveland Real Estate
Merriam Park Real Estate
North End Real Estate
St. Anthony/Midway Real Estate
Summit Hill Real Estate
Summit University Real Estate
Thomas-Dale Real Estate
West Side Real Estate
West 7th