St Paul Duplex Market Shows Signs of Change
The St Paul duplex, triplex and fourplex market is different from Minneapolis’, as well as the surrounding suburbs.
March was no exception. The month saw 33 new property listings hit the market, and 63 active listings. The latter was the most active listings for the month since 2016. The most new inventory activity came from the Summit University neighborhood with 6 new listings, and Thomas Dale finishing second with 5.
The value-add opportunity for the month was a vacant Category 2 duplex with 4 bedrooms and 2 bathrooms. The Hamline Midway listing was offered at $170,000. A 4 bedroom, 2 bathroom duplex just steps from St Catherine’s University, topped the new listing inventory at $470,000.
Meanwhile, there were just 10 sales in March. That was the lowest monthly total since January 2016. These transactions closed at an average price of $332,950; and at 98.1 percent of the original asking price. Ratios for asking to sold price in March have been at or above 100% for the month since 2020.
The high seller for the month was a 8 bedroom, 4 bathroom turnkey fourplex in the Summit-University neighborhood, with projected rents of $90,900. It sold for $995,000.A Payne-Phalen 3 bedroom, 2 bathroom house conversion offered a cash flow opportunity to a buyer at $189,000. Payne-Phalen also lead the way in total sales with 4.
Sold properties spent 95 days on market, which was up from 78 in February. It was the longest amount of time properties spent on the market in St Paul since January, 2015. When including cumulative days on the market for those properties listed, cancelled, then relisted again before selling, the total swelled to 112. This was the highest CDOM of any month since October 2016.
Whether the apparently changing market in St Paul is a mood or a trend will be revealed as we move deeper into spring and summer.
As always, whether you’re interested in buying or selling property in St Paul or anywhere else in the metro, give me a call. I’m always happy to help.