Sometimes the Minneapolis and St Paul duplex market looks like a Jackson Pollock painting; all-over the place.
In the small multi-family property market for the week ending June 12, 40 percent fewer duplex owners received and accepted purchase agreements than they did last year.
Of this group, 52.38 percent of the sellers did not need to involve their lender in the decision to sell their property. This is up significantly from the 20 percent traditional sellers whose properties pended during the same week last year.
The average price a duplex left the market at during the second week of June was $165,152; representing a significant gain over last year’s $126,088.
Traditional sellers also made a strong showing in the week’s inventory that was new to the market; contributing a whopping 61.4 percent of the listings. Last year, this figure was a mere 41.8 percent.
There was all-over news in the single family home market as well. The 674 signed purchase agreements were up from the 527 during the week before. This is great news unless it’s compared with the 1,210 listings that pended during the same week in 2009.
While trailing last year’s number by 12.2 percent, the number of newly listed single family homes has begun to swell. To date, there are 1.1 percent more listings actively on the market than there were one year ago.