The Minneapolis duplex market is like a 12-year-old boy. On the surface, it looks the same as it has for the past few months or years. And yet, every now and then, there’s a hint of a new, deeper voice.
MAAR’s weekly activity report came out today. And while single family home sales are still up 42.9 percent over the same stretch last year, with most properties receiving offers that are, on average, 94.6 percent of the list price, the truly interesting news is in the duplex market.
One year ago, just 10.53 percent of the Minneapolis and St Paul duplexes that received purchase agreements were owned by traditional sellers.
This year, banks were not present in 33 percent of the pending transactions.
Last year, the average off market price for the week of a Twin Cities duplex was $120,860. This year, that number was $137,883.
While there were eight percent fewer listings year over year, the better news is that 44.44 percent of that new inventory this year is offered by traditional sellers. This represents a growth spurt of 20 percent year over year, which will ultimately be good news for the market.