Saint Paul Real Estate Market Analysis January 2009

The first St. Paul real estate market analysis for the year of 2009! New posted listings for homes in St. Paul, Minnesota, decreased in January according to the Minneapolis Area Association of Realtors’ Market Update for 100 Twin Cities Communities.  During the month, there were 548 new listings in Saint Paul, compared to the 562 homes put up on the market during January 2008.  That is a decrease of just -2.5%.  It was a mixed bag when the posted new listings are broken out by neighborhood, as some big increases while others saw decreases. Here is a breakdown of new listings by Saint Paul neighborhood:

Como 29 (-14.7%)
Crocus Hill 38 (-29.6%)
Downtown Saint Paul 32 (-45.8%)
East Side 138 (+26.6%)
Highland Park 36 (+9.1%)
Mac-Groveland 24 (-27.3%)
Merriam Park 14 (+16.7%)
North End/Frogtown 64 (-13.5%)
Phalen 84 (+16.7%)
Southeast 11 (-21.4%)
St. Anthony/Midway 27 (+3.8%)
West 7th 13 (-23.5%)
West Side/Cherokee 35 (+52.2%)

The number of homes sold within St. Paul, Minnesota, in January 2009 is higher than the same month of 2008, a trend that has been running for a few months.  There were 170 homes sold throughout the month, a +7.6% increase over the 158 homes sold in January 2008.  Closed sales on homes for January 2009 in Saint Paul by neighborhood:

Como 4 (-20.0%)
Crocus Hill 11 (-26.7%)
Downtown Saint Paul 384 (-20.0%)
East Side 39 (+30.0%)
Highland Park 10 (-33.3%)
Mac-Groveland 8 (-20.0%)
Merriam Park 5 (-0.0%)
North End/Frogtown 27 (+58.8%)
Phalen 32 (+77.8%)
Southeast 3 (-70.0%)
St. Anthony/Midway 6 (-45.5%)
West 7th 4 (+33.3%)
West Side/Cherokee10 (+25.0%)

The prices of homes sold in St. Paul have continued to fall.  The average sales price of a home sold in January was $111,222, a negative change from the $205,897 of January2008.  That is a decrease of -46.0%. Only the West 7th neighborhood saw an increase in real estate prices in January. The percentage of St. Paul homes which sold at their original list price was 89.4%, just a little bit higher than 2008’s 88.1%. Average prices of homes sold in Saint Paul by neighborhood during January 2009:

Como $188,925 (-7.6%)
Crocus Hill $177,080 (-59.3%)
Downtown Saint Paul $110,280 (-57.5%)
East Side $88,878 (-22.8%)
Highland Park $221,245 (-14.5%)
Mac-Groveland $242,613 (-22.2%)
Merriam Park $195,600 (-37.9%)
North End/Frogtown $63,799 (-17.2%)
Phalen $62,847 (-49.6%)
Southeast $108,667 (-46.6%)
St. Anthony/Midway $114,333 (-43.8%)
West 7th $113,938 (+8.8%)
West Side/Cherokee $94,189 (-38.9%)

In January of 2009, a home in St. Paul was on the market for an average of 155 days before selling.  In January 2008, homes in Saint Paul were on the market for an average of 140 days before they sold. Homes in Saint Anthony and West 7th are selling after being on the market for less than two months while homes in Crocus Hill, Downtown, and Southeast are spending the better part of a year on the market.

There are no year-to-date postings yet, because January is the only month for 2009 that there are statistics available.  Besides, February isn’t over yet. Please see this post for December and 2008 year-to-date statistics.

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