POTW | Hamline-Midway Nbhd
By David Arbit on Monday, October 26th, 2015
Last week, to the delight of many fans, St. Paul Mayor Chris Coleman and Minnesota United owner Bill McGuire announced plans for a new stadium to house the Major League Soccer team at the northwest corner of Snelling Ave. and Interstate 94. The nearly 20,000-capacity stadium will be hosted by the Hamline-Midway neighborhood. As such, it’s a good time to look into the jack-o-lantern and take the pulse of the local housing market. Think of this as the “before!”
The price per square foot of traditional, single-family homes is $123 in Hamline-Midway and a very similar $122 in all of St. Paul. The neighborhood has seen home prices both above and below those of the city, but the trend is very comparable and consistent over time.
Market time, however, was scary low in Hamline-Midway; but it’s also quite low in the city as a whole. With home field advantage, properties in the neighborhood see offers in an average of 25 days, compared to 36 for the city. Both areas saw that figure decrease by double-digit percentages compared to last year. That reflects exceptionally strong buyer demand combined with persistently low supply levels.
Sellers in Hamline-Midway are netting (soccer reference!) a monster (Halloween reference!) 100.0 percent of their last price at the time of sale. That compares to 99.6 percent in the entire city of St. Paul.
Rates are still frighteningly low and prices are below their previous peak, offering consumers scary good deals to score the home of their dreams.
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