Last month we submitted our wish for more listings for our buying clients. Our wish was denied. We saw 8 percent fewer homes go on the market compared to April of last year. Combine that with an almost 31 percent hike in the number of closed sales and it’s easy to see why our inventory of available homes in St. Louis Park has decreased almost 17 percent. We now have a paltry 2.5 months of inventory.
This, of course, is creating a seller’s market and the numbers are starting to bear that out. The median sales price of a St. Louis Park home has increased 4 percent over this time last year to sit at $255,993. It appears that buyers are getting the message that the market is turning against their favor so they’re offering more for homes ― sellers are receiving 98.5 percent of their original asking price, up from 95.9 percent this time last year.
Advice for St. Louis Park Home Buyers
If you hope to buy a home in St. Louis Park you really should do so soon. As the information above proves, prices are on the rise and we expect this rise to continue through summer.
Remember, “median price” describes the price in the middle of the spectrum, so half will be higher and half lower. This is important for first time buyers and those on a tight budget to understand. So, although the median price of a home in St. Louis Park is $255,993, you’ll find many homes priced less than that.
There are currently a number of condos on the market at very affordable prices. If you have your heart set on a single-family home you’ll find several priced well under $200,000.
The key to a successful purchase in a seller’s market is to go into the process prepared. This means having a loan pre-approval letter if you won’t be paying cash.
News for St. Louis Park Homeowners
You’re in the driver’s seat St. Louis Park homeowners and it’s about time, right? Sales prices are up, inventories of available homes are down ― the perfect combination to get a home sold quickly and for top dollar.