Minneapolis Duplex Sales In Exciting Photo Finish!

Minneapolis Duplex Sales Race For Home

The Kentucky Derby is still a month away, but the Minneapolis duplex market is acting as if it’s running in a qualifying.

For the week ending March 19, the duplex and small multi-family market finished in a virtual dead heat with the same week one year ago.

This year, 26 sellers received and signed purchase agreements. Of these, 26.9 percent were traditional sellers.

For the same stretch a year ago, 25 sellers received offers. Of these transactions, 28 percent did not involve negotiations with a lender.

This is of particular interest when you think of this year’s transactions having to ride with the added weight of not having an $8000 first time home owner tax credit as an incentive.

Unfortunately, the week’s market did give up some turf when it came to new listings.  There were 14.6 percent fewer new listings for buyers to choose from this year than came onto the market one year ago.

The good news is listings that will involve lender negotiations were in a virtual dead heat year over year. Last year, 48.8 percent of the new inventory was offered by traditional sellers; just slightly ahead of this year’s 48.6 percent.

The single family home market probably won’t qualify for the Triple Crown, with pending sales trailing last year’s transactions by 16.6 percent, and 36.9 percent fewer new listings coming to market.

Here’s a hot tip for the race: if you’re either a traditional duplex seller or find yourself upside down in your investment property, this is a great time to sell.

No, it’s not 2005. And you’re not going to hit that exacta payoff. But c’mon. What were the odds anyway?

Here’s the good news. The right Minneapolis and St Paul duplexes are selling at healthy, fair prices.