Archive for the 'Twin Cities Real Est' Category

Minneapolis Duplex Market Reverses Itself

said on April 15th, 2014 categorized under: Twin Cities Real Est

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blipOK, I’m officially going to call it a blip.

For months now Twin Cities duplex sellers with equity in their properties have dominated every category of duplex sales.

For the week ending April 5, 2014, however, they slipped ever so slightly.

Last year, traditional duplex sellers had 59.1 of the sales that pended the first week in April. This year, they finished with 57.9 percent. Granted, it’s a small decline, but it is nonetheless a reversal of the trend of the last 12-18 months.

As always, a higher percentage of bank owned or mediated sales leads to lower sales prices. This held true in early April as well, when the average off-market list price was $163,658; down slightly from the week last year’s average sales price of $164,508.

Before we all worry that the sky is falling, it’s important to note there is absolutely no statistical evidence of an increase of foreclosure activity. It is more likely a simple anomaly we won’t see again.

Evidence of this may be found in the 82.14 percent of the new listings for the week that are being offered for sale by traditional sellers. They, coupled with newly listed distressed properties, brought 28 new duplexes to the market. This was down one from last year’s 29; 58.6 percent of which were listed by equity sellers.

The single family home market finally saw a slight increase in new listings; up 6.1 percent from the same week in 2013. However, it’s important to note that pending sales decreased as well, dropping 7.1 percent.

In March, the Median Sales Price for Twin Cities homes was $190,000. This was a 7.6 percent increase over last year.  On average, listings spend just 95 days on the market, and sell for 95 percent of what the price they were put on the market for.

In other words, in spite of our statistical blip, it remains a seller’s market.

Minneapolis Duplex Sellers See Signs Of Spring

said on April 1st, 2014 categorized under: Twin Cities Real Est

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First sprout aspire to the sunIt’s finally starting to feel like spring in Minneapolis and St Paul. During the week ending March 22, 2014, however, this spring’s duplex market felt a lot like last year’s.

Nineteen Minneapolis and St Paul duplex sellers accepted offers on their properties. At 78.9 percent, the vast majority of these investment property owners have equity in their property and will leave closing with a check in hand. On average, the off-market MLS list price for these properties was $193,458.

One year ago during the third week of March, 17 investment property owners agreed to sell. At 64.7 percent, more than half sold and put money in their pockets. On average, they achieved a sales price of $187,500.

Unfortunately for buyers looking for a broader selection, there were just 26 new listings during the week. Most of these, at 76.9 percent, are sellers not facing a distressed sale. However, new inventory was down 23.5 percent from the week last year, when half of the properties were either the result of  a short sale or foreclosure.

Single family home inventory saw a slight uptick of 2.6 percent during the week.  This is positive news, as overall inventory was 6.8 percent lower than one year ago. However, pending sales were also down 6.9 percent, which may help to temporarily offset some of the imbalance.

As the spring thaw continues, we should start to see a truer measure of the Minneapolis and St Paul duplex market.

Minneapolis Duplex Market Gets Skinny

said on March 11th, 2014 categorized under: Twin Cities Real Est

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duplex sales get skinnyThe Minneapolis and St Paul duplex market went on a diet the week ending March 8, 2014.

The market was fat one year ago, when 22 duplex owners accepted offers on their properties during the week. Slightly less than half, at 45.5 percent, were not in a distressed situation. On average, they received a sales price of $154,070.

Compare that to the market during the same week this year, when just 12 duplex sellers came to terms on the sale of their duplexes. Of these, 41.7 percent have equity in their properties.  Perhaps it was because there was so little for buyers to sample, but on average, these properties final listing price was $219,233.

New listings for the first full week of March finally showed weighed in, with 25 new listings coming to the market. The vast majority of these duplex sellers, at 80 percent, have equity in their properties.

Last year, there were 19 new listings during the same week. Just 42.1 percent of those sellers did not have to consult with anyone at a bank to receive permission to sell.

As we continue to thaw out from a brutal winter, let’s hope the number of new duplex listings is less than anorexic.

Duplex Sellers Look For Early Thaw

said on March 4th, 2014 categorized under: Twin Cities Real Est

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A row with colorful silk tulipsI might be hallucinating after a long, relentless winter, but it’s beginning to feel like spring in the Minneapolis and St Paul duplex market.

During the week ending March 1, 2014, 18 Twin Cities duplex sellers accepted offers on their properties.  While equity sellers were in the majority at 61 percent, their market share wasn’t nearly as sizable as its been in recent weeks. On average, the price these sellers last had their properties listed on the MLS for was $158,939.

