St Paul Duplex Market Does Its Own Thing

I have to confess, I find St Paul’s duplex, triplex and fourplex market a little confusing.

September saw it set the second highest average sales price of the last 10 years at $387,125, while at the same time having a 4 month supply of inventory. While that remains a seller’s market, it is nonetheless moving much closer to a state of balance; which suggests buyers may have a bit more negotiating power.

The high seller for September was a 1960’s-built 14 bedroom, 8 bathroom fourplex in the Mac Groveland neighborhood that closed at $985,000. A  4 bedroom, 2 bathroom house conversion in the Dayton’s Bluff neighborhood was the sweat equity opportunity of the month, closing at $170,000. Of the 22 properties that sold, the Thomas-Dale neighborhood saw the most transactions, with 5 sold, followed by Dayton’s Bluff with 4.

The month’s sold listings spent an average of 35 days as active listings before selling. That average swells to 38 when we factor those that went on and off the market before ultimately closing.

A four month supply of inventory may suggest a flood of new listings, but that wasn’t the case. September saw just 30 new listings come on the market; the least since February. However, there was a total of 94 total active listings; more than any month since September, 2021. A partially completed 4 bedroom, 2 bathroom duplex in the Payne-Phelan neighborhood represents someone’s money-making opportunity, listing at $154,900. An 8 bedroom, 4 bathroom West 7th neighborhood fourplex with a non-conforming 5th unit represented the other end of the market, listing at $850,000.

The Dayton’s Bluff area continued to see the most activity, contributing 5 new listings. Hamline-Midway was the second most popular place to sell, adding 4.

I’m sure October’s St Paul numbers will bring many more contradictions. It’s a city that’s always seemed to have a mind of its own.