If people gave Minneapolis duplexes as Christmas gifts, this year recipients would be getting the equivalent of a whole lot of ugly sweaters.
It isn’t that the gift givers have bad taste. It’s just that, well, there weren’t a lot of choices left at the store.
For the week ending December 10, for example, there were just 20 new Minneapolis and St Paul duplex, triplex and fourplex listings for buyers to choose from. Just 30 percent of these were being offered for sale by traditional duplex owners.
One year ago during the same week, there were 35 newly listed duplexes for sale. Of these, 31 percent didn’t need to involve a bank in negotiating a sales price.
There were 13 Minneapolis duplexes that sold during the week. The parties involved in twenty-three percent of these transactions did not have to consult with a lender to arrive at the final price and terms.
In the same week one year ago, 17 duplex sellers received and accepted offers on their properties. Of these, 17.6 percent did not need a lender’s permission to sell.
The single family home sector also continued to see a decline in new listings for the week, dropping 11.3 percent from the same week the year before. Meanwhile, pending sales continued to increase; up 31.7 percent over early December 2010 figures.
If you want to sell your Minneapolis duplex, it’s a great time to do so.
No, prices aren’t what they were in 2006. But remember, those prices were a little like flying reindeer anyway.