Twin Cities Suburban Duplexes Still Hot

The Twin Cities suburbs are a good place to be a duplex seller.  For the last 17 months, multifamily properties outside Minneapolis and St Paul have obtained average monthly sales prices above $400,000.

For example, the 23 properties sold in July closed for an average of $446,705. A Spring Lake Park fourplex that had a whopping total of 12 bedrooms and 8 bathrooms closed for $900,000. The value opportunity of the month was a 5 bedroom, 2 bathroom house conversion in Stillwater closing at $296,420. The city of Hastings saw four properties trade hands. Columbia Heights and Spring Lake Park tied for a distant second, contributing two closed sales each.

Sellers averaged a closed price that was 100% of their asking price.

Suburban multifamily properties spent just 30 days on the market on average, with the cumulative days a hair higher at 31.

While suburban duplexes are a hot commodity, it may be due, in part, to the fact there are so few to choose from. There were just 19 new listings for buyers to choose from, and a total of just 27 active listings in June.  Brooklyn Park and South St Paul were market leaders, adding three new listings each.

Needless to say, if you’ve got a suburban duplex, triplex or fourplex you’re thinking of selling, you won’t have a lot of competition.  And that’s always a good position to be selling from.