Saint Paul Real Estate Market Analysis: October 2008

New posted listings for homes in St. Paul, Minnesota, fell in the month of October according to the Minneapolis Area Association of Realtors’ Market Update for 100 Twin Cities Communities.  During October, there were 515 new listings in St. Paul.  In October of 2007, there were 603 new listings.  That is a reduction of about -14.6%.  There were too many neighborhoods to list here that experienced declines of 20% to over 45%.  The only neighborhoods which saw significant increases in new listings were the Phalen and Merriam Park neighborhoods of Saint Paul.  (Barker & Hedges blog entry about September 2008 St. Paul Real Estate Market Activity.)

Como 31 (-6.1%)
Crocus Hill 40 (-35.5%)
Downtown Saint Paul 21 (-46.2%)
East Side 132 (+0.8%)
Highland Park 25 (-26.5%)
Mac-Groveland 22 (-47.6%)
Merriam Park 12 (+20.0%)
North End/Frogtown 56 (-29.1%)
Phalen 83 (+23.9%)
Southeast 12 (-42.9%)
St. Anthony/Midway 30 (+7.1%)
West 7th 17 (-29.2%)
West Side/Cherokee 30 (-0.0%)

Saint Paul’s posted new listings of homes for sale from January through October are at 6,062.  That is a decline of -9.4% from last year’s 6,688 for the same time period.  Merriam Park, St. Anthony / Midway, and West 7th neighborhoods continue to experience greatest declines in new listings.  The Phalen and West Side / Cherokee neighborhoods were the only St. Paul neighborhoods that saw any boost in new listings for the year to date through October.

Como 348 (-19.8%)
Crocus Hill 450 (-19.5%)
Downtown Saint Paul 352 (-20.9%)
East Side 1313 (-1.5%)
Highland Park 400 (-10.1%)
Mac-Groveland 335 (-21.9%)
Merriam Park 170 (-22.7%)
North End/Frogtown 732 (-9.1%)
Phalen 890 (+15.3%)
Southeast 217 (-23.0%)
St. Anthony/Midway 320 (-26.1%)
West 7th 175 (-22.9%)
West Side/Cherokee 334 (+14.0%)

Time for some good news!  The number of homes sold within St. Paul, Minnesota, increased significantly during October compared to last year.  There were 255 homes sold throughout the month, a +33.5% increase!  It is also nearly equal to the 262 homes sold during September.  For the year to date, there have been 2,589 closed sales from January through October.  Last year during the same time period, there were 2,346 closed sales. That means for 2008, +10.4% more homes have sold so-far than 2007.  Homes in the East Side, North End / Frogtown, and Phalen neighborhoods have seen increases in home sales greater than 100%. Closed sales on homes for October 2008 in Saint Paul by neighborhood:

Como 12 (-14.3%)
Crocus Hill 15 (+7.1%)
Downtown Saint Paul 9 (-0.0%)
East Side 52 (+57.6%)
Highland Park 15 (+15.4%)
Mac-Groveland 12 (-36.8%)
Merriam Park 11 (+10.0%)
North End/Frogtown 37 (+68.2%)
Phalen 43 (+168.8%)
Southeast 6 (-50.0%)
St. Anthony/Midway 21 (+61.5%)
West 7th 6 (-33.3%)
West Side/Cherokee 16 (+220.0%)

Since there was good news, of course there had to be some bad news.  The prices all those homes have been selling for have continued to fall.  The average sales price of a home within Saint Paul was $146,892 in October 2008, a big change from the $208,786 of 2007.  That is a decrease of -29.6%. Only the Mac-Groveland neighborhood saw increases in real estate prices in October.  The average sales price year-to-date in Saint Paul also continues to drop.  Through October, the average sales price of homes sold in Saint Paul has been $175,932. During the same time period in 2007, homes were sold for an average price of $232,261, a difference of -24.3%.  The percentage of St. Paul homes which sold at their original list price has fallen to 89.9%. In 2007, that number for October was 92.1%.

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

Como $169,738 (-14.6%)
Crocus Hill $325,059 (-12.3%)
Downtown Saint Paul $204,776 (-12.9%)
East Side $92,237 (-40.0%)
Highland Park $306,370 (-1.1%)
Mac-Groveland $303,033 (+23.0%)
Merriam Park $225,051 (-22.2%)
North End/Frogtown $60,280 (-49.0%)
Phalen $99,337 (-30.0%)
Southeast $118,967 (-36.4%)
St. Anthony/Midway $139,002 (-40.6%)
West 7th $64,875 (-64.3%)
West Side/Cherokee $113,470 (-26.7%)

In October of 2008, a home in St. Paul was on the market for an average of 132 days before selling.  In October of 2007, homes in Saint Paul were on the market for an average of 135 days before they sold. Houses in Merriam Park and St. Anthony/Miday are selling after being on the market for just 90 days while homes in some neighborhoods are spending 160 days or more on the market.

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 Saint Paul 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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