Working as a duplex Realtor in this real estate market is a lot like being an extreme sports junkie. There are plenty of challenges, moments of fear and then, exhilaration.
I have to confess that I got an adrenaline rush this morning when I realized during the week ending October 29, 2011, 39 Minneapolis duplex, triplex and four unit apartment building owners accepted purchase agreements.
After all, for the week ending October 22, that number was 16.
And one year ago, during the same week, there were just 19 duplex sellers who accepted offers.
Especially encouraging, was that 47.2 percent of these sellers were of the traditional variety, and did not need a lender’s permission to sell.
This is a healthy gain from the 15.8 percent of duplex sellers one year ago who walked away from closing with a check in their hand.
The trend we’ve seen in recent weeks of less and less new duplex and small multi-family inventory for buyers to purchase continued.
One year ago, there were 38 new duplex investment opportunities.
This year there were just 28, which represents a 26.3 percent decline in inventory.
In the single family market, there were 14.5 percent fewer new listings than there were the last week in October one year ago. In all, there are 21.6 percent fewer homes currently listed for sale than there were last year.
Meanwhile, pending sales were up 40.3 percent.
It might not be quite time to say we’ve conquered the mountain. But we can see how far we’ve come.