The Minneapolis duplex market sent mixed signals during the week that ended on August 27.
The average list price for a duplex, triplex or four-plex that left the market due to an accepted purchase agreement was $166,932.5. This represents a healthy increase over the average sold price of $111,286.64 for the same week one year ago.
In all, 20 duplex owners received and accepted those purchase agreements. A whopping 50 percent of those duplex sellers did not have to consult with someone in a bank in order to agree to sales terms.
In contrast, while there were 28 pended duplex sales for the same week in 2010, just 17.86 percent of those duplex owners were not selling short or due to foreclosure.
A robust 45 new listings came on the market the last week of August.
While this is up dramatically from 2010’s 32 new listings, I do not perceive this as bad news. In my experience, there simply isn’t enough good inventory for the active duplex buyers in the marketplace right now.
Of those new 2011 duplex sellers for the week, 45 percent were traditional or equity sellers. This sounds great until that figure is compared to the 59.4 percent of the new sellers last year who had equity in their duplex.
While the data for the week of Labor Day will be skinny at best, we may yet start to see a market pattern as we round the bend for fall.