Archive for the 'Twin Cities Real Est' Category

Minneapolis Duplex Sellers Take A Snow Day

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

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minneapolis duplexes for saleIt may be a snow day in the Minneapolis, but whether duplex buyers are looking at properties in snow shoes or arriving via sled dog, they are still buying them as if it’s officially spring.

For the week ending February 23, 2013, there were 26 Minneapolis and St Paul duplex, triplex and fourplex owners who received and accepted purchase agreements. Of these, 53.9 percent were not in distress, and did not need a bank’s permission to sell.

These duplexes left the market at an average final list price of $165,060. Of course, the average sold price will be slightly less, and yet, this still represents a significant year-over-year gain.

During the same week in 2012, there were 22 owners who accepted purchase agreements. Of these, 31.8 percent had equity in their properties. These 22 multifamily properties sold for an average of $129,986.

Sellers weren’t as ambitious, however, and seemed to stay home from the market for the week. Just 19 of them put their duplexes on the market. Of these, 52.6 percent were traditional, equity sellers. This represents a drop of 36.7 percent in the amount of new inventory compared to the same week in 2012. Of those 30 listings, 40 percent were offered by traditional sellers.

The single family home market saw similar enthusiasm from winter buyers, with pending sales for the week increasing 3.1 percent. Home sellers showed similar reluctance to venture out, with the number of new listings for the week down 6.1 percent, dropping the total amount of inventory on the market 30.9 percent from one year ago.

With many Minneapolis and St Paul duplex sellers having to shovel multiple offers off of their properties, it remains a great time to sell.

Minneapolis Duplex Sales Work Through Vacation

said on February 26th, 2013 categorized under: Twin Cities Real Est

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minneapolis duplex sales grow in the sunSorry for my absence. I needed a little time in the sun. I’m happy to report, however, that in my absence, Minneapolis and St Paul duplex sales went charging on without me.

For the week ending February 26, 2013, there were 23 offers accepted by Twin Cities duplex, triplex and fourplex owners. Of these, almost half (47.8 percent) had equity in their properties.

This resulted in a final average off-market list price of $159,850. As properties are currently selling for around 94 percent of their list price, it’s reasonable to assume a final average sales price north of $150,000.

During the same week in 2012, 22 small multifamily property owners received and accepted offers. Of these, 59.1 percent could call themselves “traditional sellers” who had equity in their duplex. This resulted in an average sold price of $143,177.

New inventory continued to shrivel, as there were just 18 new listings for the week. Of these, a whopping 72.2 percent belonged to equity sellers.

For the same week in 2012, there were 22 new listings, 68.2 of which were brought to the market by equity sellers. A drop of four listings year over year doesn’t sound like much until you realize, that’s 18.2 percent fewer Minneapolis and St Paul duplexes, triplexes and fourplexes available for people to buy.

The single family home market followed a similar trend, with new listings down 4.9 percent and pending sales up 7.9 percent, which contributed to overall inventory being down 31 percent from the same time last year.

And even after a week of vacation, I can still say…it’s a great time to sell a Minneapolis duplex.

Minneapolis Duplex Sellers Apply Sunscreen

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

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minneapolis duplex sellers on vacationFebruary’s the time of year when many Minnesotans flee the state in search of warmer climates.

Apparently this year, all of the Minneapolis and St Paul duplex sellers went with them.

Last year during the same week, 20 multifamily property sellers in the Twin Cities accepted offers. Most of these (70 percent) were actually banks or involved talking to one in order to sell.For the week ending February 2,2013, 23 duplex, triplex and fourplex owners received and accepted purchase agreements on their MLS listed properties. Of these, 65.2 percent were people who didn’t need to get a bank’s permission to sell.

Of course, as is usually the case,  the more traditional sellers in the marketplace, the higher the average sales price. This week was no exception, with the 23 duplexes leaving the market at an average list price of $160,846 compared with last year’s average sold price of $144,523.

The scarcity of new listings continued to be problematic, with just 17 new investment opportunities coming n the market. This represents a drop in new inventory of 32 percent from last year’s number.  Traditional sellers lead the way in new listings, contributing 58.8 percent of them, whereas last year, they listed just 44 percent of the new inventory.

