September 2015 St. Louis Park Real Estate Market Update

Posted by Kris Lindahl on Friday, September 18th, 2015 at 12:20pm.

 

Yes, the real estate market in St. Louis Park is still a seller’s market. For how much longer this will be the case, however, is anyone’s guess. For right now, however, prices are up, inventory is suppressed and if you own a home in St. Louis Park and are thinking of selling, our best advice is to get in now while the gettin’s good.

New Listings

The number of new listings to hit the St. Louis Park real estate market increased slightly (1.7 percent) over August of 2014’s number which sounds like good news for St. Louis Park homebuyers. The devil, however, is in the details.

Looking closer at some of the other statistics we see that the area’s inventory of homes for sale fell 12.6 percent. We’re now sitting on a puny 2.5 month supply of inventory – a sign that the seller’s market continues.

Median Sales Price

The median sales price of a St. Louis Park home increased 6.5 percent over this time last year to $249,250.  This is a $6,000 increase over the previous month and a whopping $14,350 increase from June of this year.

Will prices continue to rise in St. Louis Park? It’s hard to tell but keep in mind that we’re nearing the end of the main home-buying season.

Additonal Notes

St. Louis Park homes for sale are spending, on average, 58 days on the market before selling, a slight increase over the previous month’s average.

Sellers are receiving 97 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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