Archive for June, 2015

Minneapolis Duplex Sales Neck And Neck

said on June 25th, 2015 categorized under: Twin Cities Real Est

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Close-Up of Neck and Neck Horse RaceIf Minneapolis and St Paul duplex sales were a horse race, the second week of June in 2014 would win by a nose.

Last year there were 26 duplex, triplex and fourplex owners who accepted purchase agreements, 76.9 percent of whom had equity in their properties. This year, there were 24 successful sellers, and 75 percent of them will receive a check for equity at their closings.

On average, sales for the week last year closed at $306,096. This is unusual. This year, the average off market list price was more realistic, at $206,837.

New listings is the one category where 2015 finished ahead of 2014. There were 45 of them this year, 91.1 percent being offered by equity sellers. Last year, there were 44, with 93.2 percent being above water with their investment property.

In the single family home market, New Listings were down .8 percent, while Pending Sales were up 21.1 percent. Overall, inventory was down 6 percent from June last year.

There will be plenty more duplex sales races in the year; it will be interesting to see if 2015 takes a commanding lead over 2014.

Minneapolis Duplex Sellers Still In Charge

said on June 17th, 2015 categorized under: Twin Cities Real Est

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Money in the air.The Minneapolis and St Paul duplex market kept humming along the week that ended on June 6, 2015.

In that time, 23 Twin Cities duplex, triplex and fourplex sellers accepted offers on their properties. Of these, 86.9 percent are traditional owners who will leave closing with a check for their equity in their pockets. They should be big checks. The average off-market list price was a whopping $274,077.

Last year during the week, 19 sellers accepted offers. Of these, 94.7 percent left closing with money in their pockets. However, their properties sold for an average of $219,702.

New listings the first week of June in 2015 numbered 45, with 95.6 percent being offered by equity sellers. One year ago, there were 47 sellers new to the market, with 83 percent not in distressed circumstances.

The single family home market saw the number of New Listings increase just 1.4 percent, while Pending sales rose 10.9 percent. Overall, Inventory decreased 5.2 percent.

In May, the Median Sales Price for a single family home was $224,000. With an average number of Days on Market of just 76, sellers received on average 97.5 percent of their asking price.

It  continues to be a happy summer for duplex sellers.

 

Minneapolis Duplex Market Drives Toward Summer

said on June 10th, 2015 categorized under: Twin Cities Real Est

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duplex sellers in drivers seatThis spring has been a boom for Minneapolis and St Paul duplex buyers and sellers. So I’ve been showing and listing a lot of property. Unfortunately, that means a great deal of my time is spent in traffic.

I’ve found the state patrol generally frowns on my blogging and driving.

Yes, that was a joke.

During the week ending May 30, 2015, twenty Twin Cities duplex owners accepted purchase agreements for their properties. Of these, 85 percent belonged to sellers with equity in their properties. The average list price when these properties changed status on the Multiple Listing Service from Active to Pending was $188,650.

During the same week one year ago, 26 multifamily property owners accepted offers on their properties.  Of these, 76.9 percent left closing with a check in their hands. On average, these duplexes, triplexes and fourplexes sold for $207,494.

The number of New Listings for the week rose to 32 from last year’s 29.  Of the new investment opportunities for the week in 2015, 93.75 percent are being offered by equity sellers. This is remarkably similar to the 93.1 percent of equity sellers last year. These owners realized an average sale price of $207,494.

In the single family home market, the number of New Listings decreased 2.9 percent. However, Pending Sales rose 23.5 percent. Combined, overall Inventory was down 4.6 percent.

In May, the Median Sales Price for a Twin Cities Property rose 6.7 percent to $224,000. The number of Days on Market it took to achieve this dropped 5 percent to 76. Meanwhile, it continued to be a Sellers Market, as the Percent of Original List Price Received rose .7 percent to 97.5 percent.

As it’s been all year, it’s a great time to be a Minneapolis or St Paul duplex seller.