Saint Paul Real Estate Market Analysis: December 2008

The last St. Paul real estate market analysis for the year of 2008.  Let’s get it done!  New posted listings for homes in St. Paul, Minnesota, increased in December according to the Minneapolis Area Association of Realtors’ Market Update for 100 Twin Cities Communities.  During December, there were 399 new listings in St. Paul, compared to the 351 homes put up on the market during the same month of 2007.  That is an increase of about +13.7%.  Unlike November, lots of neighborhoods saw increases in new listings.  The increase in new listings is a little unusual, given that December is so full of holidays. Here is a breakdown of new listings by Saint Paul neighborhood:  (Barker & Hedges blog entry about November 2008 St. Paul Real Estate Market Activity.)

Como 13 (+18.2%)
Crocus Hill 23 (+4.5%)
Downtown Saint Paul 17 (+21.4%)
East Side 104 (+25.3%)
Highland Park 16 (-5.9%)
Mac-Groveland 12 (-40.0%)
Merriam Park 4 (-55.6%)
North End / Frogtown 70 (+40.0%)
Phalen 69 (+30.2%)
Southeast 18 (-10.0%)
St. Anthony / Midway 16 (-0.0%)
West 7th 13 (-27.8%)
West Side / Cherokee 24 (+50.0%)

Saint Paul’s posted new listings of homes for sale in 2008 ended at 6,859.  That is a decline of -8.8% from 2007’s 7,520 homes listed for the year.  Mac-Groveland, St. Anthony / Midway, and West 7th neighborhoods experienced the greatest declines in new listings.  The Phalen and West Side / Cherokee neighborhoods have been the only St. Paul neighborhoods that saw boosts in new listings.  Homes listed in Saint Paul by neighborhood:

Como 381 (-18.8%)
Crocus Hill 494 (-18.5%)
Downtown Saint Paul 383 (-20.2%)
East Side 1514 (-2.5%)
Highland Park 439 (-12.7%)
Mac-Groveland 370 (-21.8%)
Merriam Park 189 (-21.3%)
North End / Frogtown 860 (-5.6%)
Phalen 1019 (+15.3%)
Southeast 251 (-21.3%)
St. Anthony / Midway 348 (-26.3%)
West 7th 204 (-23.9%)
West Side / Cherokee 378 (+14.5%)
The number of homes sold within St. Paul, Minnesota, in December 2008 are still higher than the previous year.  There were 217 homes sold throughout the month, a +5.9% increase over the 205 homes sold during December of 2007.  For the 2008 year, there were 3,046 closed sales from January through December.  In 2007, there were 2,743 closed sales. That is +11.5% more homes sold in 2008 than in 2007.

Closed sales on homes for December 2008 in Saint Paul by neighborhood:

Como 13 (+18.2%)
Crocus Hill 23 (+4.5%)
Downtown Saint Paul 17 (+21.4%)
East Side 104 (+25.3%)
Highland Park 16 (-5.9%)
Mac-Groveland 12 (-40.0%)
Merriam Park 4 (-55.6%)
North End / Frogtown 70 (+40.0%)
Phalen 69 (+30.2%)
Southeast 18 (-10.0%)
St. Anthony / Midway 16 (-0.0%)
West 7th 13 (-27.8%)
West Side / Cherokee 24 (+50.0%)

The prices of homes sold in St. Paul have continued to fall.  The average sales price of a home sold in December was $138,227, a big change from the $208,108 of December 2007.  That is a decrease of -33.6%. Only the Crocus Hill neighborhood saw an increase in real estate prices in December.  The average sales price of homes in Saint Paul for 2008 has dropped to $170,184 from the $228,858 of 2007.  That adds up (or subtracts!) to a decrease of -25.6%.  The percentage of St. Paul homes which sold at their original list price was 88.1%, just a little bit higher than 2007’s 87.2%.

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

Como $169,505 (-35.0%)
Crocus Hill $331,360 (+3.3%)
Downtown Saint Paul $166,713 (-26.3%)
East Side $87,015 (-37.5%)
Highland Park $270,760 (-26.0%)
Mac-Groveland $286,940 (-18.4%)
Merriam Park $212,757 (-0.2%)
North End / Frogtown $50,042 (-48.3%)
Phalen $75,749 (-38.1%)
Southeast $142,933 (-3.3%)
St. Anthony / Midway $183,738 (-1.8%)
West 7th $99,378 (-33.1%)
West Side / Cherokee $117,718 (-10.2%)

In December of 2008, a home in St. Paul was on the market for an average of 144 days before selling.  In December of 2007, homes in Saint Paul were on the market for an average of 140 days before they sold. Homes in Mac-Groveland, Southeast, and West 7th are selling after being on the market for around 3 months or less while homes in Crocus hills are spending 260 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