Upper tier Historic Home Market Update

Statistics of St Paul Historic Homes 2006

As I mentioned in an earlier post, I will be visiting different luxury communities around the Twin Cities area and compiling 2006 data to see how the luxury market performed, in spite of the market downturn. For this snapshot, I will only be taking into consideration homes listed at $1 Million and above, and for historic home purposes, those homes built before 1940. Please note this is for single family residences only, no condominiums.

I found there were 25 homes listed in 2006, ranging in price from $1 Million -$3 Million, and of those, they break down into the following categories:

  • Currently 5 active listings
  • 1 Pending sale
  • 5 Homes sold in 2006
  • 8 Listings were cancelled and not relisted for sale
  • 6 Listings Expired and were not relisted

The average adjusted days on the market were:

  • Current active listings = 206
  • Pending sale = 112
  • Homes that sold = 167
  • all Cancelled/Expired listings = 145

So to sum up the Historic Home Luxury market in Saint Paul, roughly 56% of the listings were taken off the market because they were not selling. Only 24% sold and the remaining are still active. It took an average of almost 6 months to sell some listings, and those active have been on the market almost 7 months. Granted the extreme cold has probably kept many buyers away this last month.

The most important statistic to report is that of listing price vs selling price. Of the 5 homes sold, the final selling price was on average 20% lower than the original list price. I would call that a major overpricing of homes which only time will tell if it is currently being corrected. Only 1 home sold for its exact list price and that was in 16 days. Probably because it was priced to sell, not sit on the market for 200 days, something all homeowners need to consider this year if they plan on listing their high end home!

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