North St Paul, home to the world’s largest snowman, is an eclectic, vibrant community located east of Minneapolis/St Paul metro. And in 2013, the real estate market gave the homeowners in the city a reason to smile as big as their famous giant mascot! The market rebounded with the number of homes sold increasing by 6.7%. New Listings were up by 13% but the demand for homes in the area kept inventory levels relatively low. The average sales price increased by over 8% during 2013 and likewise the price per square footage rose from $84 to $96 per square foot. The average days-on-the-market statistic has dropped significantly to under 3 months. Sellers that reside in North St. Paul are receiving closer to their asking price and are accepting offers and just shy of 5% lower than asking.
As we start 2014, there aren’t too many homes on the market in North St. Paul which is creating a bit of a seller’s market, where sellers have the negotiating advantage. With continued low interest rates, home buyers are in the market for their dream homes despite the subzero temperatures. North St. Paul home owners considering selling in 2014 and hoping to get the most leverage from the improved market should consider listing their homes as soon as possible because there is always increased competition in the spring.
READY to Make a Move?
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