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Home sales and prices by St. Paul Neighborhood
The data used to make the charts came from the Regional Multiple
Listing Service (MLS) and is deemed reliable, but not guaranteed. The
numbers are for October 2007 sales of single family homes, which does include
every type of condominiums. The numbers are for Saint Paul, Minnesota. The
majority of the homes sold in the metro area are tracked through our
MLS, making it a trusted source for accurate local data. (Click on
Chart to make it larger)
The inventory of homes on the market in St. Paul continues to decrease. We typically see a decrease in both new listings and sales in November. I had to double check the numbers for central St. Paul. They are correct, and based on 71 sales. Click here for numbers from prior months.
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If the October sales include that gigantic foreclosure auction that happened near the end of the month, then that at least partially explains the divot in the Central St. Paul house prices. Pretty much everything within ten blocks of North Rice street seems to be in hock to the likes of Deutsche Bank, Wells Fargo, and EMC Mortgage right now.
Even excluding the auction, the number of sub-$100K houses that are popping up in that neighborhood are reaching what at first glance look like insane levels -- except that this is still only the beginning of the cycle, and next year's levels will make this year's look sober in comparison.
Thanks. I knew that I have been watching the foreclosures and have shown several homes in the area in the last month. I don't know if this is allowed what with me being a Realtor and all but I am saddened by it and my heart goes out to those who have lost their homes for what ever reason. I personally can not imagine anything worse. You are correct this is the beginning and that there will be more.
As a hopeful first-time home buyer, I see the numbers in the central neighborhood as a sign my husband and I may finally be able to buy a home for our family of 6 on our single-income of 35k.
We are sitting patiently for now, while there are a few homes in St. Paul in our pre-qualified price range, in another year we anticipate having even more homes to choose from, getting more home for our money and perhaps being able to chose from homes in slightly better locations.
I do feel empathy for those who are losing their homes. But at the same time, I think it's a much-needed market-place correction, because the current prices leave many who would want to rent out in the cold - especially single-income families.
While waiting for the pool of available homes in our price range to grow, we are also keeping a close eye on our credit score and feeding our earnest and deposit money fund, because we know only the "perfect" borrower will be able to get a mortgage in the days ahead. We have, of course, taken the first-time home buyer's course and plan to access programs (if still available in a year) for first-time home owners.
Once the price of homes reaches a point of homes being affordable for families who were previously priced out, then I think sales will pick up.
We were actually offered a sub-prime, stated income mortgage last year on a 140k home. We were tempted, but knew we would end up mortgage poor and didn't want to put that kind of squeeze on our family's finances ("no jr, you cannot sign up for basketball this year, because all our money is going to pay for our mortgage")
We know families who did jump at the opportunity when mortgages were being handed out like candy, and now they are regretting doing so because they are either out on the street after having an ARM jump or they are struggling with a too-high percentage of their income going to their mortgage.
We have moved twice in 2007 because properties we were RENTING ended up going into foreclosure! The block we live on now in the Phalen/Payne area (we decided to go with low-low rent to save money for a down payment)has 4 houses with blue stickers in the windows, and 3 more are vacant but not on the city's list. So we know all about what's happening out here on the streets of St. Paul with regard to foreclosures - it's in our face everyday.
Susan - I applaud you for saving money and for not going with the sub prime loan. As far as I know the first time home buyer program is alive and well and will continue. It is a great program and I have worked with many people who have used it. They tend to be a little more savvy becasue of the classes they take.
I hope you don't have to move again in 2008. I know just what you are talking about. A great number of the foreclosures are rental properties. Have a great new year and best wishes to you and your family.