Where are the traditional Minneapolis and St Paul duplex sellers?
You remember them, right? They’re the ones who don’t have to get a bank’s permission to sell their duplex.
Because the Minneapolis duplex market for the week ending June 11, 2011, missed them.
While pended sales were up 14% over the same week the year before, just 14% of those transactions involved traditional sellers.
This was reflected in a lower average off-market list price of $101,188, compared with last year’s $157,670 for the same week when traditional sellers were responsible for 50% of the pended sales.
The number of new lisitngs was down as well, with just 40 new opportunities for buyers. Last year, there were 59 pieces of new inventory for buyers to choose from.
Of the week’s newly listed duplexes, 35% belonged to traditional sellers. This is down significantly from the 54% of the Minneapolis and St Paul duplex sellers one year ago who had equity in their property.
Meanwhile, pending single family home sales in the Twin Cities were up 33.7 percent from the week a year ago. This was the m
fifth week in a row that the market demonstrated double digit gains.
There were fewer single family homes that hit the market for the week as well, down 9.1 percent from 2010. In all, there are 11.6 percent less homes for sale than there were last year.
Sure hope someone finds those traditional duplex sellers soon…