North St. Paul, home to world’s largest year round snowman who resides on Margaret Street greeting passing cars along Highway 36, is also home to happy home owners. This eclectic, vibrant community is actually located more to the east than north of Minneapolis/St Paul metro and has seen significant improvement in the real estate market. The number of new listings has stayed pretty constant (down just 2.4%) despite the overall lack of inventory in the Twin Cities. Closed sales were down just over 7% with 181 homes sold in 2017 versus 195 the previous year. But the average sales price did increase again in 2017 to over $212K and the price per square footage rose from $119 to $128 per square foot. Compare this to the end of 2011 when the average sales price of a home was under $130K and the average sold price per square foot just $80. What a difference a few years can make! The average days-on-the-market statistic has also dropped significantly again to just 39 days. Six years ago, it took over 4 MONTHS on average to sell an area home. The accepted offers on North St Paul homes were nearly at asking price in 2017, where the average accepted offer was 98.9% of the listed price.
The housing inventory is low across the entire Minneapolis/St. Paul metro as we begin 2018 and North St. Paul is no exception. This we remain in a seller’s market, giving home seller an edge when negotiating. With continued low interest rates, home buyers are out in full force searching for their dream homes NOW hoping to get an accepted offer before the spring market hits. North St. Paul home owners considering selling in 2018 and hoping to get the most leverage from the improved market should consider listing their homes as soon as possible to meet this demand for homes. Getting listed early in the year often means a quick sale.
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