Minneapolis Duplex Sales Challenge Vocabulary

wordsSometimes Minneapolis duplex numbers are difficult to write about.

In this market, that’s from both a creative perspective and an emotional one.

I’m just flat running out of metaphors, adjectives and adverbs.

The supply of residential homes on the Twin Cities MLS has grown by 9.5 percent since last year for a total of 27,408 homes on the market.

Meanwhile, the 596 signed purchase agreements for the week ending September 18 represent a drop of 42.9 percent from last year’s 1,043 signed contracts for the same week.

The duplex and small multi-family didn’t fare much better. While the number of new listings for the week was down 21.3 percent from last year, the number of pended duplex sales was also down– by 50 percent.

Just 19 percent of the week’s pended properties were negotiated by traditional sellers, while 58.3 percent of the new listings were offered without some level of bank involvement. This is a gain from last year’s 42.6 percent of traditional seller new listings.

Unfortunately, however, the abundance of market supply put downward pressure on prices. Last year’s average sold price for the week was $125,509. Meanwhile, the average off market price of a Minneapolis duplex this year was a meager $105,462; a number that’s sure to drop once those transactions actually close.

While the lower sales prices are certainly discouraging for sellers, there’s always a silver lining. In other words, if you’ve ever considered buying a duplex or adding real estate to your investment portfolio, it’s unlikely there’s ever been a better time to buy.