Twin Cities Suburbs Continue to Be Duplex Bright Spot

The Twin Cities suburbs continued to be a shining light for monthly duplex statistics in October.

Posting just a three-month supply of inventory (a seller’s market), the month saw 15 sales, with sellers earning 97.7% of their original list price. This was a year-over-year increase of 36.3% in closed transactions.

The list of solds was topped by a 12 bedroom, 4 bathroom turnkey Brooklyn Center fourplex that generated $900,000 or the seller. A torn-to the studs up/down side-by-side duplex in Farmington offered someone a winter project at $140,000.

In all, October’s solds averaged a final sales price o $478,877. This trailed last October’s $541,398, but was just a bit below this September’s $478,877. They spent 35 days on the market before selling, unless they’d been taken off and returned to the market. That resulted in a cumulative number of 58 days on the market.

South St Paul posted the most closed transactions with two.

There were 27 new listings in October. Bloomington brought the market the most options with 4 new listings, followed by South St Paul with 3.

A Norwood/Young America up/down grandma’s duplex with 7 bedrooms and 3 bathrooms, needing updating and repair offered a sweat equity opportunity at $250,824.  A St Louis Park side by side with 6 bedrooms and 4 bathrooms and hit the market at $750,000.

While duplex, triplex and fourplex sales remain relatively constant year-round, the number of new listings tend to slow. As a result, we may see something of a dip in activity as we move into the winter months.