One year ago during the same week, there were 15 people who sold their duplexes, triplexes and fourplexes. Just four, or 26.6 percent of those sellers actually left the closing with a check in their hands. On average, their properties sold for $143,658.

There were 22 new listings that came on the market during the week. At 82 percent, the vast majority of these properties are being sold by sellers who are current on their mortgage payments. This is up substantially from the 50 percent of last years 24 sellers who were not in distressed circumstances.

The weather forecast is promising more optimistic temperatures in the coming week. Let’s hope it’s right.

Minneapolis Duplex Prices Rise

said on February 25th, 2014 categorized under: Twin Cities Real Est

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minneapolis duplex prices rise If you were a Twin Cities duplex owner thinking about selling, there’s likely one category of real estate activity you’re most concerned about: price.

The good news for Minneapolis and St Paul duplex sellers is exactly that: prices are up. In fact, for the week ending February 15, 2014, the final list price for a duplex, triplex or fourplex listed on the MLS whose owner accepted an offer was $225,306. This demolishes the average sold price for the same week last year, when sellers realized an average price of $154,827.

The news wasn’t as encouraging in the rest of the categories. Just 17 sellers accepted offers for the week this year; that’s down two from 2013.

New listings were down as well, tallying 16 new opportunities for buyers to choose from, compared with 19 last year. Of these 16 new listings, 75 percent are being sold by people with equity. This represents a slight uptick from the 73.7 percent of last year’s sellers who had equity when they listed their property for sale.

Single family homes sales saw similar drops. New listings were down 2.9 percent, pending sales down 8.4 percent, and overall, there was 9.7 percent less inventory available to buy than there was last year.

And it’s exactly this shortage of available properties that has caused prices to rise.

Minneapolis Duplex Sellers Race For Gold

said on February 11th, 2014 categorized under: Twin Cities Real Est

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duplex gold medalRight now, the Minneapolis duplex market is a little bit like buying your way on to a winter Olympic team for a country that doesn’t have any snow.

There just aren’t a lot of duplexes, triplexes, and fourplexes out there competing for buyers attention right now. There’s a complete lack of competitors for those slots; which is a little like the Dominican cross country skiing team.

For the week ending February 1, 2014, there were just 5 new Twin Cities MLS small multifamily property listings.  Sixty percent of these new listings were brought to the market by equity sellers.

One year ago during the same week, there were 18 new listings. Sixty-six percent of these sellers had equity in their properties.

Pending sales also took a bit of a spill in the snow the last week of January, 2014. There were 12 sellers who accepted offers during the week. Half of them have equity in their properties. On average, the final list price those properties left the market at was $168,267, with the.

Last year, there were 17 duplex sellers who accepted offers on their properties. Of these, 71 percent left the closing with money in their hand. On average, these properties sold for $170,980.

The week also saw fewer single family home sellers competing for sold medals, with 16,9 percent fewer new listings coming on to the market. Even though there was also 9.3 percent fewer pending sales for the week, overall inventory was down 9.1 percent from the last week in January in 2013.

As temperatures begin to thaw, watch for many more competitors vying to win the buyer’s dollar.

Duplex Sales Temperature Hits Single Digits

said on February 4th, 2014 categorized under: Twin Cities Real Est

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cold winter thermometerMinneapolis and St Paul duplex sales stayed in the deep freeze the week ending January 25, 2014.

There were just 8 duplex sellers who accepted offers during the week. All but three of these involved a bank in the negotiations. The good news is these properties left the market at an average list price of $211,594.

Last year by comparison, there were 18 duplexes that sold. Just eight of these belonged to traditional sellers, who left the closing with a check in their pocket. On average, these properties sold for $150,093.

While double digit wind chills may have dissuaded some duplex buyers from looking at property, the same could not be said for sellers. There were 14 new small multifamily property listings during the week.  Seventy-one percent of these folks will not require bank permission in order to sell.

In late January of 2013, on the other hand, there were 17 new listings to the market. Of these, just  six, or 35 percent belonged to equity sellers.

The single family home market experienced a bit of hibernation as well. The number of new listings dropped 11.9 percent compared with the same week last year, pending sales declined 13 percent, and in all, there were 8.6 percent fewer homes on the market for buyers to choose from.

At this point, it’s probably fair to say we’re all ready for spring.

Minneapolis Duplex Sales Still Cold

said on January 29th, 2014 categorized under: Twin Cities Real Est

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It's cold outsideIn spite of a new year and historically low temperatures, Minneapolis and St Paul duplex buyers and sellers acted as if it was late 2013 during the second full week of January.

