Saint Paul Real Estate Market Update

Posted by Denae Frampton

March 13, 2010

The Saint Paul Minnesota housing market has been in a real slump for a few years and the poor condition of the job market has only exacerbated the problem. The housing market in Minnesota has suffered just as every market across the country has but there are some encouraging signs and the outlook overall is good. Saint Paul has actually shown some increase in overall home sales and existing home prices in the 2009 calendar year while the majority of the country is still trying to recover from the effects of the housing market slump.

Saint Paul homes sales for existing homes rose significantly in the last quarter of 2009 due mainly to first time buyers taking advantage of the tax credit. With the deadline rapidly approaching many potential buyers made the commitment between September and December which of course led to an anticipated slump at the end of December, but again the overall 2009 sales report was an improvement from the preceding year. The 2009 existing home sales in St. Paul were up by almost five percent from 2008 and is the only significant increase in home sales since 2005.

The Saint Paul housing market has been called a swinging market controlled by tax credits and has actually shown in the short term that the tax credit has been effective in boosting the housing market. With the extended tax credit for first time buyers coming up again in spring of 2010 another rise in sales is expected and buyers are predicted to act quickly, many have been watching properties in anticipation of the extended credit. First time buyers rushing to close before the deadline will again create a surge in buying but even after the housing market stabilizes as predicted in the summer, the market is expected to rise overall for 2010 and that is good news in any economy.

I am a licensed Realtor in the State of Minnesota. This website is not a multiple listing service, but each Minnesota & Minneapolis real estate agent is a member of the Regional MLS of MN, inc., a provider of the Minnesota MLS.

Saint Paul Real Estate