St Paul Has A Hopeful April

The St Paul duplex market showed signs of improvement in March. It even set a record.

The month’s average sales price of $447,139 was the highest on record. This was set by 22 sold properties; up 10% from April 204, and 200% over March.

The market topper was an 6 bedroom, 5 bathroom 1908-built triplex full of woodwork and charm in the Summit-University neighborhood that closed at $889,000. A 4 bedroom,  2 bathroom duplex house conversion in the Payne Phelan neighborhood offered a terrific cash flow opportunity to the buyer at $165,000.

The Summit University neighborhood stood alone in the number of sales with 5.

These multifamily properties spent an average of 41 days on the market before selling. That is down more than half from March’s 95 days. When factoring those properties that were listed, cancelled, then relisted, the Cumulative Days On Market stood at 66. This too was half of March’s 11.

April’s sellers closed at an average of 100% of their original asking price. This is down from last year’s 100.6%. Inventory also dropped, which is a good thing for sellers. The month saw a 4 month supply of inventory; down from March’s 6 month supply.

On the new inventory side of the ledger, there are signs of change. There were 63 new listings in April; an increase of 70% over one year ago. The Payne Phelan contributed 18 new listings, followed by 10 from Merriam Park/Lexington/Hamline.

A 6 bedroom,  bathroom duplex in the West 7th neighborhood provided a redevelopment opportunity at $200,000. Meanwhile a pristine Victorian 8 bedroom, 6 bathroom triplex in the Summit University neighborhood offered a turnkey opportunity to live in Cathedral Hill for $1.35 million.

Let’s hope St Paul’s continues to have a happy spring duplex market.