With the mental distraction of the holidays, November’s Twin Cities suburban duplex sales may seem like ancient history. In reality, we’re talking about data gathered from new listings and sales just over a month ago.
November saw 16 duplexes, triplexes and fourplexes sell in the 7 county metro area suburbs. These properties changed owners at an average price of $457,731. This was lead in part by the sale of a South Saint Paul 12 bedroom, 4 bathroom fourplex that fetched $700,000 for the sellers. The month’s value-add opportunity was found in North St Paul, where a 4 bedroom, 2 bathroom house conversion offered an opportunity for updating at $254,900.
Sellers netted an average of 97.6% of their original list price; even though the 2 month supply of inventory suggested the wider metro continue to be a strong sellers market.
Brooklyn Park lead all suburbs, seeing three multifamily properties trade hands.
There were 23 new multifamily listing opportunities that were new to the market in November. A South St Paul 3 bedroom, 2 bathroom duplex in need of some updating represented an equity-building opportunity at $254,900. An 8 bedroom, 6 bathroom turnkey side by side on 2.8 acres that overlook a lake offered a would-be buyer a very rare opportunity at $1.5 million.
The suburbs of Hopkins and Prior Lake contributed 3 new listings to the market each.
If you’re thinking of selling a suburban multifamily property, please give me a call.