Archive for the 'Twin Cities Real Est' Category

Duplex Sales Up And Away

said on June 5th, 2013 categorized under: Twin Cities Real Est

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duplex for saleWhat goes up, must come down. But for the Minneapolis and St Paul duplex markets, it appears what’s been down must come up.

For the week ending May 25, 2013, there were 22 duplex sellers who received and accepted offers. Of these, 81.8 percent have equity and will leave the closing with money in their pockets. These checks may be substantial. After all, the average off market list price was $200,468.

These figures are up; in volume, traditional seller market share and price from the same week in 2012, when 16 owners accepted offers; 62.5 percent of whom received checks at closing on an average sales price of $156,149.

There was good news for duplex buyers and investors for the week as well. There were 34 new listings for the week; up 26.5 percent from last year. A whopping 82.4 percent of these sellers are traditional, up substantially from the 68 percent who were last year.

This is important to buyers who have been in multiple offers all year and are growing frustrated by an overall lack of inventory.

Single family home buyers received a bit of relief as well, with the number of new listings up 29.8 percent. However, pending sales rose as well; up 18.8 percent over last year, with total inventory down 24.6 percent.

This overall lack of inventory again put upward pressure on prices, with April’s median sales price of $182,000 a full 12 percent above last year’s.

It continues to be a great time to sell a Minneapolis or St Paul duplex!

Minneapolis Duplex Sellers Get Paid

said on May 28th, 2013 categorized under: Twin Cities Real Est

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minneapolis duplex sellers make moneyIt appears during the week ending May 18, 2013, Minneapolis and St Paul duplex sellers and buyers came out in droves.

Twenty-four of the sellers already on the market accepted purchase agreements during that week. Of these, 83.3 percent were traditional sellers who will walk away from closing with a check in their hands. Better yet, on average, these properties left the market at an average final list price of $208,508.

This is significantly different than during the same week in 2012, when just 13 sellers sold their duplexes. Sixty-nine percent of these sellers pocketed money when they transferred the keys. The average sold price for these listings was a meager $137,669.

Perhaps the biggest week-over-week is, thankfully, in the amount of new inventory to hit the market. There were 43 new listings for the week in 2013, with 86.7 percent of them being offered by equity sellers. Last year, there were 19 new listings, and just 50% of these duplexes, triplexes and fourplexes were being sold by someone other than a bank.

Clearly, on every level, it continues to be a great time to sell a duplex!

Comments Off on If Every Minneapolis Duplex Seller Took The Summer Off…

Children's toys on sand isolated on whiteIf Minneapolis and St Paul residents decided to take the summer off from selling duplexes and houses, by the time school started, Realtors would have nothing left to sell.

That’s right, overall inventory is down 36 percent in the month of April, leaving us with just a 3.2 month supply of inventory.

With so little supply, it is unquestionably a seller’s market.

In fact, 21 Minneapolis and St Paul duplex sellers received and accepted offers the week ending May 11. Of these, a whopping 76 percent were traditional sellers who will pocket money from the sale of their property. With an average final list price of $193,885, many of them should see healthy checks at closing.

Last year during the same week, there were 30 duplex sellers who accepted purchase agreements on their investment properties. Of these, 53.3 percent had equity. As always, when banks have a higher market share, prices tend to be less. This was true last May, with an average sold price for those listings of $167.063.

The good news is new listing inventory was up over last year; albeit ever so slightly. There were 34 new listings for the week. Of these, 76 percent were brought to the market by traditional sellers. There were 33 new duplex sellers during the same week in 2012. Just 66.7 percent of whom were owners with equity in their property.

Single family homes saw new listings increase 25.1 percent, pending sales up 16.2 percent, and overall inventory down 27.5 percent.

While it’s tempting to take the summer off, it looks like it will pay for those who chose to stay and sell.

Minneapolis Duplex Sellers Should Stay Indoors

said on May 8th, 2013 categorized under: Twin Cities Real Est

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minneapolis duplex sellers celebrateShould we plan a party?

Why? One word.

Double.

Before we celebrate in the streets, it’s important to note this year’s average was greatly influenced by pended sales in the Lake of the Isles neighborhood of Minneapolis and the Grand Avenue neighborhood of St Paul, which typically command higher prices than many other areas.

The week that ended April 27, 2013 the average list price a Minneapolis duplex, triplex or fourplex left the market at was just more than half of the average sales price for the same week last year: $236,802 to 2012’s $115,276.

