Midway

Saint Paul Real Estate Market Analysis: June 2008

New listings for homes fell in Saint Paul, Minnesota, during the month of June, according to the Minneapolis Area Association of Realtors’ Market Update for 100 Twin Cities Communities. During June of 2008, there were 632 new listings in the City of Saint Paul. In June of 2007, there were 694 new listings, which is a drop of about 8.9%, much better than May 2008’s drop of 23.8%. St. Paul’s Downtown again has experienced the greatest decline in new listings at -51.2%. The Phalen neighborhood experienced the greatest increase in new listings over last year at 111, 18.1% more than June 2007. Here is a list of June 2008 new listings in Saint Paul by neighborhood and the percentage of change that has occurred compared to June 2007. (To see a Barker & Hedges blog entry about May 2008 St. Paul Market Activity, please click here.)

Como 35 (-32.7%)
Crocus Hill 41 (-24.1%)
Downtown Saint Paul 21 (-51.2%)
East Side 130 (-1.5%)
Highland Park 31 (-36.7%)
Mac-Groveland 46 (+7.0%)
Merriam Park 20 (-16.7%)
North End/Frogtown 81 (+14.1%)
Phalen 111 (+18.1%)
Southeast 19 (-5.0%)
St. Anthony/Midway 31 (-40.4%)
West 7th 24 (+4.3%)
West Side/Cherokee 38 (+11.8%)

When you look at Saint Paul’s posted new listing for the 2008 year-to-date, from January through June, there were 3,770 new listings in the city, compared to 4,149 during the same time period of 2007. That means there were 9.1% fewer new listings so far this year. The most dramatic changes have happened in the Merriam Park neighborhood, where new listings have decreased by 28.0% while the Phalen neighborhood’s new listings continue to increase with 11.9% more houses for sale than last year. Here is a list of new listings in Saint Paul for the 2008 year to date compared to 2007:

Como 230 (-17.0%)
Crocus Hill 294 (-16.5%)
Downtown Saint Paul 241...

Saint Paul Market Analysis: May 2008

Similar to the experience of Minneapolis but more dramatic, new listings for homes fell in Saint Paul, Minnesota, during the month of May, according to the Minneapolis Area Association of Realtors’ Market Update for 100 Twin Cities Communities. During May of 2008, there were 623 new listings in the City of Saint Paul. In May of 2007, there were 818 new listings, which is a drop of about 23.8%. St. Paul’s Downtown experienced the greatest decline in new listings at -56.3%. The West Side/Cherokee neighborhood was the only location in St. Paul to experience an increase in new listings over last year. Here is a list of May 2008 new listings in Saint Paul by neighborhood and the percentage of change that has occurred compared to May 2007. (To see a Barker & Hedges article about April 2008 St. Paul Market Activity, please click here.)

Como 41 (-26.8%)
Crocus Hill 50 (-33.3%)
Downtown Saint Paul 21 (-56.3%)
East Side 143 (-14.4%)
Highland Park 55 (-3.5%)
Mac-Groveland 34 (-41.4%)
Merriam Park 20 (-23.1%)
North End/Frogtown 65 (-27.8%)
Phalen 83 (-0.0%)
Southeast 26 (-33.3%)
St. Anthony/Midway 26 (-46.9%)
West 7th 17 (-51.4%)
West Side/Cherokee 39 (+14.7%)

When you look at Saint Paul’s posted new listing for the 2008 year-to-date, there has been less drastic of a decrease by over half. From January through May, there were 3,138 new listings in the city, compared to 3,455 during the same time period of 2007. That means there are just 9.2% fewer new listings so far this year. The most dramatic changes have happened in the Saint Anthonty/Midway neighborhoods, where new listings have decreased by 31.1% while the Phalen neighborhood’s new listings increased by 11.9%. Here is a list of new listings in Saint Paul for the 2008 year to date compared to 2007:

Como 195 (-13.3%)
Crocus Hill 253 (-15.1%)
...

The Starter Home Has Returned

Just a few years ago the choices for entry-level home buyers in the Twin Cities were so meager that many put off buying a house until they could afford it. With the turn of the market in the last two years, the home-buying dreams of renters are more likely to come true. According to the Minneapolis Area Association of Realtors, this month more than 2,600 houses were on the market at less than $120,000 -- a 608 percent increase over the same period in 2005. The inventory for all price ranges increased 62 percent over 2005.

The return of the starter house is the upside of the down housing market. And home buyers are taking notice. The only segment of the market which has shown any sign of growth are home sales in the sub-$120,000 price range. Though sales across the board fell 34 percent, sales of homes below $120,000 rose 79 percent during the past three years. Many of the bargains are foreclosures and condominium conversions in inner-cities, but there are also hundreds of single-family houses and townhouses in outlying suburbs within this price range.

