We didn’t know it at the time but 2011 was the perfect time to buy real estate in St. Paul. It looks like home prices are back up to where they were in 2007. Buyers ask if prices will keep going up. Right now it looks like prices will continue to rise but the rate of increase per year has been slowing.
Home prices are up in all neighborhoods and the average home sale prices in St. Paul were higher than the average list price. Median home prices in St. Paul are higher than they were during the real estate peak in 2006, before the housing market crashed. Home sales were down slightly in June from May and the number of new listings went up.
Homes are selling in about 25 days or less. There were even a few million dollar homes that sold in less than a week.
The data used to make the table was extracted from the NorthstarMLS and is deemed reliable but not guaranteed. The data includes most of the home sales in St. Paul.
The number of homes on the market has risen a bit but is still very low. There should be about twice as many homes for sale.
For more local real estate data please see Local Market conditions and home prices. If you would like to know how much your home will sell for please contact me, and I will send out some numbers.
Here are home prices and sales for St. Paul neighborhoods for the month of May 2017. Median prices were up 6% over last month, which was up almost 5.5% from the month before. Is this sustainable? I say no way.
The sale prices are actually on average higher than the asking prices. Not all sellers are getting more than the asking price but most expect it as buyers compete with each other over too few homes for sale.
The numbers used to make the chart were extracted from the NorthstarMLS, which is deemed accurate but not guaranteed. The numbers were gently sorted and subtotaled in using MSExcel, and never stirred or shaken. They represent most of the residential home sales within the city limits during the month of May 2017.
I know my numbers and have been publishing monthly numbers for St. Paul Real estate since 2006. If you have any questions please ask. If you would like to see more local numbers please check “Local Market Conditions & home prices”
On average Saint Paul home sellers are getting 99.5% of their asking price. In the Hamline Midway sellers are they are getting 101.2% of the asking price but in downtown Saint Paul sellers are getting 98.3% of their asking price. Real estate really is that local.
I am running into some sellers who believe they will get 100% of their asking price even if they over price their home. They sometimes ignore some great offers as they wait for the better offer that never comes. Over priced homes do not sell for 101% of the asking price. Proper pricing matters.
Home sellers need to be aware that they may not get any offers for their home if it is priced incorrectly and when they do get offers it will be after the home has been on the market for a while and the offer might be for 5% to 15% below the asking price.
Tomorrow I’ll publish the numbers for home sales in St. Paul for the month of May 2017.
Here are some numbers for the month of April in the city of St.Paul. Pending home sales were down slightly from March which is unusual. The number of listings were up slightly. The number of homes on the market has started to go up slightly. One months data does not make a trend but it is possible that we are at the beginning of a market shift.
The strong sellers market continues and prices continue to climb. Multiple offers are common in most price ranges. We need more inventory. Some home sellers are holding off because they are having trouble finding homes to buy and there isn’t much new construction.
The numbers on the table were extracted from the NorthstarMLS. The data is deemed reliable but not guaranteed.
For more numbers please see Local market conditions and home prices.
** correction. St. Anthony average list price should be $270,860**
For a couple of months, one of my listings was the only unit on the market in the building. My client was concerned when a lower priced unit came on the market. The lower priced unit brought lots of traffic to the building and as a result my clients condo sold about a week later.
If a home that is similar to yours comes on the market it can help attract more buyers to your home. If it is priced lower it may sell quickly and buyers will look at your home as an alternative. If the similar or close by home is priced higher than yours it may attract buyers who will consider your home a lower priced alternative.
In most cases nearby homes for sale will attract more buyers to the area. Consider car dealerships and how they are often located next to other car dealerships.
Occasionally condo buyers will express concern if they think there are too many units in one building that are on the market. There is rarely a reason for concern. In most larger condo buildings, with a dozen or more units there are always units for sale.