Saint Paul Real Estate Market Analysis: November 2008

New posted listings for homes in St. Paul, Minnesota, decreased in November according to the Minneapolis Area Association of Realtors’ Market Update for 100 Twin Cities Communities.  During that month, there were 398 new listings in St. Paul.  In November the previous year, there were 481 new listings.  That is a reduction of about -17.3%.  The only neighborhoods which saw increases in new listings were the Phalen and Merriam Park neighborhoods of Saint Paul.  A decrease in new listings is to be expected now as the winter season really starts kicking up snow.  (Barker & Hedges blog entry about October 2008 St. Paul Real Estate Market Activity.)

Como 18 (-25.0%)
Crocus Hill 22 (-12.0%)
Downtown Saint Paul 14 (-33.3%)
East Side 98 (-28.5%)
Highland Park 23 (-43.9%)
Mac-Groveland 21 (-12.5%)
Merriam Park 17 (+54.5%)
North End/Frogtown 56 (-0.0%)
Phalen 60 (+1.7%)
Southeast 16 (-5.9%)
St. Anthony/Midway 13 (-43.5%)
West 7th 16 (-30.4%)
West Side/Cherokee 20 (-4.8%)

Saint Paul’s posted new listings of homes for sale from January through November are at 6,460.  That is a decline of -9.9% from last year’s 7,169 for the same time period.  Southeast, St. Anthony / Midway, and West 7th neighborhoods continue to experience 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 through November.

Como 368 (-19.7%)
Crocus Hill 470 (-19.5%)
Downtown Saint Paul 366 (-21.5%)
East Side 1411 (-4.0%)
Highland Park 423 (-13.0%)
Mac-Groveland 357 (-21.2%)
Merriam Park 187 (-19.0%)
North End/Frogtown 789 (-8.4%)
Phalen 950 (+14.3%)
Southeast 233 (-22.1%)
St. Anthony/Midway 332 (-27.2%)
West 7th 191 (-23.6%)
West Side/Cherokee 354 (+12.7%)

As always with these analyses we put together each month, this is the paragraph for good news.  The number of homes sold within St. Paul, Minnesota, are still higher than last year.  There were 206 homes sold throughout the month, a +7.3% increase over the 192 homes sold during November of 2007.  For the year to date, there have been 2,804 closed sales from January through November.  Last year during the same time period, there were 2,538 closed sales. With +10.5% more homes sold so-far, it would be hard for 2008 to end with fewer sales than in 2007.

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

Como 7 (-30.0%)
Crocus Hill 5 (-66.7%)
Downtown Saint Paul 12 (+9.1%)
East Side 49 (+63.3%)
Highland Park 13 (-38.1%)
Mac-Groveland 10 (-44.4%)
Merriam Park 2 (-33.3%)
North End/Frogtown 25 (+25.0%)
Phalen 37 (+60.9%)
Southeast 3 (-66.7%)
St. Anthony/Midway 14 (-6.7%)
West 7th 8 (+100.0%)
West Side/Cherokee 17 (+41.7%)

There is still some bad news, though.  The prices homes have been selling for have continued to fall.  The average sales price of a home sold in November within Saint Paul was $132,824, a big change from the $207,786 of 2007.  That is a decrease of -36.0%. Only the Southeast and Crocus Hill neighborhoods saw increases in real estate prices in November.  The average sales price year-to-date in Saint Paul also continues to drop.  Through November, the average sales price of homes sold in Saint Paul has been $172,769. During the same time period in 2007, homes were sold for an average price of $230,475, a difference of -25.0%.  The percentage of St. Paul homes which sold at their original list price has fallen to 88.5%. In 2007, that number for November was 90.4%.

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

Como $198,043 (-15.7%)
Crocus Hill $321,500 (+8.1%)
Downtown Saint Paul $245,546 (-16.3%)
East Side $81,081 (-47.0%)
Highland Park $257,317 (-6.9%)
Mac-Groveland $241,050 (-21.0%)
Merriam Park $144,750 (-28.8%)
North End/Frogtown $77,386 (-30.4%)
Phalen $90,173 (-21.9%)
Southeast $209,700 (+20.2%)
St. Anthony/Midway $138,549 (-32.4%)
West 7th $108,038 (-42.9%)
West Side/Cherokee $91,643 (-46.9%)

In November of 2008, a home in St. Paul was on the market for an average of 142 days before selling.  In November of 2007, homes in Saint Paul were on the market for an average of 124 days before they sold. Houses in Merriam Park, St. Anthony/Midway, and Como are selling after being on the market for less than 90 days while homes in Southeast Saint Paul are spending 305 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

Post a Comment