In other words, it might be too soon to hire a band.

Of the 30 duplex owners who accepted offers during the week, 17, or 56.7 percent, have equity in their properties. Of the 18 duplexes that sold in 2012, 10 of the owners, or 55.6 percent took checks home from closing.

The sudden rise in average sales prices may also be a result of the year’s trend of fewer properties being offered for sale. Last year during the week, for example, there were 30 new listings with 66.7 percent owned by traditional sellers. This year, there were just 22 new listings, 14 of which will not require a bank to be consulted in order to be sold.

Meanwhile, single family home sales rose 17.3 percent for the week, with new listings up just 2.9 percent. In all, there were 28.8 percent fewer homes for sale the last week of April 2013 than there were during the same week in 2012.

The good news prices are up. If inventory increases and demand remains high, only then can we truly celebrate.

Minneapolis Duplex Sales Rewrite Themselves

said on April 23rd, 2013 categorized under: Twin Cities Real Est

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minneapolis duplex sales break the rulesSometimes Minneapolis and St Paul duplex sales seem to have unwritten rules.

Take, for example, the week ending April 13, 2013.

There were 18 duplex, triplex and fourplex owners who received and accepted offers. For the first time in ages, the minority of these, 38.9 percent, were traditional sellers with equity in their properties. Last year there was a similar trend, when just 36.8 percent of the 19 properties that sold were offered by equity sellers.

With banks contributing the majority of the sold properties, you would think prices would drop. And yet, the average final off-market list price for duplexes this year was $195,733, compared with $134,608 one year ago.

Meanwhile, traditional sellers continued to bring the majority of the new listings to the market. For the week in 2013, 52.2 percent of the 23 new investment property opportunities were being offered by traditional sellers.  Of the 28 new listings last year, 57.1 percent did not need a bank’s permission to sell.

The single family home market continued to experience a squeeze in inventory, with new listings down 2 percent and pending sales up 6.1 percent for the week.  In all, inventory was down 28.7 percent.

With so few properties to choose from, it continues to be a great time to be a seller.

Minneapolis Duplex Sellers Drive Like Danica

said on April 16th, 2013 categorized under: Twin Cities Real Est

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Formula 1 CarIf last year’s Minneapolis duplex market and this year’s were race cars, 2013 would have just lapped 2012.

For the week ending April 6, there were 24 Minneapolis and St Paul duplex, triplex and fourplex owners who received and accepted offers on their properties. Of these, sixty-seven percent were traditional sellers who will pocket a check from the sale at closing, who last listed their properties for an average price of $171,726.

Last year, just 13 Twin Cities small multifamily property owners received and accepted offers. Less than half, at 46.2 percent, had equity in their investment properties. These sellers cashed out at an average sales price of $151,077.

As has been true all spring, there were fewer new listings, with just 27 new opportunities listed for sale.  Of these, 55.6 percent are being offered by traditional sellers. Last year, just 33 percent of the 30 new sellers did not have to receive a bank’s permission to sell.

Single family home sellers actually got a bit of a relief from tight market inventory when new listings increased 22.6 percent. Of course, pending sales kept close pace, up 17.1 percent.

For the month of March, the single family home market’s median sales price increased 18 percent to $176,840, while the average number of days on the market dropped to 109.

As long as inventory remains tight, sellers are in the driver’s seat.

Minneapolis Duplex Sellers Catch On

said on April 10th, 2013 categorized under: Twin Cities Real Est

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minneapolis duplex sellers get a clueAfter countless elbow nudges and hints, is it possible Minneapolis and St Paul duplex owners have finally caught on and decided to sell?

For the week ending March 30, 2013, there’s a sliver of hope.

There were 32 new duplex, triplex, and fourplex listings that came on the market. More than half– 59 percent — were offered for sale by sellers with equity in their properties.

During the same week in 2012, there were five fewer new lisitngs. However, 62.3 percent of these were being sold by people who who did not need to receive permission from a bank in order to sell.

There were 19 Minneapolis duplex and small multifamily property owners who received and accepted offers during the last week of March in 2013. Of these, 52.6 percent were traditional sellers, resulting in a final average final list price of $176,789.

In 2012, there were 21 duplex sellers who accepted offers. Fifty-seven percent of these had equity in their property, resulting in an average sold price of $149,582.

