To some people, doing the same thing over and over and getting the same results is the definition of sanity.
That must mean the Minneapolis duplex market must be pretty sane. Because that’s exactly what Minneapolis duplex sales and newlistings did the week ending November 19, 2011.
There were 25 Minneapolis duplex, triplex, or four unit apartment building owners who received and accepted purchase agreements for the week. Of these, 44 percent were traditional sellers who will leave the sale of the duplex with a check in their hand.
This ratio was true of the newly listed duplexes for sale as well, with 25 coming on the market, of which, 52 percent belonged to sellers who won’t need to consult with a bank in order to sell.
These ratios of traditional sellers might sound paltry when compared with 2005 figures, but when held up to the same measures for the week last year, things look promising.
Back then, there were 24 Minneapolis duplex sellers who received and accepted purchase agreements. Of these, just 29% walked away from the closing table without having to consult with a bank.
There were 27 new Minneapolis duplexes for buyers to choose from during that same stretch. Of these, just 26 percent were brought to the market by a traditional seller.
Single family homes also kept doing the same thing over and over, with the number of new listings down 18.6 percent for the week, and pending sales up 30.5 percent.
Overall, the total amount of housing inventory on the market decreased another 21.8 percent.