There were 17 duplex sellers who accepted offers during the week.  At 52.9 percent, a slim majority will leave closing with a check in their hands. The average final list price on their properties was $154,912.

While this isn’t quite the same market share traditional sellers have had in recent months, it is, nonetheless, more than the 41.6 percent of  the 12 sellers during the same week in 2013 who had money in their hands after selling. On average, they sold at a price of $135,420.

New duplex, triplex and fourplex sellers continued to be in short supply as just 23 new properties came on the MLS; down 25.9 percent from last year’s new inventory. Of the 2014 crop, 73.9 percent are being offered by equity sellers. Last year, just 51.6 percent of the new listings were not in a distressed situation.

Single family home sellers continued to see the amount of new inventory drop: sliding 8.3 percent from last year. However, the number of pending home sales was also down 24.8 percent for the week. This drop may have been weather related. Total inventory is down 9.5 percent from last year.

With the unofficial start of the spring housing market ( Super Bowl) just days away and warmer weather in the forecast, these numbers should start to change.

Wind Chills Twin Cities Duplex Sales

said on January 21st, 2014 categorized under: Twin Cities Real Est

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st paul duplexes for sale Believe it or not, 50 below zero wind chills apparently deter duplex buyers from looking at property in Minneapolis and St Paul.

Well, at least that appears to be the case for the Twin Cities real estate market the week ending January 11, 2014.

There were just seven duplex sellers who accepted offers that week.  While the 57.1 percent of those sellers who had equity in their properties were in the majority, it was by a smaller margin than we’ve seen in recent months. Nonetheless, it did result in an average final list price of $184,735.

During the warmer first full week of 2013, there were 13 duplex sellers who accepted offers. Just five of them were not in a distressed situation. When bank-owned or negotiated sales lead the way, there’s often a lower average sales price. This was true last year, as these 13 sellers received, on average, just $118,000 for their multi-family properties.

Bone chilling temperatures also sent duplex sellers running for cover, as there were just 18 new sellers during the week. This is down significantly from the 30 who listed their properties for sale during the same week in 2013.

Of those 18 sellers, 66.7 percent have equity in their properties. Just 60 percent of last year’s new sellers did not need to consult with a bank to negotiate a sale.

Single family home buyers and sellers apparently hibernated during the week as well. New listings were down 14.6 percent, pending sales down 19.5 percent, and in all, inventory was down 9.8 percent from last year.

For the month of December, the Twin Cities Median Sales Price increased 13.1 percent to $190,000. Overall inventory continued to be in tight supply, with just 2.7 Months Supply sitting on the MLS shelves.

As we approach post Super Bowl Monday, look for duplex buyers and sellers to simply pull on there Carhartt’s to kick off the spring housing market.

Wind Chills Duplex Sales

said on January 21st, 2014 categorized under: Twin Cities Real Est

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wind chills duplex salesBelieve it or not, 50 below zero wind chills apparently deter duplex buyers from looking at property in Minneapolis and St Paul.

Well, at least that appears to be the case for the Twin Cities real estate market the week ending January 11, 2014.

There were just seven duplex sellers who accepted offers that week.  While the 57.1 percent of those sellers who had equity in their properties were in the majority, it was by a smaller margin than we’ve seen in recent months. Nonetheless, it did result in an average final list price of $184,735.

During the warmer first full week of 2013, there were 13 duplex sellers who accepted offers. Just five of them were not in a distressed situation. When bank-owned or negotiated sales lead the way, there’s often a lower average sales price. This was true last year, as these 13 sellers received, on average, just $118,000 for their multi-family properties.

Bone chilling temperatures also sent duplex sellers running for cover, as there were just 18 new sellers during the week. This is down significantly from the 30 who listed their properties for sale during the same week in 2013.

Of those 18 sellers, 66.7 percent have equity in their properties. Just 60 percent of last year’s new sellers did not need to consult with a bank to negotiate a sale.

Single family home buyers and sellers apparently hibernated during the week as well. New listings were down 14.6 percent, pending sales down 19.5 percent, and in all, inventory was down 9.8 percent from last year.

For the month of December, the Twin Cities Median Sales Price increased 13.1 percent to $190,000. Overall inventory continued to be in tight supply, with just 2.7 Months Supply sitting on the MLS shelves.

As we approach post Super Bowl Monday, look for duplex buyers and sellers to simply pull on there Carhartt’s to kick off the spring housing market.