One of the questions the Lindahl Team is most frequently asked is if St. Louis Park’s real estate market is still a seller’s market. This month the answer to that question is a resounding “YES!” Even a cursory glance at the latest MLS statistics show us that sellers remain in the driver’s seat in St. Louis Park real estate transactions.
New listings increased more than 29 percent over this time last year, which sounds like good news for homebuyers, correct? I mean, with more houses from which to choose, maybe the heated competition for homes of the past few months has cooled.
Wrong. Homebuyers are snatching up homes as soon as they hit the market. In fact, the demand for homes in good condition in decent areas is so strong that, despite the increase in new listings, the inventory of available homes in the city decreased more than 3 percent.
Median Sales Price
The median sales price of a St. Louis Park home increased again last month to $234,900 from last year’s $230,000. Now, despite the slight increase, there’s good news for buyers in this statistic too, as this price reflects a drop from last month’s, which stood at $252,000.
Does this mean we’re seeing a cooling of the red hot seller’s market in St. Louis Park? Perhaps, but we’ll need to watch next month’s numbers closely to be sure.
Is your Home Overpriced?
If your home is sitting or you are receiving what you consider “lowball” offers, reconsider your list price. St. Louis Park homeowners are receiving only 97.9 percent of their original list price, which is a clear sign from buyers that homes are overpriced for the market.
Since buyers determine market value, this is a statistic to consider if you’re thinking of selling your St. Louis Park home. If you need to sell quickly, price it right from the minute it hits the market.
If your home is currently on the market, you may want to know that St. Louis Park homes are remaining on the market an average of 59 days.