At least the Minneapolis duplex market is consistent.
The trend of dramatically fewer new duplex listings continued for the week ending November 12, 2011, with just 17 new duplex opportunities appearing on the Minneapolis market compared to last year’s 40.
For the math whizzes in the audience, that’s a decline of 57.5 percent.
Of these new listings, 8, or 47.05 percent were offered by sellers who won’t have to consult with a bank before signing a purchase agreement. Last year, 50 percent of the duplex sellers had equity in their properties.
There were 15 duplex owners who accepted and signed purchase agreements during the week. Of these, just two will take a check home from closing.
Last year, there were 26 Minneapolis and St Paul duplex, triplex and four unit property owners who accepted offers. Of these, 26.9 percent were sellers with equity in their properties.
What may be perceived as an encouraging sign is last year’s average sold price for the week was $113,631. This year, the average list price Minneapolis duplexes left the market at was $127,253.33.
On average, listings on the MLS are closing at 91.2 percent of the price they were last listed at, so we should see average sold prices finish at or slightly above last year’s figure.
The single family homes market continued to see increased sales and decreased listings as well.
There were 2.5 percent fewer new listings for the week, while pending sales increased 37.1 percent over last year’s tally.
Whether you own a Minneapolis duplex or St Paul home, you may want to consider listing it over the holidays. There is far less competition on the market right now, while buyer activity remains high.