said on March 13th, 2012 categorized under: Twin Cities Real Est
Minneapolis duplex sales are starting to feel a little bit like the ocean.
The tide rolls in, the tide rolls out.
The waves go up. The waves go down.
And while the present market fluctuation isn’t anything like the last 5 year Dramamine-demanding market, we’re a long way from placid.
For the week ending March 3, 18 duplex, triplex and fourplex owners accepted offers on their properties. Of these, eighty-three percent of those sellers were either banks, or people who had to get permission from a bank in order to sell.
On average, the last price these Minneapolis duplexes were listed at was $103,782.
During the same week last year, there were just 16 Minneapolis and St Paul duplex sellers who accepted purchase agreements on their investment properties. Of these, 75 percent involved a bank in the discussions of a sale.
When those properties were finally reported as sold, they did so at an average price of $98,487.
The week continued to see dramatic erosion in the amount of new Minneapolis duplexes for sale, with just 14 new listings coming on the market for the week. One year ago, there were 31 new listings for the same seven day period.
Of this new inventory, 42.9 percent of this years was offered by a traditional seller, compared with 38.7 percent of last year’s.
Single family home sellers continued their disappearing act as well, with the number of new listings for the week down 23.2 percent from the same week in 2011.
Meanwhile, pending sales were up 29.7 percent.
The combination of the two caused the total amount of inventory on the market to drop 22.9 percent.
In other words, if you’ve been thinking about selling your Minneapolis duplex, it might be a good time to bring your surfboard to the beach.
You won’t have any competition for the good waves.