Maplewood MN Real Estate

Maplewood is an eastern suburb in the Twin Cities metropolitan area located 9 miles from downtown St. Paul. At the top of the list of major employers in the area, the world headquarters and main campus for 3M Corporation are located in Maplewood. Housing figures for Maplewood from December 2008 to December 2009 were recently released so we will be examining what is happening in this market and we will also compare year-to-date information.

The number of single-family homes in December 2008 was 172 homes on market, 44 being new listings. December 2009 saw the total number of homes on the market drop 24.4% to 130. Similarly, townhouse and condo inventories saw a 19.4% decrease between December 2008’s 98 units and December 2009’s 79 units. New market listings in December ‘09 were down 31.8% to 30 over the previous year. This change for new market listings follows the year-to-date trend: 819 in 2008 down to 802 in 2009. In addition to the nation’s current economic climate, traditionally new listings during Minnesota’s “favorite season” (i.e., winter) are less than any other time of the season.

Closed sales for December 2009 were down, yet the year-to-date saw an increase. In December ‘08 and year-end of 2008, the numbers of closed sales were 25 and 371 respectively. Closed sales for December ‘09 fell 8% to 23 with the year-to-date at 448 closings, a positive 20.8% change over the previous year.

The average sales price for December 2008 to December 2009 slipped slightly from $176,718 in 2008 to $168,387 in 2009. The average sales price for the year-to-date decreased 15% from $190,000 to $162,000 in 2008 and 2009 respectively. However, the percent of sellers receiving the original list price increased 7.1% from December 2008’s 88.6% to 94.9% in 2009. For the year-to-date in 2009, 92.9% percent of sellers in Maplewood received the original listing price (not accounting for previous listing prices), which rose slightly by less than one-percent.

The average number of days a home sat on the market fell by 16.6% from 179 days in December 2008 to 149 days in December 2009, more than the year-to-date change, which slipped 3.2% to 145 days in 2009. Sellers are dropping sales prices or accepting lower offers to move homes, continuing to show that this area is still a buyers market.

Don’t know if home ownership is right for you? The Minnesota Real Estate Team can help you with their free minnesota first time home buyer class. Or if you’re curious about the real estate market and have a question tune into KTLK 100.3FM on Saturday mornings from 11AM to NOON for the Minnesota Real Estate Show.