Thank goodness for traditional Minneapolis duplex sellers.
You know who they are. They’re the ones who have equity in their duplexes and as a result, don’t have to get a bank’s permission to sell them.
Those sellers were responsible for 43.5 percent of the duplex sales in the Twin Cities the week ending October 1.
They also contributed 56.25 percent of the newly listed duplexes, triplexes and four unit buildings.
Compare this to the same week one year ago, when traditional sellers were responsible for just 15.35 percent of the duplexes sold and chipped in 48.27 percent of the new listings.
Because of these equity duplex sellers, the week saw an average off-market list price of $132,021. Although this figure will likely drop when those duplex sales are closed, this number is nonetheless up considerably from last year’s sold price of $111,646 for the week.
The single family home market continued to see inventory shrink, with a 21 percent drop of new lisitngs week over week.
Meanwhile, pending home sales saw a weekly spike of 32.7 percent over last year’s mark.
In all, there are 22.8 percent fewer homes on the market at this time than there were one year ago.
As these reduced numbers may well be a result of the bank foreclosure freeze, it’s promises to be an interesting winter.