Hot Real Estate: Shopping Center Sold in Saint Paul

A multi-tenant shopping center in a growing area is now off the market, after being sold for $3.1 million.

Mid-America Real Estate corp. sold the Lexington Shoppes, 34,000 square feet of retail area. The shopping center is in the booming neighborhood of Saint Paul, which has seen increasing real estate interest in recent years.

The market is hot, and for good reason.

Saint Paul is 20 minutes outside of Minneapolis and a rising business star. According to the Greater Minneapolis-Saint Paul Regional Economic Development Partnership, the labor force has increased faster than the rest of the state and country. It’s also expected to keep growing by 5.2 percent over the next half-a-decade.

Saint Paul consistently ranks one of the best places to live, for factors including low housing costs and cost of living.

Saint Paul’s community is attractive to potential homeowners for its sports, recreation and art and attraction. The city ranks has a high density of artistic opportunities, and large numbers of theaters – only second, behind New York City.

The partnership’s website also highlights that the region is conducive to working moms and young college grads. Income opportunities and affordable housing make it an attractive place for people to settle down, both young and old.

Price-per-square-foot in homes on the market increased from last year and closed-sales went up too.

Saint Paul is definitely a city to keep your eye on.

For more data, visit http://maar.stats.10kresearch.com/docs/lmu/x/SaintPaul?src=page

Kansas Real Estate Sales Down, Home Prices Remain Strong

Overall real estate sales have decreased and prices remain stable in 2019, according to new data from the Kansas Association of Realtors.

Home Sales

The most recently available statistics from January show that home sales in the sunflower state are down 8.2 percent compared to January 2018. These numbers mirror national trend: American home sales across the board are down 8.5 percent over 2018.

Home Prices

The good news: Kansas home prices are stable and in some cases, increasing. The average sale price in January was $200,772. Home prices are generally increasing across the Midwest and country.

Listings

The number of active listings is also increasing. There were 9,828 Kansas listings in January, up 2.3 percent from the same time last year.

Days on the Market

The number of days on the market is growing smaller. The average Kansas home was up for sale 66 days, a decrease compared to last year.

Mortgage Rates

Rates have been dipping even lower recently, according to FreddieMac.com.

  • On average, the commitment rate on a 30-year conventional mortgage was 4.41 percent across the country, as of March 6, 2019.
  • That percentage is 3.83 percent on 15-year FRM rates
  • Finally, 5/1-year ARM mortgages have a 3.87 percent commitment rate.

FreddieMac.com says that in late 2018, mortgage rates rose over a full percentage point compared to 2017, which is what caused a delay in home sales in the first few weeks of the new year.