Sometimes it seems like the more things change, the more they stay the same.
Take Minneapolis and St Paul duplex sales, for example. For the week ending May 14, 2011, there were 29 duplexes, triplexes or four unit apartment buildings that sold.
That’s exactly the number that sold during the same week last year.
Traditional, or equity sellers, contributed 34.5 percent of the accepted purchase agreements for this year’s number, while last year only 31 percent of the transactions did not involve negotiations with a lender.
The good news here is the average list price when this year’s group of investment properties left the market was $152,366. While this is sure to drop some when these sales close, it nonetheless is significantly higher than last year’s average sales price of $114,088.
Perhaps this higher average off market price is due to the lack of inventory noted in previous Duplex Chick posts. While there were 51 new duplex, and small multifamily property listings that came on the market for the week last year, this year there were just 33.
Of these 33 new Minneapolis and St Paul duplex listings, 42.4 percent were brought to the market by traditional sellers; slightly below last year’s 43.1 percent.
Single family home sales actually saw a jump in their numbers for the week, up 15.4 percent over the same week last year. However, the numbers may well be skewed due to last year’s rush to beat the tax credit deadline.
The number of new listings was up 7.7 percent, with numbers more in keeping with historical norms. However, the total amount of inventory on the market is still 10.1 percent below 2010’s figures.