Home sales and prices by neighborhood

Here are some numbers for St. Paul home sales in October 2018. The numbers come from data in the NorthstarMLS and include most of the home and condo sales in St. Paul.

There has been little change from September home sale prices. The number of homes on the market is up slightly but still a strong seller’s market.

Homes are selling for slightly more than the asking price in some neighborhoods. The average sale price for the whole city is very close to the average list price.

Average days on market is slightly less than 30 days and the average cumulative days on market is 37 days.

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October sales – St. Paul, MN

If you would like to know how much your home might sell for and how long it will take to sell please contact me for a free no obligation consultation.

For more local real estate number see Local Market conditions & home prices

 

Condo sales in downtown St. Paul

The red line shows median home sale prices in St. Paul and the blue line shows average condo sale prices in downtown St. Paul. Historically median prices have been higher downtown than in the rest of the city but that changed in late 2015.

Right now there are plenty of opportunities to own a home in downtown St. Paul. Average cumulative days on market (CDOM) is currently at 123 days. For the rest of the city excluding downtown CDOM is 64.8.

Now might be a better time to buy a downtown St. Paul home.

Median home prices in your neighborhood

Median Home prices – By St. Paul Neighborhood

I am starting to see predictions for 2019 and beyond that suggest home prices will continue to rise but at a much slower pace. Some predictions indicate that a buyers market is just around the corner and that corner is in just a few years.

We never know what is going to happen. All we can do is watch so that we know what is happening or what has happened.

If you would like to know how much your home is worth contact me via email, text message or phone call. I love numbers.

October 2018 absorption rates

yellow tree
Fall Color – River Center East Lobby

The real estate market recovered from 2008 and I think I am starting to recover too. I thought it might be interesting to compare current absorption rates with those of a decade ago. I used to publish absorption rates monthly.

Absorption rates are a calculation of how long it would take for all of the homes on the market to be bought, assuming home sales continue at the current rate and no more homes are listed.

The absorption rate also helps determine how long it might take to sell a home and if we are in a buyer’s market or a seller’s market. In a balanced market absorption rates are at about 6 months. More than six months is a seller’s market. Less than six months is a buyer’s market.

Here are the numbers for October 2008 – a strong buyer’s market

Anoka County 6.7 Months
Carver County 8.2 Months
Dakota County 7.1 Months
Hennepin County 6.8 Months
Ramsey County 6.4 Months
Scott County 8.4 Months
Washington County 7.8 Months

Here are the numbers for October 2018 – a Seller’s market 

Anoka County 1.7 Months
Carver County 2.6 Months
Dakota County 1.7 Months
Hennepin County 2.0 Months
Ramsey County 1.6 Months
Scott County 2.6 Months
Washington County 2.4 Months

If homeowners stop putting their houses on the market all of the houses that are on the market in St. Paul will be sold in 1.7 months.

Last month the homes that sold in St. Paul were on the market for an average of 35 days. In September of 2008, the average was 172.

September home sales and prices by neighborhood

Here is a look at September home sales by St. Paul neighborhood.  We are starting to see some of that fall like cooling and for the first time since April 2018, the average sale price in St. Paul is not higher than the average list price. The two numbers are close though. Sales and pending sales are down from August which is pretty normal.

Median home prices in St. Paul were $212,400 which is down about 10.5K from August 2018 median prices. Again the trend is seasonal.

The inventory of homes on the market is still very, very low and went down a bit from last month. We do have more homes on the market than what we had during what I hope was an all-time low in February. We had 278 homes on the market at the end of February 2018. The number of homes for sale is down slightly from last month.

Chart that shows home sales by nighborhood
Home sales by St. Paul neighborhood

Data used to make the above table was extracted from the NorthstarMLS and is deemed reliable but not guaranteed. We all know there are no guarantees in life.

If you would like more information just send me an email or call.

For more numbers like these . . . but different because they are not for September 2018 please see Local Market Conditions & home prices

 

Cumulative days on market by month

St. Paul – average cumulative days on market- sept 2017 to Sept 2018

These numbers are from the NorthstarMLS and are for all single-family units which include townhouses and condos sold in St. Paul over the past 12 months. The chat is intended to demonstrate the impact of season on real estate sales. I predict that average days on market will be higher in the third quarter of 2018 than it was in 2017 but not by much.

In 2008 during the housing market crash and great recession the average number of cumulative days on market in St. Paul was 146.