There were 12.1 percent fewer new single family home lisitngs for the week ending March 30 than one year ago. Meanwhile, pending sales were up 12 percent. In all, inventory is down 29.6 percent from last year.

Let’s hope more sellers get a clue.

Equity Duplex Sellers Take Charge

said on April 2nd, 2013 categorized under: Twin Cities Real Est

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happy duplex sellerMinneapolis equity duplex sellers rule!

Or at least they did for the week ending March 23, 2013.

Of the 21 Minneapolis and St Paul duplex sellers who received and accepted purchase agreements, a staggering 90.5 percent were traditional sellers who did not need to consult with a bank in order to sell. As always, the more traditional sellers dominate the market, the higher the average price. This was certainly true here, as the average list price a duplex left the market at was $179,230.

Compare this to the same week in 2012, when just 35.3 percent of the 17 sellers walked away from closing with a check. More bank owned or negotiated sales resulted in a much lower average sales price of $116.947.

Traditional sellers didn’t fare quite as well in new listing contributions, however, bringing just 50 percent of the 30 new duplexes, triplexes and fourplexes to the market.

This number slightly trails the 51.6 percent market share of  the 31 properties that were new inventory for the same week in 2012.

The single family home market saw new listings increases in both new listings — at 2.8 percent for the week, and the number of pending sales, which rose 11.9 percent during the week. Overall inventory saw a decrease of 29.8 percent.

In February, the Median Sales Price for single family homes increased 15.5 percent to $160,000, while the average number of Days on Market dropped 22.2 percent to 112.

There is currently just a three month supply of inventory on the market; meaning if nobody decided to list their house or duplex, we would have absolutely nothing left to sell in just 90 days.

A balanced market is when there is a 5 to 6 month supply of property for sale.

Can you say “Sellers Market”?

Minneapolis Equity Duplex Sellers Take Charge

said on March 29th, 2013 categorized under: Twin Cities Real Est

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equity duplex sellers take chargeWhat a difference one year in the Minneapolis and St Paul duplex market makes.

Last year, in the second week in March, banks still dominated the duplex sales and new listings. This year, they’re in the minority.

For the week ending March 16, 2013, there were just 12 duplex owners who accepted offers on their duplexes, triplexes and four unit apartment buildings. Of these, 67 percent were equity sellers.

It’s important to note that while there appears to be little sales activity, it isn’t due to lower demand. To the contrary. Many are receiving multiple offers as duplex buyers struggle to find investment opportunities in a market with so little inventory.

This is well illustrated by the average list price these 12 properties left the market at: $197,292.

During the same week one year ago, just 42.9 percent of the 14 duplexes that sold belonged to traditional sellers. With banks controlling the majority of those transactions, the average sold price was just $116,236.

Distressed sales also contributed most of the new listings for the week last year, with just 46.7 percent of the 30 new listings coming from equity duplex sellers. This year, on the other hand, traditional sellers contributed 73.9 percent of the 23 new listings; meaning they are once again becoming a dominant force in the market.

While prices haven’t, nor are they likely to reach 2005 levels any time soon, if you’ve been thinking of selling your duplex, buyer demand is strong and prices are better than they’ve been in years.

Minneapolis Duplex Buyers Can’t Find A Thing

said on March 12th, 2013 categorized under: Twin Cities Real Est

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Supply And Demand Analysis ConceptThe Minneapolis and St Paul duplex shortage continues.

For the week ending, March 2, 2013, there were 17 new duplex, triplex and four unit buildings newly listed for sale. Of these, nearly 53 percent were offered by traditional sellers.

Last year during the same week, there were 22 new duplex listings. While a drop of five new properties for sale doesn’t seem like much, it’s important to remember that represents a drop of 22.7 percent. Just 41 percent of those new listings were listed by sellers who were not in a distressed situation.

Oddly, of the 16 Minneapolis and St Paul duplex, triplex and fourplex sellers who accepted offers during the week this year, just 31.25 percent were had equity in their investment properties. The balance of the properties sold were either in a negative equity position or bank-owned.

For the week in 2012, just half of the 18 duplex sellers who accepted offers had to consult with a bank before selling.

In the single family home market, on the other hand, there was a slight trend reversal, with new listings increasing .9 percent. Meanwhile, pending sales continued rising; up 12 percent since the same stretch last year. In all, inventory is down 31 percent.

Less competition always means higher prices. In other words, it’s a great time to sell.