St Louis Park Real Estate Monthly Market Update – June, 2008

St Louis Park is known here in the Twin Cities as having a number of very attractive single family homes, condos, and townhomes. Let’s look at this city and what is happening in regards to real estate activity this year.

First comparing June of 2008 to June of 2007, there has been a substantial drop in the number of new listings put onto the MLS (44.3% drop here in June of 2008.) Closed sales are also down 23.8%, with 61 properties closing this past June. The average sales price in St Louis Park has remained fairly steady, going from $256,969 to $252,833. Average days on market has risen from 70 to 124 days, an increase of 78.7%. The average single family home inventory level dropped 10.9%, going from 230 to 205 properties. The townhome and condo inventory level also dropped 12.6%, from 191 to 167 MLS listings.

Comparing January through June of 2007 to January through June of 2008, there has been a 20.1% drop in new listings. 728 properties have gone onto the MLS here this year. Closed sales in St Louis Park are also down 20.6%, from 344 to 273 closed properties. Thankfully, the average sales price remained almost identical, moving from $248,319 to $247,463. The percent of original list price received at the time of sale also stayed consistent, going from 95.9% to 94.7%. Average days on market for a property in St Louis Park also rose from 106 to 122 days.

Overall, real estate in St Louis Park is still selling. And as the above numbers show, prices have not dropped much at all.