Archive for the 'Twin Cities Real Est' Category

Minneapolis Duplex Sellers Take Over

said on November 27th, 2012 categorized under: Twin Cities Real Est

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duplex sellers in chargeIt’s official. Minneapolis and St Paul duplex owners know it’s a great time to sell a duplex.

So much so that duplex sellers with equity contributed a whopping 74 percent of the new inventory on the market the week ending November 17, 2012.

Now, the total number of listings for the week was down by two from the same week one year ago. However, just 44.8 percent of those duplexes listed for sale were being sold by people who had equity in their properties.

The increased presence of traditional sellers usually means higher average sales prices. And yet, in something of a market anomolly, the average final list price for the week this year was $134,772; down from last year’s sold price of $134,772.

Pending sales for the week were down by one from last year. However, 60 percent of the twenty sellers who received and accepted offers on their properties have equity. This is up 7.6 percent from last year.

In the single family market, there was a minor increase in inventory, with the number of new listings up 11.4 percent from a year ago. Meanwhile, pending sales were also up 9.8 percent.

In all, inventory is down 29.4 percent, totalling less than 15,000 properties to choose from in all on the Multiple Listing Service.

In all, there are less than four months of inventory on the market, meaning it truly is a seller’s market.

Minneapolis Duplex Sellers Giving Thanks

said on November 21st, 2012 categorized under: Twin Cities Real Est

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Minneapolis Duplex Sellers Give ThanksMinneapolis and St Paul duplex sellers have a lot to be grateful for this Thanksgiving.

For the week ending November 12, 2012, there were 11 Twin Cities duplex, triplex and fourplex sellers who received and accepted offers on their properties. Of these, 45 percent were traditional sellers with equity in their properties.

While the number of pending transactions was down slightly from the same week in 2011,  just 21.4 percent of last year’s sales belonged to equity sellers. This year-over-year increase in equity seller market share resulted in an average off market list price of $132,118 for the week this year; up slightly from last year’s average sold price of $129,089.

There was additional good news in the amount of newly listed duplexes on the market as well. The week saw a 13 percent increase over last year. Traditional sellers dominated this year’s market, contributing 65 percent of the week’s new lisitngs.

The single family home market saw a decline in new listings; down 9 percent over the same week one year ago. Meanwhile, pending sales jumped 11.3 percent, dropping total inventory 29.1 percent.

There are just 3.7 months of inventory availble for buyers in the market. A balanced market is when there’s a five month supply. Anything less, and it’s a sellers market.

That’s news many underwater Minneapolis duplex and home owners should be thankful for.

Have a safe holiday weekend!

Comments Off on Duplex Shortages Mean It’s A Great Time To Sell Your Minneapolis Duplex

duplex prices riseThis year we’ve become accustomed to news that Minneapolis duplex sales were up.

After all, with historically low interest rates, low vacancy rates, and undervalued inventory, why wouldn’t it be a great time to buy investment property?

Of course, increased demand for something tends to drive prices up. And when that happens, duplex owners once again become interested in selling.

For the week ending November 3, the number of new duplex listings to the market was greater than the number last year. Granted, it was an increase of only 11 percent, but it’s a start. Half of these new listings are being offered for sale by traditional sellers.

It goes without saying that the number of pending sales was up as well. There were 20 duplex owners who accepted offers on their properties the first week of November, compared to just 11 for the same week in 2011. Of these 20 sellers, 45 percent were offered by traditional sellers. Last year, just 18 percent of the new listings did not involve a bank in the negotiations.

The single family home market say pending sales increase 25.3 percent over last year. However, new inventory continues to be scarce, with new listings down 1 percent.

For the month of October, the median sales price for Twin Cities homes increased 14.8 percent to $174,995. With just 3.7 months of inventory on the market, sellers continue to set price and terms.

It continues to be a great time to sell.

Minneapolis Duplex Sellers Take Control

said on November 7th, 2012 categorized under: Twin Cities Real Est

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Duplex sellers take chargeIf there was a moment in time when the Minneapolis duplex market began to shift from a buyer’s to a seller’s market, it might have been during the last week of October in 2011.

That week, 32 Twin Cities duplex, triplex or four unit apartment building owners received and accepted purchase agreements. Seventeen of these owners actually had equity in their properties. On average, these properties sold for $152,145. However, what’s truly amazing about this is that there were  32 properties for investors to buy!

