St Paul Duplex Market Report: One Surprising Data Point, and Why It May Not Mean What You Think

A single good measure is no more an indication of the St Paul duplex market than a single bad measure. I have to remind myself of that from time to time; that a trend is something that emerges over a longer period of time and sets, rather than isolated numbers.

For example, last month the St Paul duplex, triplex and fourplex market saw 22 sellers close on the sale of their the sale of their properties. This was up from 15 in March, and roughly the equivalent to the 23 that sold in April one year ago.

However, those 22 sellers realized a price at closing that was just 93.9% of their original asking price. That was the lowest ratio in over a decade. Again, it’s important to remember that last month is was 98.6% and the month before 99.1%. So as of now, it’s a moment, not necessarily a movement.

April’s St Paul sellers achieved an average closed price of $388,419 and a median of $347,500. The average was lower than last month’s and the median higher. Again, both numbers are snapshots of a month, not documentaries.  Small multifamily properties spent an average of 93 days on the month before selling. When counting the days on market for those that had previously been offered for sale, removed from the market, and relisted, the number swelled to 130. Median days on market was strangely, 67, and the median cumulative 103.

The month’s top seller wasa greater east side, 8 bedroom, 4 bathroom fourplex that grossed $67,200 per year and closed for $650,000. An updated 4 bedroom, 2 bathroom house conversion in Dayton’s Bluff was a value buy at $184,900. The West Side neighborhood lead the way with 5 sales, followed by Dayton’s Bluff and the West Seventh neighborhoods with 3 each.

April saw 56 new small multifamily properties be listed for sale in St Paul. This was down 7 from one year ago and 1 from March. However, the total number of active listings available for purchase remained somewhat elevated at 117; up 23.2% year over year.

A Merriam Park/Lexington area 8 bedroom, 4 bathroom fourplex topped new offereings at $849,999. A fire-damaged Payne-Phalen house conversion duplex with 4 bedrooms and 2 bathrooms offered a major rehab project for $125,000.

The winner for the month’s most new listings was the Merriam Park/Lexington neighborhood with 9. Payne-Phalen neighborhood finished a close second with 8.

If no new duplexes, triplexes and fourplexes came on the market from today forward, at our current rate of sales it would take 5 months before we were sold out. Generally, that’s considered a hallmark of either a market that slightly favors sellers to a balanced market, where both buyers and sellers have equal negotiating power.

If you’re in the market for a St Paul duplex, triplex or fourplex, or have one you’re thinking of selling, give me a call. I’m happy to help.