Single family homes saw a similar decline in new inventory, dropping 9.6 percent over the previous year. Meanwhile, pending sales rose 1.8 percent, helping the total amount of inventory drop 31.4 percent over that of 2012.

Let’s hope the snowbirds get back soon. We need duplexes to sell!

Duplexes For Sale in Short Supply

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

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duplex sellers in short supplyWhen there’s a gasoline shortage, the average price per gallon goes up. When there’s a water shortage, people hold on to what they’ve got and prices go up. And when there’s a shortage of Minneapolis and St Paul duplexes for sale, prices go up.

The average list price a duplex left the market at the week ending January 26, 2013 was $216,158.  The average sold price for the same week last year was $151,665. Granted, the list price is generally higher than the sold price, but not 30 percent higher.

There were 19 duplex owners who received and accepted offers. Just 36.8 percent of them had enough equity in their properties to  not have to consult with a bank in order to sell. This is up slightly from the 29.4 percent market share traditional sellers had for the week the year before.

However, equity sellers did contribute  43.8 percent of the weeks 19 new listings.  There were 26 new listings for the same week in 2012, and just 29.4 percent of these came from traditional sellers. That also represents a week over week decline in new inventory of 26.9 percent.

Single family home sellers also seemed to be hoarding homes, as the number of new listings decreased 4.9 percent. Meanwhile, pending sales continued their uptick, rising 3.1 percent for the week.

If the trend continues, perhaps we should start exploring the possibility of issuing investment property rationing coupons.

Minneapolis Duplex Sellers Catching On

said on January 30th, 2013 categorized under: Twin Cities Real Est

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minneapolis duplex sellers get the hintMinneapolis and St Paul duplex sellers – you got the hint!

Maybe.

For the week ending January 19, 2013, there were 30 new duplex listings that came on the market. The majority of these, (53.3 percent) are being sold by traditional sellers.

For the same week last year, there were just 19 new listings. Just less than half belonged to people with equity in their properties.

Nineteen duplex and fourplex owners accepted offers during the week. Just 36.8 percent of them did not require a bank’s signatures in order to agree to sell. The average price theses duplexes left the market at was $146,195.

In 2012, just 27.3 percent of the 22 duplex sellers who accepted offers could say the same. On average, these investment properties sold for $106,389.

While pending single family home sales increased 17.4 percent for the week, the number of new listings declined 1.6 percent. To date, there is just a three month supply of inventory on the market.

In other words, if nobody else lists their duplex or house, we will have nothing left to sell in 90 days.

Hint, hint.

Duplex Sellers Love Shortages

said on January 22nd, 2013 categorized under: Twin Cities Real Est

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Save WaterWant to know how short we are on duplexes for people to buy?

According to the Minneapolis Area Association of Realtors, in 2012 there were 1212 duplexes sold in the metro area. On average, they sold for $127,950.

Compare that to 2009, when there were 2064 duplexes, triplexes and four unit buildings sold in the Twin Cities at an average price of $83,900.

That represents a 41 percent decline in inventory in just two years.

While we haven’t seen the kind of influx of new listings to the marketplace we so desperately need, new listings were up 20.8 percent for the week ending January 12 over last year.

While 44.8 percent of these duplexes for sale were brought to the market by traditional sellers, one year ago just 29.2 percent were.

Meanwhile, 35.7 percent of the duplex owners who accepted offers on their properties actually had equity in them.  In 2012, just seven percent of the 14 owners who accepted offers could say the same.

As always, the presence of traditional sellers usually translates into higher average sales prices, and it was true here, with the 2013 listings leaving the market at an average final list price of $121,121, compared with the 2012 solds, which averaged $82,261.

The single family home market continued to be a sellers dream, with just 2.9 months of inventory on the shelves. (A balanced market is when there are 5-6 months of inventory.)

Pending sales increased for the week 4.3 percent, while new listings decreased eight percent. Year over year, there are 31.7 percent fewer homes for people to buy.

It continues to be a great time to be a Minneapolis duplex seller.

