October 2015 St. Louis Park Real Estate Market Update

Posted by Kris Lindahl on Friday, October 16th, 2015 at 10:29am.


St. Louis Park homebuyers appear to be snatching up new listings as soon as they hit the market and, at least according to the latest Multiple Listing Service statistics, we’re still very much in a seller’s market.

New Listings in St. Louis Park

The number of new listings to hit the St. Louis Park real estate market decreased more than 31 percent over this time last year. If you recall last month’s number, our inventory of available homes in St. Louis Park was a paltry 2.5 month supply. It’s down to 2.4 months now, a definite sign that we’re still in a seller’s market.

Median Sales Price

The median sales price of a St. Louis Park home increased 8.6 percent over this time last year and now sits at $240,000. Now this sounds good for homeowners thinking of selling a St. Lous Park home, right? Not so fast; last month’s median sales price was $249,250, so we actually saw a price drop in a month-to-month comparison. What does this mean for the market? We won’t know unless we begin to see a trend.

Additional St. Louis Park Real Estate Market Notes

St. Louis Park homes for sale are spending, on average, 44 days on the market. Last month they remained on the market 58 days, so homes are selling quicker on a month-to-month basis and much quicker than they did last year when this figure was 71 days.

Sellers are receiving 97.4 percent of their asking price which means many are probably overpricing their homes. Price it right if you want it to sell quickly and for top dollar.

 

 

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