Home prices and sales for December 2019

Monday is my favorite day to roll out some home sale numbers. Here are the home prices and sales by St. paul neighborhood because real estate is that local.

Home sales were as brisk as they could be in December considering how few homes were on the market.  The low number of homes for sale will continue to keep home sales down in 2020. Median and average prices are up from last December and it took 4 days longer to sell a home in December of 2018 than it did in December of 2019.

The average sales prices that I have in red are higher than the average asking price. We see that happen a lot in the spring and early summer in fact last year there were months where the average sale price for homes in St. Paul was higher than the average list price.

The numbers are telling me that prices are still rising and that the strong seller’s market continues.

chart showing sale prices by neighborhood
St. Paul, MN home sales by neighborhood

The data used to create the chart was extracted from the NorthstarMLS and is deemed reliable but not guaranteed. Once extracted the data is imported into a spreadsheet where it is gently sorted, never stirred or shaken.

If you would like to know how much your home might sell for please contact me for a free no-obligation analysis. If you would like to look at more local real estate numbers please see Local Market Conditions & home prices. I have been publishing these numbers once a month for the last 15 years.

 

Home prices went up 1.6%

The median home sale price in St. Paul in 2019 went up 1.6% from 2018. The Payne Phalen neighborhood had the largest sales price increases for the year at 11.7% and the West 7th neighborhood had the smallest increase at 0%.

In general, the neighborhoods with the lowest median home sale price saw the biggest year over year price increases. The trend has been consistent over the past several years. For 2020 I am predicting an overall median price increase for St. Paul of about 1%.

Look for more local residential real estate numbers on Monday, January 13th.

Median sale price chart
Median home sale price chart 2018-2019

The chart was created using Info Sparks and data from the Northstar MLS which is deemed reliable but not guaranteed. The chart was made using MSExcel.

If you would like to know how much your house might sell for contact me and I’ll get you some numbers.

Home sales in the 2010s

The last ten years have been a wild ride. In St. Paul housing prices hit a low in 2011. It was after the great recession ended and after the federal income tax incentives in 2010 expired.

Home prices and home sales went up in 2012 but remained lower than they were in 2009.

For a time we thought 2009 was going to be the bottom of the market but it wasn’t. Here is a chart made with data from the NorthstarMLS which is deemed reliable but not guaranteed. The data represents a very high percentage of local home sales.

2011 was the best year of the 2010s to purchase residential real estate.

Graph that shows home prices
Median home sale prices 2010 through 2019

What a difference a decade makes

As we get closer to the end of the decade I can’t help but look back and remember the great recession and the crash of the housing market. We survived it with just one layoff and managed to hang onto our home. I well remember meeting with homeowners who wanted to sell but would have to bring money to the closing.

I also worked with a few people who bought homes in 2009. There were more homes on the market back then and more choices. It was a buyers market. I had clients selling condos downtown who would throw in a months association dues or pay for a years worth of parking to sweeten the deal.

Prices have really gone up in the last decade. My own St. Paul home is worth almost twice as much as it was in 2009 and about 5 times what we paid for it. The neighborhood has changed too. There are far fewer vacant storefronts than there were in 2009 and more restaurants, breweries and coffee shops.

It will be interesting to see what the new decade brings.

St. Paul home prices – data source NorthstarMLS

Home sales and prices by neighborhood

Here are the numbers for home sales in St. Paul, MN during November. The number of homes listed is lower than the number of homes that got offers and the median sale price was up 11K from October. There were a few neighborhoods where the average sale price was higher than the average list price which is a sign of rising prices.

We see a slow down in home sales between Thanksgiving and Christmas. There are plenty of home buyers out looking but not so many homeowners who want to sell during the holidays.

Table home sales by neighborhood
November home sales St. Paul, MN

The data used to create the table was exported from the Northstar MLS and is deemed reliable but not guaranteed. Once exported the data was gently sorted in an MS Excel spreadsheet.

If you would like to know how much your real estate might sell for please contact me for a free no-obligation consultation. For more numbers please see Local home prices and market conditions.

A stable housing market

The housing market in St. Paul has been stable and consistent in the last few years. The number of homes sales is trending down slightly because there are fewer homeowners who wish to sell.

If you are planning to buy a house this Fall or during the winter you will likely encounter competition and multiple offers. Home sellers can expect

There are currently only 600 houses on the market.

The graph shows the inventory of houses for sale over the last ten years. The data used to make the graph is from the NorthstarMLS which is deemed reliable but not guaranteed.

Home for sale – St. Paul