St Paul Duplex Numbers Show New Changes

In sheer numbers, St Paul ranks second only to Minneapolis in the total number of duplexes in the metro. As a result, just as we look closely at Minneapolis data for signs of changes in the duplex, triplex and fourplex market, so too do we look at St Paul.

Like Minneapolis, the St Paul duplex market shows subtle signs of change.  For example, when looking at February’s data for Cumulative Days on the Market, the city recorded 101. That is the first triple-digit number since January 2018. The average number of days on the market, which was 78, was the most since September 2015.

The ratio of the closed sales price of a property to its original sales price also showed signs of change. While sellers managed to close sales at prices  94% of their original asking price, this was the lowest percentage since September 2016.

This suggests we may be starting to move away from the decade-plus of a market in which sellers were in the driver’s seat. Then again, there was just a 3-month supply of inventory in February, which remains a sign for now that sales still favor sellers.

A total of 21 happy small multi-family property owners sold in February. This was the most sales in any February in four years. Sellers fetched an average sales price of $315,707.

The month’s high seller was a Hamline-Midway 7-bedroom, 5-bathroom house conversion fourplex that closed at $635,000. A Hamline Midway 4 bedroom, 2 bathroom duplex needing a facelift was the month’s opportunity, closing at $130,000. The Hamline Midway neighborhood lead the city in sales with 6, followed by Dayton’s Bluff with 5.

There were 29 new St Paul multifamily listings in February. Ten came from the Payne Phelan neighborhood, with the North End finishing second with 4. A charm-filled 6-bedroom, 5-bathroom Summit-University triplex topped the list at $888,000. A 4 bedroom, 2 bathroom house conversion duplex in the Payne Phalen neighborhood presented the month’s most affordable new opportunity at $200,000.

In all, there were 65 small multifamily properties for sale in St Paul in February.

March’s numbers may tell us whether there truly is a change under way or these subtle shifts were simply a winter anomally.