Outside, the temperature may be dropping as we head into fall, but the Minneapolis duplex market is heating up.
In fact, I had to check my sales thermometer twice this morning.
For the week ending October 15, 2011, there were 34 Minneapolis and St Paul duplexes, triplexes and four unit apartment building owners who accepted purchase agreements for their properties
Compare that to the 16 who did during the same week last year.
This is such a bright ray of sunshine that it would be enough to break out the sunscreen and flip flops if more than 32.25 percent of this year’s sellers had equity in their duplex.
Last year, 37,5 percent of the sellers walked away from the property with money in their pockets.
The average off market list price for the second week in October in 2011 was $118,491. For the same week last year, the average sold price was $118,856.
New listing inventory stayed roughly the same as one year ago, with 37 new duplex listngs hitting the market compared with last year’s 38.
Of these, 59.46 percent of this October’s listings were offered by traditional sellers, not banks. This is up substantially from the 31.6 percent equity sellers for the week last year.
The single family home market also saw a reason to shave its legs and don shorts, with pending home sales up 35 percent over the same week one yar ago.
Meanwhile, new listings were down 17.5 percent for the week, bringing the total available inventory for the year to 22,374 homes; down 21.2 percent from one year ago.
Winter’s coming, whether we like it or not. But it’s starting to look like we’ll have plenty of good news in Minneapolis duplex sales to keep us warm.