St Paul Duplex Sales Do Their Own Thing
St Paul has taken great pride over the years in differentiating itself from Minneapolis. Sometimes, those distinctions have been on purpose. Other times it’s just happened.
Take, for example, St Paul’s duplex, triplex and fourplex market in August. Minneapolis posted a 4 month supply of inventory which means it’s still something of a seller’s market.
St Paul, on the other hand, posted a 5 month supply. That’s a balanced market; where buyers and sellers have equal negotiating power. St Paul’s inventory has been edging its way up for some time. Last August, for instance, saw a 4 month supply. And Aof 2020 saw 3 months of duplex inventory on the metaphorical shelf. Of course, all of these pale in comparison to the whopping 10-month supply in August 2015.
What caused this? After all, there were 48 new listings that came on the market last month. That’s just one more than last month. However, it is up 12, or 33% from one year ago. That makes this year much closer to what’s normal for St Paul. August of 2020 saw 47 new listings, and the same month in 2015 posted 42.
This return to normal in new inventory helped buyers have 114 active listings to choose from. That’s down just 1 unit from July. It does, however, represent a year over year increase of 22%, and a 53.3% increase from 2020. Of course, it still trails 30.4% behind the amount of active listings in the same month of 2015.
Increased inventory could be offset by a spike in sales. Yet August saw 24 transactions, down 7.7% year over year and 11.1% over 5. Ten years ago there were 15 sales in August, so holding steady is actually a good thing.
The 24 sales last month posted an average closed price of $357,562. This represents an increase of 81.3% over a decade, and 14% over the last year alone. The median sales price of $377,191 was a cause for celebration, as it is a 224.5% spike over 2015. Year over year was also encouraging, posting a 14.3% year over year gain.
This August, as in 2024 and 2020, sellers netted on average 100% of their original list price. This seems normal or St Paul. In 2015 sellers obtained just 96.3%of their original asking price.
The Payne-Phalen neighborhood lead the transaction tally with 10 new listings and 5 sales. Thomas-Dale finished second in new inventory with 7.
A 3 bedroom, 3 bathroom duplex house conversion in Payne-Phalen brought the market’s best new opportunity at a list price of $169,900. A stunning Summit-University triplex with 10 bedrooms and 3 bathrooms was the move-in new to the market rate topper at $1.3 million.
The month’s high seller was a 3 bedroom, 2 bathroom house conversion in the Mac Groveland neighborhood that closed at $520,825. A 7 bedroom, 2 bathroom house conversion in the Thomas Dale neighborhood at $219,900.
Sold St Paul multifamily properties spent an average of 36 days, and a median of 30 days on the market before selling. While the average was 39 one year ago, the median was 18. In 2015 the average number of days was 52.
As we move deeper into fall we’ll see if reduced interest rates help St Paul pick up the pace.