OK, it’s official. The Minneapolis and St Paul duplex market is following a pattern.
As in, becoming constant and predictable. Like the graphic they used to show when a TV station signed off for the night.
For the week ending January 28, the number of new duplex listings to the market continued its downward spiral, with just 24 owners announcing to the world their duplexes are for sale.
During the same week last year, 43 Minneapolis duplex owners raised their hands to announce they were looking for a buyer.
Of this year’s sellers, 29 percent are people with equity in their property. Last year, 35 percent of the sellers were people, not banking corporations.
Weekly sales continued on pace with last year, with 21 property owners accepting purchase agreements this year, compared with 22 for the week last year.
Of this year’s weekly sellers, 28.6 percent didn’t need a bank’s permission to agree to sell their duplex. Last year, 31.8 percent were able to make the same decision on their own.
On average, the week’s pending sales left the market at an average list price of $144,000. This will likely result in a sales price just below the average for the week in 2011, which was $136,860.
Perhaps in an effort to be just as hip as their multi-family cousins, single family homes saw 17.5 percent new listings for the week. Meanwhile, pending sales rose 22.9 percent. This market shift resulted in an overall decrease in housing market inventory of 23.5 percent.
As a result, if you’re thinking of selling your Minneapolis duplex, remember, right now, inventory is limited. It’s a great time to sell.