Compare that to the 19 listings that sold for the week this year, where 47.4 percent of the listings were brought to market by traditional sellers.  These pended sales left active status on the MLS at an average final list price of $184,426.

The number of new listings for the week in 2012 decreased from 2011 by one, with 28 new duplex investment opportunities coming on the market, compared to 29. Of these new listings, 53.6 percent are being sold by traditional sellers; a significant increase from last year’s 37.9 percent.

The single family home market saw new listings decrease 3 percent, pending sales increase 11.1 percent, and overall inventory decline 28.8 percent.

I’ve said it before, and will again. Sellers are back in the driver’s seat, meaning it’s a great time to sell a Minneapolis duplex.

Duplex Sellers Shift Gears

said on October 30th, 2012 categorized under: Twin Cities Real Est

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minneapolis duplex sales shiftThere was a shift in the Minneapolis duplex market the week ending October 20, 2012.

A lot more new inventory came on the market during the week than did one year ago.

There were 31 newly listed duplexes, triplexes and four unit buildings that came on the market. This is more than double the 14 that did one year ago. Of these new listings, 67.7 percent were made available for purchase by traditional selelrs. Just 42.9 percent of last year’s sellers had equity in their properties.

Pending duplex sales saw a virtual dead heat year-over-year, with 14 transactions taking place in each. Of those sellers who accepted offers this year, 28.6 percent have equity; up slightly from last year’s 21.4 percent.

While the market share of traditional sellers wasn’t so great as to suggest it would be the case, the sold price for the week in 2011 of $100,277, is significantly below this year’s average off market list price of $187,123.

The single family home market also continued a shift of its own, with new listings down .6 percent,  pending sales up 33.3 percent, for a combined decrease in inventory of 28.5 percent.

With declining inventory and increasing sales, it’s a great time to be a Minneapolis duplex seller.

Minneapolis Duplex Sales Get Better

said on October 23rd, 2012 categorized under: Twin Cities Real Est

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minneapolis duplex sales get healthierThe Minneapolis duplex market appears to be healing.

Now I didn’t say “healed”, or “cured”, but things DO seem to be improving.

For example, for the week ending October 13, there was actually one less Minneapolis or St Paul duplex seller who accepted an offer (29) than there was during the same week last year (30).

This year’s duplex sellers were the winners, however, with an average off-market final list price of $197,983. Last year’s sellers realized an average sold price of $107,739.

Of course, as is usually the case, higher prices are often the result of traditional sellers dominating the market, and this week was no exception, with equity sellers contributing 65.5 percent of the transactions. Last year, just 30 percent of the sales were the result of traditional sellers.

Inventory continued to be tight, which, combined with historically low interest rates, may explain the spike in values. There were just 22 new listings in the most recent data, with a whopping 86.4 percent of them brought to the market by sellers who did not need permission from a banker to sell.

Last year at the same time, there were 39 new listings. Traditional sellers were responsible for just 56.4 percent of these, with banks contributing the balance.

Inventory in the single family home market, however, improved slightly, with new listings up 7.3 percent for the week. Of course, these listings dissipated quickly, with pending sales up 26.7 percent over the year before.

In all, there is a 4.1 month supply of inventory on the market. The market is considered balanced when there is a six month supply. Anything over that and it’s a buyer’s market, less than six months supply creates a sellers market.

I am not ready to pronounce the Minneapolis duplex market cured. But it is well on its way to better health.

Minneapolis Duplex Sales Take Off

said on October 16th, 2012 categorized under: Twin Cities Real Est

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minneapolis duplex sales launchIf you’ve been waiting for Minneapolis and St Paul duplex values to skyrocket before putting yours on the market, your time may have arrived.

After all, the average list price a duplex left the market at the week ending October 6, 2012 was $195,511.

During the same week in 2011 the average sold price was $94,722.

Granted, comparing two very small windows of time to one another doesn’t a market shift make, but the data is telling.

Last year, there were just 9 duplex owners who accepted purchase agreements on their properties. Only one third had equity in their properties.

This year, 28 Minneapolis duplex sellers accepted offers. Nearly half (46.4 percent) were traditional sellers who will take checks away from closing.

New inventory continued to be down slightly, with 29 new listings coming on during the week, compared with last year’s 30. However, 44.8 percent of this year’s belong to traditional sellers. Just 36.6 percent did last year.

