It’s so nice to see the local real estate consistently move in a positive direction. More listings for our buyer clients would be nice, but we aren’t going to complain about the overall real estate market in St. Louis Park. Instead, we’d like to share with you what we’re seeing.
The latest MLS statistics – which were for March (the MLS always releases a month’s stats in the following month) – show some good news, especially for folks who are thinking of buying a home in St. Louis Park.
News for St. Louis Park Home Buyers
The best news in the latest numbers for homebuyers in St. Louis Park is that the median sales price has not gone up. In fact, at $235,000, it has remained identical to the median sales price in March of 2014.
The median price, by the way, represents the middle of the market – half the homes are priced lower and half priced higher. The average sales price, on the other hand, is merely the price of all homes for sale added together and then divided by the number of homes. We don’t typically use this number in our calculations as too many low or high priced homes can skew it.
Although the number of new homes to hit the market rose 17 percent over last year, our inventory is down, almost 15 percent. It appears that there are lots of buyers wanting a home in St. Louis Park and not enough homeowners willing to sell at this point.
News for St. Louis Park Homeowners
The best news for St. Louis Park homebuyers is the same for homeowners – although for a different reason. Prices have remained the same since last year and the good news in that is that at least they haven’t fallen.
The percent of list price received when a home closes has gone down almost 1 percent. We aren’t real sure, but we’re assuming that sellers are still not realistic about the current market and are insisting on pricing their homes too high – not a wise move in a buyer’s market.
It will be interesting to watch these numbers as the spring buying season gets fully underway and we’ll report back next month.