Duplex Sellers Open Presents Early

I have to tell you, it’s hard to sit down and blog with all of the holiday festivities.

The season hasn’t seemed to slow Minneapolis duplex, triplex and fourplex sellers and buyers though.

For the week ending December 8, 28 multifamily property owners received and accepted purchase agreements on their properties. Of them, just 28.6 percent were traditional sellers. As a result, the average list price the duplex left the market at was just $130,150.

During the same week last year, just 13 Minneapolis and St Paul investment property sellers accepted offers.  Of these, 30.8 percent did not have to consult with a bank in order to sell. Those sellers realized an average sold price of $108,240.

Duplex sellers made buyers happy by putting a whopping 31 new listings on the market. The vast majority of these listings, 61.3 percent to be exact, belonged to sellers with equity.

This trounces the number of new listings during the same week last year, when there just 24 hot new duplex listings to choose from.

Like the small multifamily market, the single family home market saw a slight increase in new listings, up 3 percent to 942 for the week. Pending sales also rose 12.6 percent, with overall inventory down 28.8 percent.

Let’s hope Santa brings continued good news for Minneapolis duplex sellers and buyers.