St Paul Duplex Buyers Gain Upper Hand
There were more new duplex, triplex and fourplex listings in November than there were in October. That’s only the second time new listings have gone up between October and November in the last decade. The last time was in 2021.
What does it mean? Honestly, I don’t know that it means anything.
The total number of active listings in the city was down 3, from 111 to 108 between October and November. However, 108 represents a 30% increase over the number of active listings in St Paul one year ago.
The Dayton’s Bluff neighborhood lead the way with 7 new listings. Thomas-Dale and Payne-Phalen tied for second place, with each listing 5.
The opportunity of the month was a refreshed 3 bedroom, bathroom house conversion in the Payne-Phalen neighborhood, which listed at $200,000. A rare, completed new construction 6 bedroom, 4 bathroom duplex also in the Payne-Phalen neighborhood topped the list of new opportunities at $695,000.
November also saw a drop in the number of solds. November of 2024 saw 28 duplexes, triplexes and fourplexes trade hands. Last month saw just 19. In a bit of good news, sellers managed to obtain closing prices that were 94.6% of their original list price. This represents just a .1 percent decline from one year ago.
Payne-Phalen contributed 5 solds to the tally, with Thomas-Dale adding 4 and Battle Creek-Highwood chipping in 3.
The high seller for the month was a clean, updated 4 bedroom, 3 bath duplex in the Summit-University neighborhood that closed at $670,000. A Payne-Phalen 3 bedroom, 3 bathroom house conversion offered a sweat-equity opportunity, closing at $129,500. The month finished with an average sales price of $324,776.
Properties spent an average of 74 days on the market before selling. This is a 68.2% increase over October, and a 224% increase over November 2024. Median days on market fared no better, finishing at 70 for the month; exactly double what they were in October. This also represents a 412% increase from November, 2024.
Cumulative Days on Market fared no better. Sold properties racked up a total of 93 days on the market. This was a 60% increase in total market time from October, and a 245% swelling from one year ago.
November saw St Paul enter buyer’s market territory with a 6-month supply of inventory. This was up from October’s 5 month supply, yet double the 3 month supply one year ago.
While the St Paul multifamily market appears to be slowing, one or two months do not make a trend. Let’s hope buyers take advantage of falling interest rates and rising inventory early next year.