I wouldn’t mind living here. This is vacant retail space in downtown St. Paul. There are no current plans to covert the spaces in the picture to housing but we need more housing and the space has been vacant for a few years. Workers have returned to downtown but there are far fewer of them and few businesses too.
The spaces in the picture could be converted into lofts, taking advantage of the sunny southern exposure.
Home sale prices are rising rapidly in downtown St. Paul. It should be noted that during the pandemic demand for downtown housing was weaker than it was in the rest of the city. As a result, prices did not go up nearly as much.
There is a 5.5-month supply of housing on the market downtown and a less than two-month supply in the rest of the city. The pandemic had a greater impact on downtown housing.
In 2020 the demand for housing in St. Paul went up while at the same time, it went down in the downtown area. That is all starting to turn around and prices are rising downtown faster than in the other neighborhoods.
January can be the perfect time to put a home on the market. We have sold more homes to cash buyers in January than in any other month. Home buyers who plan on getting a home loan often wait until after they get an income tax refund before they buy a house. That is why March 15th is considered an ideal time to put a house on the market.
Quick sales happen all year long and so do cash sales. Putting your home on the market in January can lead to a higher sale price, a shorter time on the market, and a cash offer.
Money is money but with a cash offer, there is no appraisal. There are fewer steps that the buyer and sellers have to go through. There is no waiting for underwriting approval.
It is Friday and Fridays are for fun. I missed the tree lighting in Rice Park this year but managed to get a picture of the tree.
I have hundreds of pictures of Rice Park during the holidays. I recommend visiting the park after the sun goes down which is late afternoon these days. I like to go during the early morning hours on Sunday because that is the perfect time to take pictures.
This year is one of the better times to sell a house and buy a condo downtown. As I wrote yesterday homes are selling quickly in St. Paul and for more than the asking price.
The condo market downtown is a little different. While the number of homes on the market is going down in St. Paul the opposite is true downtown. It is still a seller’s market but weaker than what we are seeing in the rest of the city.
The months supply of inventory is 4.43, which indicates the number of months it would take to sell all currently listed properties at the current rate of sales. A balanced market is considered to have around 6 months of inventory. The rest of the city has a one-month supply of homes for sale.
The 12-month change in months of inventory is +12.72%, which means that inventory levels have increased over the past year. This indicates a slowdown in buyer demand.
The median days homes are on the market is 71, which is significantly higher than the average for the city which is 13 days.
The list-to-sold price percentage is 97.3%, which means that on average, properties are selling for just under the listing price. Overall home sellers in St. Paul are getting more than the asking price.
The median sold price is $215,000, in downtown St. Paul which is lower than the median in the rest of the city.
Overall, these metrics suggest a relatively strong market for sellers, with low inventory levels and a relatively short median time on the market. Yet there are more opportunities to buy real estate downtown with less competition.
Sell your house and use the money to buy a condo downtown.
Also see: Housing supply and demand in St. Paul 2023
The central library is beautiful inside and out. Most of the books I read these days are electronic books that I have borrowed from the library. They have a large selection of Kindle books and audiobooks that are easy to check out without even going to the library.
In the summer one of the things I love to do is actually go to the library and check and pick up some old-school hardcover books. Since childhood, I have associated summertime with reading.
The library is also cool and quiet and they offer many services and types of media. It is a go-to place for research and learning.
There is a large children’s room filled with books, the puppet stage, and places to read. The librarians are always helpful and best of all it is all free. Well, it isn’t really free we all pay for it with our tax dollars.
If you are looking for a place to take the kids this summer try the library.
There is probably a branch near you.