St Louis Park homes for sale

St Louis Park Monthly Real Estate Market Update – September, 2008

At the end of July, we took at look at some market statistics for the Minneapolis suburb of St Louis Park. These numbers were year over year comparisons through the end of June. In today’s blog entry, we wanted to see what took place in July as well as compare year to date sales numbers.

Let’s first take a look at July of 2007 compared to the month of July in 2008. Closed sales in for homes in St Louis Park decreased 33.7%, going from 92 to 61. New listings that were processed and put onto the MLS also decreased from 143 to 103. The average sales price for a home in St Louis Park rose from $246,709 to $254,801. The percent of original list price received at the time of sale dropped 2.8%, going from 96.2% to 93.5%. Average days on market for a property in St Louis Park rose from 89 to 93 days. The overall inventory levels for homes in St Louis Park for sale dropped 4.1%, from 222 to 213 listings. The townhome and condo market in St Louis Park also saw a drop of 13.7% in active listings for sale, going from 182 to 157.

Now when we take a look at January through July of 2007 compared to January of July in 2008, new listings are down by 21.2%. 831 properties have gone on the market this year in St Louis Park. Closed sales unfortunately are also down by 23.4%, with 334 properties closing this year. The average sales price for a property in St Louis Park has actually increased by 0.3%, going from $247,979 to $248,804. The percent of original list price received at the time of sale decreased by 1.6% from 96% to 94.5%. Average days on market for a listing in St Louis Park is up by 13.9% this year, going from 102 to 116 days on market.

Compared to our blog post for St Louis Park at the end of July, the numbers seem eerily similar. The average sales price has stayed level. Compared to the entire Twin Cities real estate market however, days on market for a home in St Louis Park is still considerably lower. Even at 116 days this year, this number is surely encouraging for homeowners in this great suburb of Minneapolis.