Home Prices by neighborhood

Febnum

Click on chart to make it larger.  The numbers used to make the table were taken from the RMLS, the data is deemed reliable, but not guaranteed.

One trend I am noticing is that some homes sell very quickly.  Buyers should not assume that the home they wish to buy will be on the market for a long time.  They should instead make an offer if they are interested in purchasing the home.  Some homes have been on the market since last Spring. 

There are currently 1835 homes and condos on the market in St. Paul, MN.  Average Cumulative days on market is 144 days.  Last month 158 homes got offers.

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2 Replies to “Home Prices by neighborhood”

  1. I notice that in every neighborhood, the average sale price is lower than the average list price. Is this normal? Would you expect to see any neighborhoods where houses sold on average for more than they were listed at?

    Then again, I guess if a house sells *above* its listing price, that indicates that the sellers did not understand the market…?

    –Steve

  2. Great questions! They sell under the asking price because few buyers offer full price. Most sellers will accept less than asking price after the home has been on the market for awhile. The homes that sell for more than asking price are either priced to low and are bid up by multiple offers, or the seller is paying the buyers closing costs and so the final number looks like more than the asking price. This year I would not expect to see buyers offering more than the asking price consitantly in any neighborhood. I am noticing that some homes are selling ver quikcly in some neighborhoods, starter homes in highland park and home in the 250K to 300K range in Mac Groveland.

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