March home sales were fast in St. Paul with an average of 31 days on the market. There were about 50 homes that were on the market as active listings for less than two days. The average sale price was higher than the average listing price and I took a deep dive into the numbers to check and see if the original asking price was higher than the final sales price and discovered that original asking prices were slightly higher than the final sales price.
I looked at these numbers partly because some local agents are changing, the listed price after offers are accepted. The price is being raised when the offer is significantly higher than the asking price.
The shortage of homes for sale continues and with the high demand, prices continue to rise. The median home sale price in St. Paul is around 285K. As buyers compete with each other and bid up the home sale price. It isn’t unusual to see offers the are 15% higher than the original asking price. Some of the houses are appraising for less than what the buyer is offering.
There are various downpayment assistance programs for first-time homebuyers. Most are aimed at specific neighborhoods and that is likely driving up the prices in those neighborhoods. The programs are supposed to help home buyers but they end up helping homeowners by driving the prices up.
The real estate market is fairly stable in downtown St. Paul and there is plenty of inventory. As the pandemic winds down and businesses operations with fewer restrictions I expect to see buyers flocking to downtown to take advantage of a buyers market. Right now almost a third of all of the residential real estate for sale in St. Paul is located in downtown St. Paul.
The data in the table above was extracted from the NorthstarMLS and is deemed reliable but not guaranteed.
If you would like to see more numbers about St. Paul home sales check out Local Market Conditions and Home Prices.
If you would like to know how much your home will sell for contact me for a free no-obligation analysis.