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Sunday, January 24, 2010St. Paul Real Estate Market Update
The city of St. Paul is Minnesota's second most populated city in the state and is home to many attractions. While we anxiously wait to see how buyers and sellers started 2010, today in honor of St. Paul's Winter Carnival celebration we're reflecting on the housing market in Minnesota's capital city.
The number of single-family homes in December 2008 was 1,622 homes on market, 399 being new listings. December 2009 saw the total number of homes on the market drop 29.2% to 1,148. Likewise the townhouse and condo inventories saw an 18.9% decrease between December 2008's 429 units and December 2009's 348 units. New market listings in December '09 were down 19% to 323 over the previous year. This change for new market listings follows the year-to-date trend: 6,859 in 2008 down 8.6% in 2009 to 6,268.
Closed sales for December 2009 slipped slightly while closings year-to-date saw an increase. In December '08 and year-end of 2008, the numbers of closed sales were 228 and 3,059 respectively. Closed sales for December '09 slipped 7.9% to 210 with the year-to-date at 3,893 closings, a 27.3% increase over the previous year.
The average sales price for December 2008 to December 2009 decreased from $138,084 to $136,126 in 2009. The average sales price for the year-to-date decreased 16.5% from $170,040 to $142,013 in 2008 and 2009 respectively. However, the percent of sellers receiving the original list price increased 7.7% from December 2008's 88.4% to 95.1% in December '09. For the year-to-date in 2009, 92.8% percent of sellers in St. Paul received the original listing price (not accounting for previous listing prices), which increased slightly by 3.3%.
The average number of days a home sat on the market decreased by 23.5% from 142 days in December 2008 to 108 days in December 2009. The year-to-date average also fell by 10.5% from 141 days to 126 days.
With St. Paul's many charming neighborhoods, schools, universities, and cultural amenities, this city is guaranteed to feel like home. You may need help finding the right location, which is what the MN Real Estate Team excels at! First time homebuyers often have many questions and aren’t sure where to find the answers, but the Minnesota Real Estate Team help answer any question in a casual setting with their various seminars. In addition, as you search for properties, you can have an actual realtor search the mn mls for you. Only a licensed realtor can access the MLS but you can certainly search for properties at our team's websites.
Posted By: Ryan O'Neill @ 6:22:56 PM