St Paul Gives Duplex Buyers A Chance

If you’re considering shopping for a duplex, triplex or fourplex in St Paul, it might be a pretty good time to buy.

Why?

The market is sending very mixed messages. Many are in a buyer’s favor. This appears to be a change many haven’t noticed. That means you won’t have a lot of competition yet.

In August the city had 90 active listings to choose from. That’s more than any other month since September of 2021. This may change soon, as there were just 36 new listings; the least number of new opportunities of any month since March.

There were 48 property listings that expired and left the MLS without receiving an offer. That’s the most of any month not called December since November of 2022. December’s listings are always higher than any other month because many contracts are written to expire on December 31.

Given these numbers, one would think it’s a buyer’s market. With a 3 month supply of inventory, however, the market currently appears to favor sellers.

In fact, the 26 owners who sold and closed on their investment properties in August, managed to average prices 100% of what they’d initially listed at and an average price of $338,246. This price was just less than $10,000 higher than July’s average.

The opportunity of the month was a 3 bedroom, 2 bathroom house conversion in the Payne Phalen neighborhood that closed at $175,000. The high bar was set by a 9 bedroom, 5 bathroom Merriam Park/Lexington true duplex that closed at $756,000.

Sold property’s spent 39 days as active listings before receiving an offer. That average jumps to 63 days on the market when factoring in those that were cancelled and relisted in order to look like new opportunities before selling.

If you’re thinking of buying a duplex in St Paul or any other place in the metro, give me a call. I’d be happy to help you achieve your goals.