Minneapolis Duplex Prices Stay The Same

Reading News on Tablet PC with clipping pathWell, I can’t tell you Minneapolis duplex prices were up for the week ending August 20, 2011.

In fact, the average off-market price of $119,548 was just $66 shy of the average sold price for the same week last year.

However,  according to the folks over at Standard & Poor’s, the average price for a single family home in Minneapolis in late spring was up  3.2 percent, which is good news.

Of the 25 Minneapolis duplex sellers who received and accepted purchase agreements for the week, 20 percent were traditional equity sellers.  Last year, 14.3 percent of the pended duplex sales did not involve a bank in the negotiations.

New duplex inventory continued to be a problem, as the 28 new listings for the week  were 9 less than came on the market during the same week one year ago.

Of these new listings, 53.6 percent were offered by traditional sellers this August, as compared to 32.4 percent last year.

Single family homes also saw a continued trend of less new inventory, down 11.8 percent from the same week in 2010. In all, there are 20 percent fewer homes available on the market to choose from than last year.

As we finish round the corner and head for the end of the year, keep in mind that sooner or later, as supply decreases, there won’t be enough to meet the demand for Minneapolis duplexes…no batter how few duplex buyers are out there.