Saint Paul Real Estate Market Analysis February 2009

New posted listings for homes in St. Paul, Minnesota, decreased in February according to the Minneapolis Area Association of Realtors’ Market Update for 100 Twin Cities Communities.  Throughout the month, there were 480 new listings in Saint Paul, compared to the 602 homes put up on the market during February 2008.  That is a decrease of -20.3%.  Comparatively, there were 548 new listings in January 2009.  The Merriam Park and West 7th saw increases in posted new listings, while the other St. Paul neighborhoods saw their listings decrease. Here is a breakdown of new listings by Saint Paul neighborhood:

Como 27 (-25.0%)
Crocus Hill 32 (-31.9%)
Downtown Saint Paul 34 (-41.4%)
East Side 111 (-3.5%)
Highland Park 35 (-16.7%)
Mac-Groveland 22 (-15.4%)
Merriam Park 14 (+27.3%)
North End/Frogtown 65 (-4.4%)
Phalen 60 (-33.3%)
Southeast 20 (-20.0%)
St. Anthony/Midway 15 (-54.5%)
West 7th 18 (+20.0%)
West Side/Cherokee 27 (-20.6%)

For the year to date posted new listings in St. Paul, the “snapshot” is slightly different. For February and January, there were 1,027 new listings, compared to the 1,164 during the same time period of 2008. That is a -11.8% decrease.  The East Side, Merriam Park, and West 7th neighborhoods saw increases in listings up to +17.4%; other neighborhood listings dropped.

There were a lot of homes sold within St. Paul, Minnesota, in February compared to the same month of 2008.  There were 202 homes sold throughout the month, a full +27.0% increase over the 159 homes sold in February 2008!  It was a mixed bag as to where homes were selling and where they weren’t, with the biggest differences seen in West Side/Cherokee with a +260.0% increase in sales and Downtown seeing a -55.6% decrease in sales. Closed sales on homes for February 2009 in Saint Paul by neighborhood:

Como 11 (-8.3%)
Crocus Hill12 (-0.0%)
Downtown Saint Paul 4 (-55.6%)
East Side41 (+46.4%)
Highland Park 11 (-0.0%)
Mac-Groveland 12 (+9.1%)
Merriam Park 5 (+25.0%)
North End/Frogtown 24 (+14.3%)
Phalen 38 (+100.0%)
Southeast 8 (+60.0%)
St. Anthony/Midway 12 (-0.0%)
West 7th 7 (-30.0%)
West Side/Cherokee 18 (+260.0%)

The median price of homes sold in St. Paul has continued to fall.  The homes were selling for about $93,000 in February, a negative change of -42.9% from the $162,855 of February 2008. Only Merriam Park and Como neighborhoods saw increases in home prices. The percentage of St. Paul homes which sold at their original list price was 89.3%, one point higher than 2008’s 88.3%. Average prices of homes sold in Saint Paul by neighborhood during February 2009:

Como $185,950 (+7.5%)
Crocus Hill $97,000 (-56.8%)
Downtown Saint Paul $143,750 (-12.9%)
East Side $78,900 (-29.6%)
Highland Park $219,000 (-15.0%)
Mac-Groveland $203,250 (-15.6%)
Merriam Park $295,500 (+7.5%)
North End/Frogtown $34,000 (-67.6%)
Phalen $72,500 (-48.4%)
Southeast $146,500 (-6.4%)
St. Anthony/Midway $115,000 (-36.9%)
West 7th $65,000 (-45.8%)
West Side/Cherokee $72,500 (-39.6%)

For the year to date median sale price of homes in Saint Paul, the outlook is a little worse, just like with Minneapolis.  For January and February so far, the median home price is $90,000.  That’s -45.5% less than the $165,000 for the same time period of 2008. Only Como has bucked the trend to see year-to-date increases in sales prices.

Finally, in February of 2009 a home in St. Paul was on the market for an average of 146 days before selling.  In February 2008, homes in Saint Paul were on the market for an average of 162 days before they sold. Homes in West 7th are selling after being on the market less than a month-and-a-half while homes in Crocus Hill and Southeast neighborhoods are spending more than 200 days on the market. As per usual, condos and town homes are selling more quickly, while single family homes are sticking around on the market longer.

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. You can also read about January 2009 Saint Paul real estate market statistics.

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

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