Though prices had already begun declining in 2006, the subprime mortgage crisis, the tightening of credit markets, and record foreclosures and defaults has increased low-priced home listings. Still, the mortgage interest rate shocks aren't over. The biggest wave of adjustable-rate mortgage hikes will strike yet later this year, bringing with it the threat of more foreclosures.

Bargain seekers should be prepared to roll up their sleeves and do some work, however. The former occupants of homes bought in a short sale or foreclosure most likely didn’t take great pains at clearing out the home or cleaning it. If the home has been empty for several months, it may have been robbed of copper plumbing or wiring. Houses which have been standing empty for a long period of time most likely have water damage as well...

Saint Paul Market Analysis: April 2008

Similar to the experience of Minneapolis but more dramatic, new listings for homes fell in Saint Paul, Minnesota, during the month of April, according to the Minneapolis Area Association of Realtors’ Market Update for 100 Twin Cities Communities. During April of 2008, there were 681 new listings in the City of Saint Paul. In April of 2007, there were 806 new listings, which is a drop of about 15.5%. That is very different from March 2008’s drop of just 4.1%. St. Paul’s Downtown experienced the greatest decline in new listings at -42.4%.

In March the East Side, Mac-Groveland, North End/Frogtown, Phalen, and West Side/Cherokee neighborhoods had more new listings than last year. However, in April there weren’t any Saint Paul neighborhoods which experienced an increase in new listings. The West Side/Cherokee and Mac-Groveland neighborhoods managed to hold steady, with no increase or decline for the month of April. Here is a list of April 2008 new listings in Saint Paul by neighborhood and the percentage of change that has occurred compared to April 2007. (To see a Barker & Hedges article about April 2008 St. Paul Market Activity, please click here.)

Como: 38 (-33.3%)
Crocus Hill: 48 (-14.3%)
Downtown Saint Paul: 34 (-42.4%)
East Side: 167 (-0.6%)
Highland Park: 41 (-22.6%)
Mac-Groveland: 44 (-0.0%)
Merriam Park: 20 (-25.9%)
North End/Frogtown: 84 (-22.9%)
Phalen: 86 (-3.4%)
Southeast: 23 (-11.5%)
St. Anthony/Midway: 45 (-28.6%)
West 7th: 19 (-9.5%)
West Side/Cherokee: 32 (-0.0%)

When you look at Saint Paul’s posted new listing for the 2008 year-to-date, there has been less drastic of a decrease. From January through April, there were 2,515 new listings in the city, compared to 2,637 during the same time period of 2007. That means there are just 4.6% fewer new listings so far this year. The most dramatic...

Saint Paul Market Analysis: March 2008

Similar to the experience of Minneapolis (though not nearly as dramatic), new listings for homes fell in Saint Paul, Minnesota, during the month of March, according to the Minneapolis Area Association of Realtors’ Market Update for 100 Twin Cities Communities. During March of 2008, there were 670 new listings in the City of Saint Paul. In March of 2007, there were 699 new listings, which is a drop of about 4.1%. The Saint Anthony/Mid-way neighborhood experienced the greatest decline in new listings at 40.4%.

There were quite a few neighborhoods which experienced an increase in new listings, however. The East Side, Mac-Groveland, North End/Frogtown, Phalen, and West Side/Cherokee neighborhoods had more homes listed for sale in March of 2008 than in March of 2007. The escalating listings in these neighborhoods account for one aspect of why Saint Paul did not experience the drastic over-all drop encountered by Minneapolis. Here is a list of March 2008 new listings in Saint Paul by neighborhood and the percentage of change that has occurred compared to March 2007.

Como: 45 (-4.3%)
Crocus Hill: 54 (-8.5%)
Downtown: 49 (-29.0%)
East Side: 143 (+8.3%)
Highland Park: 45 (-6.3%)
Mac-Groveland: 42 (+5.0%)
Merriam Park: 25 (-3.8%)
North End/Frogtown: 79 (+12.9%)
Phalen: 84 (+18.3%)
Southeast: 21 (-30.0%)
St. Anthony/Midway: 34 (-40.4%)
West 7th: 18 (-35.7%)
West Side/Cherokee: 30 (+15.4%)

Saint Paul’s posted new listing for the 2008 year-to-date has changed even less drastically. From January through March of 2008, there were 1,834 new listings in the city, compared to 1,831 during the same time period of 2007. That is actually an increase of about 0.2%. The most dramatic changes have been happening in the Merriam Park neighborhood, where new listings have dropped by about 34.2% while the Phalen neighborhood has gained about 23% new listings....