Thanksgiving is about traditions. And when it came to Minneapolis duplex sales for the week ending November 26, the real estate market was too.
Eight duplex owners received and accepted offers on their properties during the week. Of these, half were duplex sellers with equity who didn’t have to talk to a lender in order to sell their property.
Last year, there were 11 Minneapolis duplex sellers who received and accepted offers sometime between eating too much and camping out at the mall. Of these, just three were people who eventually walked away from the sale of their duplex with money in their pocket.
Understandably, there weren’t a lot of new duplexes listed for sale during the holiday week; just 17, as a matter of fact. Of these, 35.3 percent were people with equity.
One year ago during the same week, there were 21 new duplex investment opportunities that came onto the market. Just 28.5 percent of these belonged to duplex sellers you could actually shake hands with.
It seems single family home buyers weren’t all at grandma’s house over the holiday, as pending home sales jumped 46.8 percent over the same week last year.
Sellers, however, continued to be lethargic, bringing 601 fewer listings to the market than they did one year ago.
If the number of single family homes and duplexes for sale in Minneapolis continues to decline, watch for a Black Friday kind of spring.