Minneapolis Duplexes Get Harder To Find

OK, would everybody PLEASE put your duplexes on the market?

Call me crazy, but I have a long list of buyers and, believe it or not, there’s not enough good duplexes out there for them to chose from.

Now before you accuse me of having lost my marbles, the market data for the week ending August 28, 2010, backs me up. That week alone, the amount of new inventory that became available for sale was down 46 percent from the year before.

Of those new listings, 58 percent were offered by traditional sellers,  compared to just 35 percent for the same week in 2009.

Pended sales were down too, though at a 10 percent decline, not as dramatically. Of those property owners who accepted purchase agreements, just 7.4 percent did so without a lender involved in the negotiations. Last year for the week, 13.33 percent of the sellers could say the same.

Perhaps the decline in inventory contributed to the higher average off market list price for duplexes of $121,264.81; which is significantly above last year’s sold price of $86,228. Of course, the list price and sold price are rarely one in the same these days, so the gain may not be as significant as it first appears.