Minneapolis duplex sales numbers are tough to write about.
In fact, if the weekly statistics were a reality show, this week they’d be the most boring hour on television.
For the week ending August 13, 2011, 19 duplex sellers received and accepted purchase agreements. Almost 32 percent of these sellers had equity in their properties and didn’t need a bank’s permission to say “yes” to the sale.
This paltry number, 19, was actually up 4 transactions from last year. Just 20 percent of the pended sales for the same week one year ago belonged to equity sellers.
Of the 40 new Minneapolis and St Paul duplex listings for the week, 42.5 percent were brought to the market by traditional sellers. This isn’t much of a market share increase over the 39.4 percent traditional seller new listings one year ago. However, in all, the number of new listings week over week was up 11.8 percent.
The average list price when the sale pended was up as well, finishing at $123,684. While on the surface this appears to be well ahead of last year’s sold price of $109,250, it’s important to note most properties in today’s market are selling for around 90-93 percent of the price they were originally listed on the MLS for.
There was good news over in the single family home market, where there were 47.4 percent more purchase agreements signed than during the same week last year.
Meanwhile, there were 13.7 percent fewer new listings for the week, bringing the total supply of homes for sale to 24,232; down 19.7 percent from last year.
Overall, both the Minneapolis duplex and single family home markets appear to be moving toward balance.