Minneapolis Duplex Prices Double

said on January 15th, 2013 categorized under: Twin Cities Real Est

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duplex prices doubleOkay, it’s a fluke, but according to the most recent Minneapolis market statistics for the week ending January 5, 2013, duplex prices have more than doubled since last year.

The average final list price a Minneapolis or St Paul duplex, triplex or fourplex left the market at was $232,455. Granted, this average was helped by one sale of $747,500, but it is nonetheless, refreshing news. Without that sale, the market average was still a healthier $168,705.

After all, last year’s average sold price was a measely $98,977.

Of the week’s pending sales, 66.7 percent belonged to sellers with equity, who don’t need to consult with a financial institution in order to make the decision to sell.

Just 23.1 percent of the week’s sellers last year were in the same position.

There were just 17 new listings for the week, with 64.7 percent of them coming to the market with equity. Last year, just 48.3 percent of new duplex listings didn’t involve a bank in the negotiations of the list or sale price.

In the single family home market, pending sales continued their rise, going up 12.7 percent. Meanwhile, there were 34.6 percent fewer new listings that came on the market. Combined, this helped drop total inventory 31.1 percentt.

It continues to be a great time to be a Minneapolis duplex seller, as there is very little on the market to buy.

Duplex Listings Fly Downhill

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

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minneapolis duplex for saleIf you look at a graph of the number of new Minneapolis and St Paul duplex and single family home listings over the last year, it looks like the best sliding hill you’ve ever seen; not too steep, and not so gentle as to cause your sled to go slow.

That would be a great thing; if we had more snow, and of course, if you could toboggan your way down a graph.

The trouble is, however, we’re talking about the number of duplexes and investment properties available for people to buy.

There aren’t very many.

For the week ending December 29,  for example, there were only four new listings. None of these were either bank owned or short sales.

For the same week in 2011, there were 14 new listings. Of these, just three were brought to the market by traditional sellers.

The current investment property market is extremely strong. And yet, there were just eight duplexes, triplexes or four unit buildings that sold during the week. The average price they were last listed before pending was $182,013.

For the week in 2011, there were 17 duplex owners who accepted offers. Six were traditional sellers with equity in their duplexes. However, the average sold price for these properties was $159,198;  12.5 percent lower than one year ago.

The single family home market saw the number of new listings to the market drop 40.1 percent from the week in 2011, overall inventory drop 30 percent, and pending sales decrease 12.6 percent.

If you’re considering selling your Minneapolis duplex, it’s a great time to do so. With such a serious lack of competition, yours may well be the only sled on the hill!

Duplex Sellers Open Presents Early

said on December 19th, 2012 categorized under: Twin Cities Real Est

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Red gift box with white ribbon and bow.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.

Duplex Sellers Top Santa’s “Nice” List

said on December 11th, 2012 categorized under: Twin Cities Real Est

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minneapolis duplexes for sale make santa happyThe holiday season has Minneapolis duplex sellers feeling like Santa’s favorites.

After all, for the week ending December 1, 2012, the average final list price pending sales of Minneapolis and St Paul duplexes, triplexes and four unit buildings at was $46,796 higher than similar properties sold for one year ago.

Granted, on average, Twin Cities real estate sellers are receiving 94.3 percent of their list price, so that number will be down some when sales close.

Nonetheless, it is great news for duplex sellers.

Most of these sellers, 57.1 percent of them to be exact, are traditional sellers with equity in their properties. This is up from the 42.9 percent who could say the same during the week in 2011.

This trend promises to continue, as new listings continue to be as scarce as a Master-Moves Mickey. There were just 22 new listings for the week; down three from the count last year. Of these new investment opportunities, 40.9 percent were brought to the market by traditional sellers. This is a leap from the 28 percent who did so last year.

Single family home sellers also experienced a holiday rush as pending sales rose 18.6 percent for the week. In all, there are 29 percent fewer homes on the market than one year ago.

The .7 percent increase in new listings for the week offered some hope for home buyers, but clearly not enough to loosen what continues to be a tight supply of inventory.

This leaves Minneapolis duplex shoppers little choice but to ask Santa for more inventory.