Saint Paul Real Estate Market Analysis: September 2008

In a change to what we have seen in previous months, new listings for homes in Saint Paul, Minnesota, rose during September according to the Minneapolis Area Association of Realtors’ Market Update for 100 Twin Cities Communities.  Throughout the month, there were 621 new listings in St. Paul.  During September of 2007, there were 602 new listings.  That adds up to an increase of about +3.2%!  It may be small, but it is something.  The Phalen and Highland Park neighborhoods of Saint Paul saw the greatest boost in new listings during September at +44.3% and +32.4% respectively.  Conversely, the West 7th and Merriam Park neighborhoods saw decreases in new listings during September of -45.0% and -50.0% respectively.  (Barker & Hedges blog entry about August 2008 St. Paul Real Estate Market Activity.)

Como 31 (-24.4%)
Crocus Hill 42 (-26.3%)
Downtown Saint Paul 25 (-19.4%)
East Side 139 (+23.0%)
Highland Park 49 (+32.4%)
Mac-Groveland 34 (-10.5%)
Merriam Park 14 (-50.0%)
North End / Frogtown 82 (+18.8%)
Phalen 101 (+44.3%)
Southeast 15 (+7.1%)
St. Anthony / Midway 35 (-31.4%)
West 7th 11 (-45.0%)
West Side / Cherokee 42 (+27.3%)

Saint Paul’s posted new listings for the year to date were at 5,543 from January through September.  That is a decrease of -8.9%.  This September’s increase in new listings helped raise that from August’s -10.2%.  If October follows in suit for new listings in St. Paul, the city might be on par with its real estate listings for last year.  Merriam Park and St. Anthony / Midway have seen the greatest decreases in new listings.  The Phalen and West Side / Cherokee neighborhoods have seen increases in new listings for the year to date.

Como 321 (-19.8%)
Crocus Hill 414 (-16.5%)
Downtown Saint Paul 325 (-20.5%)
East Side 1185 (-1.2%)
Highland Park 376 (-8.3%)
Mac-Groveland 312 (-19.4%)
Merriam Park 157 (-25.9%)
North End / Frogtown 678 (-5.7%)
Phalen 803 (+13.4%)
Southeast 204 (-19.7%)
St. Anthony / Midway 288 (-30.1%)
West 7th 157 (-22.7%)
West Side / Cherokee 304 (+16.0%)

There was quite a HUGE increase in the amount of closed sales on homes in Saint Paul, Minnesota, during September compared to last year.  There were 262 homes sold during the month, a +45.6% increase over last year’s 180.  Last month also saw a modest increase at 2.0% more closed sales this year during August than the same month in 2007.  For the year to date, there have been 2,100 close sales from January through September.  Last year by this time, there were 2,043 closed sales, bringing us to a total of +2.8% more home sales than the same time period of last year!  Homes in the East Side, North End / Frogtown, and Phalen neighborhoods have seen increases in sales higher than 100% compared to last year. Closed sales on homes for September 2008 in Saint Paul by neighborhood:

Como 16 (-20.0%)
Crocus Hill 10 (-16.7%)
Downtown Saint Paul 11 (-0.0%)
East Side 71 (+115.2%)
Highland Park 25 (+78.6%)
Mac-Groveland 16 (+23.1%)
Merriam Park 5 (-37.5%)
North End / Frogtown 33 (+120.0%)
Phalen 34 (+161.5%)
Southeast 10 (-28.6%)
St. Anthony / Midway 10 (-37.5%)
West 7th 8 (+33.3%)
West Side / Cherokee 11 (+83.3%)

One aspect of St. Paul real estate which has not increased compared to 2007 figures is the sales prices of homes, which continue to fall.  The average sales price of a home within Saint Paul was $161,251 in September 2008, well distinguished from the $216,127 homes were selling for in 2007.  That is a decrease of -25.4%.  The neighborhoods of Downtown Saint Paul, Mac-Groveland, and West 7th  saw increases in their real estate prices.  The average sales price year-to-date in St. Paul also continues to drop.  So far this year, the average sales price of a home sold in Saint Paul has been $179,650. During the same time period in 2007, the average sales price of a home was $234,305, a difference of -22.2%. The percentage of St. Paul homes which sold at their original list price has fallen to 91.3%. In 2007, the percentage homes sold in September purchased for their original listing price wasn’t much higher at 92.6%.

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

Como $201,134 (-13.9%)
Crocus Hill $308,460 (-9.1%)
Downtown Saint Paul $226,231 (+15.6%)
East Side $104,829 (-33.4%)
Highland Park $298,950 (-24.3%)
Mac-Groveland $319,726 (+15.2%)
Merriam Park $251,500 (-10.7%)
North End / Frogtown $73,672 (-40.7%)
Phalen $98,119 (-29.0%)
Southeast $168,426 (-14.6%)
St. Anthony / Midway $159,860 (-21.2%)
West 7th $145,700 (+3.5%)
West Side / Cherokee $87,530 (-53.3%)

It is common for homes on the market in St. Paul to be up for sale longer before selling than in 2007. In September of 2008, a home in Saint Paul was on the market for an average of 135 days before it finally sold.  In September of 2007, homes in Saint Paul were on the market for an average of 122 days before selling. Homes sold in Highland Park, Merriam Park, and West 7th are selling after just 2 to 3 months on the market while in some neighborhoods, real estate is on the market for 6 months or more.

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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