This is a question you can ask your Realtor if your home is on the market. How many showings on average before a home gets an offer. What got me thinking about it is that over the weekend one of my clients made an offer on a condo the first day that it was on the market. The unit got very few if any showings.
Since only one person can buy the home it is a matter of having the right people stop by and take a tour. In St. Paul right now it will take about 8 showings to sell a house and about 6 to sell a downtown condo.
I have not had the opportunity to use it yet but the beginning of the Capital City Bikeway on Jackson Street in downtown St. Paul. Downtown biking is difficult but slightly safer than walking. For some reason when people ride their bikes on the sidewalk, which is against the law in St. Paul commercial districts, they don’t even call out so we know they are there going to pass.
The downtown St. Paul condo market is very unique. There are many real estate professionals in the metro area who not only have no experience with downtown St. Paul, they have a hard time finding the buildings. Experience selling condos is useful too.
While working with a buyer last week I found two agents who have condos listed downtown who knew little about the buildings and I believe that is why the their listings were priced incorrectly, and they were missing information about the units in the listings and of course could not answer questions.
In one case the agents worked as a team so that an offer on the unit was ignored by more than one agent. These agents are all very good at getting clients to list with them. That is their super power. Getting a listing and doing a good job selling a downtown condo are totally unrelated.
There are agents who work downtown who seem to kind of take over in various buildings with many condos for sale in the same building. That can also lead to problems with dual agency and pitting one seller against another as one agent represents several sellers. These agents commonly charge higher commissions and extract larger fees from their clients too.
I can usually tell right away if the listing agent has no experience in the downtown market and if I am representing a buyer I take advantage of the situation if it helps my client.
Many people assume that if they live in a downtown condo they won’t be able to have pets. There are condo buildings throughout the city that do not allow pets. I had a listing in a building that only allowed fish and no other pets.
In another building dogs are not allowed because members of the homeowners association believe that allowing dogs would create too much noise and that owners might be able to hear dogs walking in the hardwood floors. Cats are allowed.
Other buildings allow dogs but only 1 or they have size and weight limits which favor small dogs over large dogs. So far I have not seen a building that allows dogs but not cats.
It is easy to find out about pet restrictions before seeing a condo for sale. In Minnesota condo buyers have 10 days to review condo documents which include rules and restrictions before making a final commitment to purchase. Those documents should be read carefully.
The chart above has some numbers for downtown condo sales. Right now there are 47 units on the market. Asking prices range from $67,000 to $2,249,900 with a median asking price of around $210,000. The over all median sales price downtown has been around $174, and the average sale price of 209K this year with 129 sales so far.
The average cumulative number of days on market is just over 91 days which is higher than the St. Paul average of 63.2 cumulative days on market. Nothing new for many years it has taken longer to sell a condo than other types of housing and downtown is mostly condos.
To get a little perspective on how long it takes to sell a downtown condo look at the graph below that shows average days on market downtown for the last five years.
If you would like more information about the downtown St. Paul real estate market please call or write. The numbers used in the graphs are from the NorthstarMLS which is deemed reliable but not guaranteed. The majority of the homes sold in St. Paul are listed on the MLS.
Downtown Saint Paul seems to be healthier and more vibrant that it has been since the middle of the last century before the freeway was built. I noticed over the weekend there is activity downtown day and night. It used to be dead on the weekends with few businesses open.
The population of people living downtown has doubled since 2006 with about 8000 people living there. Apartments seem to be springing up every where and we have the old warehouses that were converted into condos. For several years experts were predicting that the opening of the new LRT Green line in downtown St. Paul would have a positive impact on property values. Since the Green line has been running for a couple of years I thought I would look at some numbers.
For the rest of the city we have a fairly straight line of property values going up. It is like downtown Saint Paul can not make up it’s mind. Yet I am optimistic about the future of downtown. The numbers in the chart were generated from data in the NorthStarMLS which is deemed reliable but not guaranteed.