St Paul Market Duplex Sales Jump 53%

What does it say about the St Paul duplex market that the number of active duplex, triplex and fourplex listings in the city of St Paul was 27% higher in March than in the same month last year? Or that February’s active listings were 44% higher than one year ago?

I’m not sure. Perhaps it would be more alarming if the number of new listings for the month wasn’t 12.8% lower in the same year-over-year comparison.

The highest turnover came from 6 new listings in Dayton’s Bluff, 6 coming from Thomas-Dale, and 5 new listings from the Payne-Phalen neighborhoods.

Sellers averaged a closed price that was 100% of their original asking price. This is identical to one year ago, but lower than March of 2022’s 101.3%.

The Cumulative Days on Market (CDOM) ticked up 71.72% since March of last year. Remember, CDOM is the total number of days a property has been for sale; whether that’s the result of it being cancelled and relisted, or under contract then the sale cancelling and not moving forward.

Again, it would be more worrisome if this total wasn’t also 11.6% lower than this February’s CDOM tally.

In a bit of good news, sales jumped 53% from February to March. A 4 bedroom, 2 bath duplex in Highland was the high seller for the month at $500,000. A North End neighborhood duplex that also had a total of 4 bedrooms and 2 bathrooms was the biggest opportunity in March. Bank-owned, and a St Paul Category 2 building, this property also featured a “hole in the flooring”. Given those challenges, it traded hands for $105,000.

Of the 23 duplexes, triplexes and sold in March, 5 came from the Payne-Phalen neighborhood and another from Dayton’s Bluff. The average sales price for the month finished at $309,096. This was the lowest average sales price since September. As always, there just isn’t enough data to be alarmed.

If you’re thinking of buying or selling a small multifamily property in St Paul give me a call. I am happy to side on both sides of the river.