Is St. Louis Park’s real estate market still hot? Yes, indeed it is. Prices are up, inventory is down and it is heaven for home sellers.
A couple of words of caution, however: If you plan on selling this year, do it now. We looked at Edina’s market earlier this week and it’s cooled off to the point where it’s now a balanced market. Sellers are no longer in the driver’s seat. Could this happen in St. Louis Park? Sure it can and, indeed, it will, at some point. Trying to time the market isn’t wise, so if you plan on selling, do so a.s.a.p. Get out, while the gettin’s good!
The number of new listings to hit the St. Louis Park real estate market increased 4.4 percent over this time last year which, on the surface, sounds like good news for area homebuyers. Not so fast. The number of homes sold also increased a hefty 27.3 percent, depleting the inventory of available homes.
In fact, our inventory fell 2.6 percent to give us a 2.9 month’s supply of inventory. This is a clear indication that St. Louis Park is still a seller’s market.
Median Sales Price
The median sales price of a St. Louis Park home increased 3.5 percent over this time last year to $243,250. This represents a further hike in prices from the previous month as well, when our median sales price was $234,900.
Whether prices will continue to rise in St. Louis Park is debatable as we near the end of the home buying season.
St. Louis Park homes for sale are spending, on average, 41 days on the market before selling, a 24.1 percent decrease over July of 2014. Last month, they spent 59 days on the market.
Sellers are receiving closer to their asking price as well (98.2 percent).