St Paul real estate

St Paul, MN Real Estate Monthly Market Update – July, 2008

Let’s talk real estate activity numbers for our great state capitol here today, St Paul. We have a few of our agents on our team that live in St. Paul, and I must say, they love it! Adam Maas has been a top agent on our team since 2004, and he knows all the various neighborhoods in St Paul extremely well. Jen McKinnon as well. She is newer to the team, but a top, top St Paul real estate agent. In St Paul there are so many wonderful neighborhoods, a great downtown area…there are really just a number of outstanding features to this city.

Let’s first take a look at July of 2007 compared to the month of July in 2008. For the entire city of St Paul, new listings put on the MLS were down by 13.4%, with 599 properties going onto the market. Closed sales rose by 5.3%, with 300 listings closing in July of 2008. The average sales price in July took a substantial dive, from $248,102 to $180,871. This is a 27.1% year over year drop. The percent of original list price received at the time of sale dropped by 2.6%, going from 93.7% to 91.3%. Average days on market is up 14.8%, from 116 to 133 days. The overall active inventory level for single family homes in St Paul is down 11.8%, from 1,946 to 1,716 listings. The townhome and condo inventory level is down 25.8%, with 459 properties on the market in July of 2008.

Now when we take a look at January through July of 2007 compared to January of July in 2008, there has been a 9.8% drop in new listings put onto the MLS in St Paul. Closed sales are only down 2%, with 1,537 properties closing here in 2008. The average sales price unfortunately is down 21.7% from $234,749 to $183,823. The percent of original list price received at the time of sale is down 5.6%, from 94.9% to 89.5%. Average days on market until sale is up from 123 to 141 days, an increase of 14.6%.

In conclusion, the year to date closing numbers are encouraging. With only a 2% year over year drop, there are definitely a nice number of closings taking place. However, the sharp decrease in average sales price is not good news. With over a 20% year over year drop, this is one of the largest declines we have seen for any parts of the Twin Cities.