The single family home market, on the other hand, saw 2.8 percent more listings this year than last, pending sales leap 33.5 percent, with overall inventory down 28.6 percent.

September saw the median single family home price rise 12.6 percent to $174,500, with sellers receiving 94.8 percent of their asking price.

We’re still a long way from the values of 2005 duplexes, but we seem to be well on our way to a more optimistic future.

Minneapolis Duplex Sales Headed For The Super Bowl

said on October 9th, 2012 categorized under: Twin Cities Real Est

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minnesota vikingsLike the Vikings, the Minneapolis duplex market seems to have risen from the ashes since last season.

Take, for example, the total market domination by traditional sellers. You remember those folks. They’re the ones who actually have equity in their duplexes.

Of the actively listed multifamily properties that pended the week ending September 29, 63.2 percent were being sold by traditional sellers. Last year, just 38 percent of the duplex owners weren’t banks and didn’t need to consult with one to get permission to sell.

While new inventory for the week was down 13.5 percent from last year, 62.5 percent of the duplexes that went up for sale are owned by equity sellers. Last year, less than half of the sellers (48.7 percent) had equity in their property.

Traditional sellers combined with reduced inventory are just as effective as Percy Harvin in creating value. To that end, this year’s highest listed duplex that left the market as a sale was located in Uptown and last listed at $529,900. Last year’s highest seller was a St Paul listing that closed at a price of $450,000.

This year’s lowest list price for a pending sale was $45,000. It sounds cheap until compated to the lowest sold price for the week last year of $30,000.

In September, the single family home market saw median prices increas 12.3 percent to $174,000.

The week saw new listings increase 6.2 percent, with pending sales up 15.5 percent.

It is premature to celebrate, however. Let’s give it some time and see if the Vikings, and the housing market are for real.

Comments Off on Why President Obama Loves Your Minneapolis Duplex

lightrailThe White House cares about your southwest Minneapolis duplex.

OK, so maybe not your duplex, specifically. But they do seem to care about public transportation in Uptown, St Louis Park, Hopkins and Eden Prairie.

Earlier in the week the Obama administrations stated they would expedite the permit-approval process for the 15-mile Southwest Light Rail transit live slated to run between Minneapolis and Eden Prairie.

The expedition is part of the new “We Can’t Wait” program, which aims to expedite infrastructure approvals by processing them more efficiently.

The project’s proposed route connects with the existing Hiawatha and University lines in downtown Minneapolis, and run in a southwest direction toward Eden Prairie between Cedar Lake and Lake of the Isles, along Excelsior Blvd to 17th Avenue in Hopkins, where it will turn south toward a southwest station just west of the Highway 212 and 494 junction.

This should prove to be a boon to property owners along the line, as tenants and home buyers increasingly seek green neighborhoods and efficiencies in fuel consumption expenses.

Fall Minneapolis Duplex Market Looks Like Summer

said on October 2nd, 2012 categorized under: Twin Cities Real Est

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minneapolis duplex for saleFall may have officially begun on September 22, but for the week before, the Minneapolis duplex market continued to behave as if it were summer.

There were 19 duplex, triplex and four unit owners who received and accepted purchase agreements during the week. Of these, 47.4 percent were traditional sellers with equity in their properties.

Last year during the same week, there were 20 duplex owners who sold their properties. However, just 30 percent of these Minneapolis duplex sellers had equity in their properties.

The high seller for the week was a riverfront duplex in northeast Minneapolis, which left the market at a list price of $324,900. The low seller was a north Minneapolis property, which was last listed at $42,000. The average off market list price for the week was $139,779.

The high seller for the week in 2011 was a four unit building in New Hope, which brought $250,000. The low seller was a duplex in St. Paul, which went for ten times less, at $25,000. Last year’s average sold price for the week was $110,965.

There were 26 new Minneapolis and St. Paul duplexes listed for sale during the week. This number represents a significant drop from the 37 new listings one year ago. However, while just 40.5 percent of those properties were offered by traditional sellers, 73.1 percent of this year’s listings are being sold by duplex owners with equity.

The single family home market saw the inventory continue to fall; down 29.4 percent year-over-year, while pending sales rose 22.8 percent for the week.

Fall is typically a time when traditional sellers begin to hunker down for the winter. However, with a healthy Minneapolis duplex market and a forecast for a mild winter, we might see that change.