St. Paul Duplex Sellers Hit 100% of List Price in August

For the first time in over a year, successful St Paul duplex, triplex and fourplex sellers averaged closed sales at 100% of their original list price.n

At an average of 32 and median of 15 days, these sellers also experienced fewer days on market than in August. This good news continued when including previous market time before selling, declining to an average number of cumulative days of 44 from August’s 67. This trend was supported with the median number of cumulative days on the market as well, which dropped to 15 from 50.

August also saw 40 new listings. That was down 25.9% from the number that hit the market in July. Total active listings also declined 15.6% to 147.

The month’s 23 successful sellers saw an average August sales price of $398,252 and median of $332,000.

The month’s value-add opportunity was found in the West Seventh neighborhood, where a partially rehabbed 4-bedroom, 2-bathroom house-conversion duplex fetched $150,000. A Merriam Park/Lexington-Hamline neighborhood 7-bedroom, 3-bathroom true Craftsman duplex with all the charm and woodwork of the era topped the market at $707,500. The Summit-University neighborhood saw the most sales with 4, with Merriam Park/Lexington-Hamline and Payne Phalen adding 3 each.

Of the month’s new listings, an 8-bedroom, 4-bathroom fourplex in the Summit-University neighborhood topped the month’s new offerings at $1.2 million.  A Payne-Phalen 3-bedroom, 2 bathroom house conversion in need of rehab offered a value-add opportunity at $150,000.

August posted a 6 month supply of inventory, which is just inside buyer’s market territory.