If you’re a Minneapolis or St Paul duplex owner who’s thinking of selling, it might be a very good time to put your duplex on the market.
You see, there seem to be more sightings of Bigfoot around Lake Harriet than there are new duplexes for sale.
The number of new Minneapolis duplex listings for the week ending February 18, 2012, was just 26. That represents a drop in new inventory from the same week in 2011 of 41.7 percent.
The number of Minneapolis and St Paul duplex sellers who already had their properties up for sale, and both received and accepted offers during the week, however, was up 34.6 percent over last year.
Of these sellers, 46.2 percent were not in a distressed situation. Compare this to last year, when just 5.9 percent of the Twin Cities duplex sellers didn’t have to receive permission from a banking institution to sell.
If Minneapolis duplex investors were in search of Sasquatch, then single family home buyers were just as busy looking for the Loch Ness monster. In that market, new listings were down 7.1 percent.
Pending sales, meanwhile, were up 28.6 percent.
And, overall inventory decreased 23.2 percent.
Seems to me it might be a great time to sell.
Just don’t ask your duplex Realtor to don a gorilla suit and walk through the woods.