For the first time in ages, there were more new Minneapolis and St Paul duplex, triplex and four-plex listings that came on the market for the week ending February 25, 2012, than there were the same week one year ago.
Granted, there were only two more duplexes for sale year-over-year, but after months of shrinking inventory, those two were like two inches of rain in a desert.
Minneapolis and St Paul duplex sellers with equity made a significant contribution to the number of new duplex investment opportunities, bringing 45 percent of the new listings to the market.
One year ago, equity duplex sellers pitched in just 31 percent of the market inventory.
For the most part, however, the number two seemed to be a theme, as there were also two more Minneapolis duplex sellers who received offers on their property than there were for the week in 2011.
Of the twenty three Twin Cities duplex owners who signed purchase agreements on their properties during the week, 26 percent were traditional selelrs with equity in their properties. This represents a slight increase of– you guessed it, 2 percent in distressed duplex market share.
Like the Minneapolis duplex market, the single family home sector saw a slight increase in inventory as well, rising 1.2 percent from the same week in 2011.
This increase of inventory, however, won’t be enough to compensate for the 49.5 percent jump in pending sales for the week, which helped the total number of homes for sale on the market drop 23.5 percent.
As we continue to get improving economic and jobs reports, let’s hope we also continue to get encouraging real estate news.