St Paul Duplex Sales Get Repetitive

If there’s one word to describe the St Paul duplex, triplex and fourplex market, it’s steady. Month after month, year after year, so many of the data points remain nearly the same.

For example, this April 37 multifamily properties came on the market. One year ago there were 39. Of those new to the market this year, 7 are in the Merriam Park/Lexington-Hamline neighborhood.

April also saw 20 St Paul multifamily properties sell at an average price of $387,428. One year ago, there were 22 that sold at an average sales price of $397,691.  Duplex values are not down. Like all markets, the average sales price of sold properties tends to bounce around from month to month. As there are always fewer multifamily sales in a month than single-family, it seems to take more time to arrive at a sales price trend line.

The buy of the month may have been a 3 bedroom, 2 bathroom house conversion fixer in the Greater East neighborhood. This value-add opp0rtunity retailed for $168,000.  After just 3 days on the market, a Summit Hill 6 bedroom, 2 bath duplex set the high mark, trading at $725,500.

The Dayton’s Bluff neighborhood closed more transactions than any other neighborhood with 5 in April.  Summit-University, Payne-Phalen and came in second, each contributing three sales to the total.

On average, sold properties spent just 31 days on the market and fetched a sales price of 101.5 percent of their asking price. Like the rest of the Twin Cities, it very much remains a seller’s market with just a 3 month supply of inventory.

If you’d like an opinion of value on your St Paul duplex, triplex or fourplex, or are in the market for one of your own, give me a call. I sell on both sides of the river and for you Dakota and Scott county residents, north and south of it too!