If last week’s traditional Minneapolis and St Paul duplex sellers were lost, for the week ending June 18, 2011, they were hanging out with Amelia Earhart.
The owners of nineteen duplexes and small multi-family income properties accepted purchase agreements for the week. Of these, 31.6 percent were owners (traditional sellers) who did not need permission from a bank to sell.
One year ago during the same week, 45.5 percent of the sellers who accepted offers fit that description. Duplex sales for the week were also slightly higher than this year’s tally, with 22 of them leaving the active market.
Here’s where things get interesting. There were 33 new duplex, triplex and four unit listings that went up for sale during that seven day stretch this year. Of these, 48.5 percent were traditional sellers.
Last year, there were 47 new listings during the same week. Just over half belonged to sellers with names rather than corporations. The 14 fewer listings this year represents a drop in new inventory of 29.7 percent. That’s nearly one-third fewer new duplex opportunities for duplex buyers to choose from.
Can a price increase be too far behind?
In the single family market, signed purchase agreements were up 49 percent over one year ago. That’s 961 properties; the biggest number in 57 weeks, and just four units shy of the high for 2008.
Newly listed homes were down 10.4 percent, the fourth consecutive week of decline. In other words, supply is down.
If you’ve been thinking of selling, are afraid of crashing, consider this little window of time Howland Island. It might be a terrific opportunity to sneak onto the market; before we attempt to fly over the rest of the foreclosure ocean.