POTW | Falcon Heights
By David Arbit on Monday, August 29th, 2016
Around this time every year, millions of people go to the State Fair in Falcon Heights. Whether you go for the music, food, people-watching or maybe you’re one of those reluctant attendees there with your children or supervisor, the Great Minnesota Get Together has something for everyone.
If you’re not one for creative parking and you’re looking to live closer to the fairgrounds, the northern fringes of St. Paul is currently at the more affordable end of the spectrum and Falcon Heights is found towards the higher end.
That’s for the entire market. Here is a more apples-to-apples comparison that only includes traditional, previously owned, single family homes between 1,500 and 2,000 square feet in each neighboring city. Based on this view, Falcon Heights remains at the upper end, but this time Lauderdale occupies the most affordable position.
Those shopping in St. Paul need to move quickly, as homes in the state’s second largest city go under contract with a median of just 24 days on the market. Roseville homes sell almost as quickly, usually after a brief 27 days. Lauderdale homes take longer to sell at 106 days.
Sellers in all four of these neighborhood communities tend to receive close to full price offers, after any price adjustments have occurred. St. Paul stands out with a median percent of final list price received at sale figure of 100.0 percent. In other words, half of St. Paul sellers accepted offers at or above their most recent list price.
Absorption rates—or how long the active supply of homes would last given recent sales trends and assuming no new listings—have been declining in all four cities. Falcon heights has the highest level of supply relative to demand at 3.0 months supply of inventory. Lauderdale has enough homes to last 2.4 months assuming no seller activity. St. Paul is somewhere near the middle with 2.7 months.
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