Minneapolis duplex sellers who don’t need to ask a bank if it’s ok to sell their property are BACK!
Well, at least for the week ending July 30, they were.
Traditional sellers, who owed the bank less than what their Minneapolis duplex was worth, staked a claim on 50 percent of the pended sales last week.
Compare that to one year ago, when they had a 20 percent market share.
Nowhere is the presence of traditional sellers impacted more strongly than the average off-market price. For the last week of July, the average list price of the duplexes that received purchase agreements was $153,336.
That’s up significantly from last year’s $118,411.
Hopefully, that news will be enough to inspire a few more traditional sellers to consider putting their duplexes on the market. Just 38.7 percent of the week’s new listings belonged to people with human rather than corporate names.
While this is slightly above last year’s 36 percent new traditional seller listings, we’d all appreciate more dramatic gains.
We also need the inventory.
There were just 31 new Minneapolis and St Paul duplex, triplex and fourplex opportunities during the week. Last year, buyers and investors had 44 new chances.
The single family home market had reason to do a touchdown dance too, which 49.1 percent more purchase agreements written during the week than were last year. That was the twelfth straignt week of increases.
New listings were down as well, seeing a 15.8 percent decline from last year. In all, there are 17.9 percent fewer homes on the market than there were this far into 2010.
Let’s hope the trends continue.