A Bit Of Sunshine For The St Paul Duplex Market
There were some unexpected rays of light shining through the St Paul duplex, triplex and fourplex market in December.
First, there were 21 sales during the month. This was up two from November, and just one shy of last December’s mark. These sellers obtained an average closed sales price at 96.9% of their original asking price. While this trailed last year’s 98.9%, it was nonetheless up from November’s 94.6%.
The month’s average sales price of $345,471 was also up from November, as was the median sold price of $325,000. The market topper was a 6 bedroom, 4 bathroom up/down side by side in the city’s West 7th neighborhood, which netted $535,000. An updated North End 5 bedroom, 2 bathroom duplex offered a nice value opportunity, closing at $233,900.
Sold properties spent an average of 54 days on the market before selling; exactly the same as one year ago and down 20 days from November. Median time on the market also dropped to 42 from November’s 70. Cumulative days on the market also dropped month-over-month from 93 in November to 62 in December.
Merriam Park topped the month’s list of number of properties sold at 5. The Greater East Side finished second with 3.
One year ago there were 19 new listings that came on the market in December, This year there were 14. Given the total number of active listings for the month were 89, which was 25 more than last year, fewer new listings may help get some of the existing inventory sold.
Dayton’s Bluff lead the way with 4 new listings. Thomas-Dale, North End and Payne-Phalen also chipped in two new listings each. An updated 3 bedroom, 2 bathroom house conversion duplex with beautiful woodwork and stained glass offered an entry level opportunity for an owner occupant or investor at $249,000. A 5 bedroom, 4 bathroom fourplex in the Como neighborhood and close to the lake topped the month at $599,000.
Fewer new listings combined with steady sales also helped St Paul drop from a 6 month supply of inventory in November to 4 one month later.
As we slowly make our way toward spring, let’s hope St Paul continues to offer rays of light.