Saint Paul Real Estate Market Analysis March 2009
New posted listings for homes in St. Paul, Minnesota, decreased in March according to the Minneapolis Area Association of Realtors' Market Update for 100 Twin Cities Communities. Throughout the month, there were 556 new listings in Saint Paul, compared to the 674 homes put up on the market during March 2008. That is a decrease of -17.5%. Comparatively, there were 548 new listings in January and 480 in February. All St. Paul neighborhoods saw their listings decrease this time. Here is a breakdown of new listings by Saint Paul neighborhood:
The year to date posted new listings in St. Paul depict a similar story. For January through March, there were 1,583 new listings, compared to the 1,838 during the same time period of 2008. That is a -13.9% decrease. Posted new listings in all Saint Paul neighborhoods dropped.
NEIGHBORHOOD NEW LISTINGS CHANGE Como 32 - 87 % Crocus Hill 49 - 120 % Downtown Saint Paul 43 - 108 % East Side 116 - 366 % Highland Park 33 - 104 % Mac-Groveland 41 - 41 % Merriam Park 14 - 41 % North End/Frogtown 48 - 177 % Phalen 83 - 227 % Southeast 21 - 52 % St. Anthony/Midway 31 - 74 % West 7th 14 - 45 % West Side/Cherokee 25 - 87 %
There was a vast increase in the number of homes sold within St. Paul, Minnesota, in March compared to the same month of 2008. There were 278 homes sold throughout the month, a +46.3% increase over the 190 sold in March 2008. That's in addition to the +27.0% increase in sales February 2008. Downtown, Highland Park, and Mac-Groveland were the only neighborhoods to see decreases in home sales. Closed sales on homes for March 2009 in Saint Paul by neighborhood:
The median price of homes sold in St. Paul has continued to fall. The homes were selling for about $95,000 in March, a negative change of -42.4% from the $165,000 of March 2008 (but $2,000 more than in February). Only the Como neighborhood saw an increase in home prices.
NEIGHBORHOOD HOMES SOLD CHANGE Como 14 + 27 .3 % Crocus Hill 17 + 112.4% Downtown Saint Paul 8 - 38.5% East Side 67 + 52.3% Highland Park 12 - 29.4% Mac-Groveland 17 - 10.5% Merriam Park 6 + 20.0% North End/Frogtown 43 + 79.2% Phalen 51 + 292.3% Southeast 9 + 12.5% St. Anthony/Midway 11 + 10.0% West 7th 11 + 10.0% West Side/Cherokee 10 + 25.0%
MAAR has added another statistic to its real estate analysis, and that is average sales price, which is a bit different from median. The average price of homes sold in Saint Paul during March was $120,397. In March 2008, that number was $188,866, making a difference of -36.3%. This shows that in general, the homes selling in the city are low- to mid-range in price. The percentage of St. Paul homes which sold at their original list price was 87.4%, just a little lower than 2008's 87.7%. Median prices of homes sold in Saint Paul by neighborhood during March 2009:
For the year to date median price of homes sold in Saint Paul, the outlook is a little worse. For January through March so far, the median home price is $90,500. That's -45.2% less than the $165,000 for the same time period of 2008. Only Como has seen a year-to-date increase in sales prices. Finally, in March of 2009 a home in St. Paul was on the market for an average of 145 days before selling. In March 2008, homes in Saint Paul were on the market for an average of 161 days before they sold. Homes in Merriam Park are selling after being on the market less than two months while homes in West Side-Cherokee and Mac-Groveland neighborhoods are spending about 6 months on the market. 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 February 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
NEIGHBORHOOD SALE PRICE CHANGE Como $183,350 + 1.6% Crocus Hill $180,000 - 33.9% Downtown Saint Paul $196,250 - 7.9% East Side $65,000 - 29.3% Highland Park $155,977 - 32.2% Mac-Groveland $219,000 - 14.1% Merriam Park $182,500 - 40.7% North End/Frogtown $44,000 - 30.1% Phalen $55,000 - 58.5% Southeast $157,500 - 21.3% St. Anthony/Midway $76,000 - 62.1% West 7th $120,000 - 20.0% West Side/Cherokee $130,500 - 15.8%