Saint Paul Real Estate Market Analysis: June 2008

New listings for homes fell in Saint Paul, Minnesota, during the month of June, according to the Minneapolis Area Association of Realtors’ Market Update for 100 Twin Cities Communities. During June of 2008, there were 632 new listings in the City of Saint Paul. In June of 2007, there were 694 new listings, which is a drop of about 8.9%, much better than May 2008’s drop of 23.8%. St. Paul’s Downtown again has experienced the greatest decline in new listings at -51.2%. The Phalen neighborhood experienced the greatest increase in new listings over last year at 111, 18.1% more than June 2007. Here is a list of June 2008 new listings in Saint Paul by neighborhood and the percentage of change that has occurred compared to June 2007. (To see a Barker & Hedges blog entry about May 2008 St. Paul Market Activity, please click here.)

Como 35 (-32.7%)
Crocus Hill 41 (-24.1%)
Downtown Saint Paul 21 (-51.2%)
East Side 130 (-1.5%)
Highland Park 31 (-36.7%)
Mac-Groveland 46 (+7.0%)
Merriam Park 20 (-16.7%)
North End/Frogtown 81 (+14.1%)
Phalen 111 (+18.1%)
Southeast 19 (-5.0%)
St. Anthony/Midway 31 (-40.4%)
West 7th 24 (+4.3%)
West Side/Cherokee 38 (+11.8%)

When you look at Saint Paul’s posted new listing for the 2008 year-to-date, from January through June, there were 3,770 new listings in the city, compared to 4,149 during the same time period of 2007. That means there were 9.1% fewer new listings so far this year. The most dramatic changes have happened in the Merriam Park neighborhood, where new listings have decreased by 28.0% while the Phalen neighborhood’s new listings continue to increase with 11.9% more houses 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 230 (-17.0%)
Crocus Hill 294 (-16.5%)
Downtown Saint Paul 241 (-20.2%)
East Side 808 (+0.6%)
Highland Park 247 (-10.5%)
Mac-Groveland 225 (-13.8%)
Merriam Park 108 (-28.0%)
North End/Frogtown 450 (-5.9%)
Phalen 525 (+13.1%)
Southeast 129 (-20.9%)
St. Anthony/Midway 195 (-32.8%)
West 7th 110 (-22.5%)
West Side/Cherokee 195 (+8.9%)

In this case, reduced listings has certainly not meant fewer closed sales on homes in St. Paul, Minnesota. At 297, there were over 6.5% more closed sales than June of 2007’s 279. This has helped the 2008 year overall closed sales, which has crept up from 6.4% below last years figure to just 3.6% under. 1,237 home sales were closed in St. Paul from January through June of 2008 compared to 1,283 during the same time period last year. A little more and we’ll be even with last year!

As for home sales prices in Saint Paul, the downward trend is has unfortunately continued. The average sales price of a home in the City of St. Paul was $185,868 in June 2008 compared to $265,234 in 2007. That is a decrease of a whopping 29.9%! The only exception for this was the West Side/Cherokee neighborhood, which saw its sales price for a home increase 4.0% to $178,317 over last year. The average sales price year-to-date in the City of St. Paul is no better at $184,538. During the same time period in 2007, the average sales price of a home was $231,782, a decrease of 20.4%. The percentage of St. Paul homes which sold at their original list price has increased to 90.1%, an increase of over one full percentage point from last month. But in 2007, 95.5% of the homes sold in June were purchased for their original listing price.

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

Crocus Hill $369,236 (-24.2%)
Downtown Saint Paul $180,866 (-2.2%)
East Side $109,586 (-30.9%)
Highland Park $281,743 (-13.5%)
Mac-Groveland $296,207 (-23.8%)
Merriam Park $269,042 (-15.8%)
North End/Frogtown $89,326 (-41.4%)
Phalen $124,614 (-24.4%)
Southeast $146,775 (-28.2%)
St. Anthony/Midway $176,182 (-16.3%)
West 7th $141,436 (-16.3%)
West Side/Cherokee $178,317 (+4.0%)

Homes for sale in Saint Paul are staying on the market longer than they did in 2007. In June of 2008, a home in St. Paul was on the market for an average of 134 days before it was sold. In June of 2007, homes for sale in Saint Paul were on the market for an average of 112 days before selling. The amount of time a home spends on the market varies from neighborhood to neighborhood as well. Homes in the Como Saint Paul area on the market in June were selling after just 60 days on the market, compared to 2007’s 89. It’s taking about 5 months in most neighborhoods. In Southeast St. Paul, it’s taking 244 days for a home to sell! That’s over 8 months! Year to date, homes are taking an average of 144 days to sell, compared to 2007’s 125 days. Here is the average number of days a home is on the market at the time of sale by St. Paul neighborhood for June of 2008.

Como 60 (-33.1%)
Crocus Hill 141 (-11.3%)
Downtown Saint Paul 133 (+9.8%)
East Side 139 (-0.3%)
Highland Park 106 (+14.9%)
Mac-Groveland 110 (+74.7%)
Merriam Park 125 (+13.2%)
North End/Frogtown 147 (+20.7%)
Phalen 169 (+61.6%)
Southeast 244 (+111.1%)
St. Anthony/Midway 177 (+79.1%)
West 7th 117 (-17.1%)
West Side/Cherokee 106 (-43.8%)

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. 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 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 Real Estate

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