St Louis Park Market Update January 2015

March 11, 2015

St Louis Park Homes Market Update:

SLP Inventory of homes for sale is up 9% year over year and p a whopping 82% from December’s Market Report Which is expected as the spring market starts to heat up.  There are a 73 new listings in January as compared to just 40 in December.  40 sales closed so supply of new houses for sale is outpacing current demand which is good because there is somewhat of a shortage of homes for sale in the area.  The average sales price is still hovering around the same area in the low 200k range (217k to be exact) while the average sales price dropped quite a bit from $265k to $238k.  Average sales prices and median sales price for SLP are not really a good indicator of the current market conditions however because any luxury home could throw these numbers off a bit.

The Nation as a Whole:

In January, 2015 inventory of homes for sale across the nation has decreased 6.7% month over month and 8.7% decrease year over year.   Homes saw an average 103 days on the market resulting in an increase of 4.6 percent month over month but a decrease of 4.6 percent year over year.   The median price for a home sold remained at $211,000, and while there was not a lot of movement from one month to the next, prices as a whole incresed 8.8 percent year over year which is continuing the trend it has been on…. Upward….