Minneapolis Duplex Sellers Shake Off The Rust

It’s been so long since I had this kind of news that I actually had to sandblast off the rust in order to be able to type the next sentence…

The number of new duplex, triplex and four unit listings  that came on the Minneapolis and St Paul market the week ending March 24, 2012,  were up 35.5 percent over the same week the year before.

For the duplex buyers in the market, that’s very good news.

Of these new listings, 45 percent of these duplexes are being offered for sale by traditional sellers. In other words, they are not foreclosures or short sales. This represents a 5 percent market share increase over the same week in 2011.

Minneapolis and St Paul duplex sales were also up; though at an 11 percent increase, nowhere near as dramatically.

Forty percent of the duplex sellers who accepted offers were people with equity in their property. Last year, just 22.2 percent of the sellers took checks from the closing.

As of yet, prices aren’t up. In fact, with an average off market list price of $145,728,  and sellers, on average accepting offers at 90.6 percent of list, in all likelihood when these duplex sales close, values will be down from the $142,937 for the week in 2011.

The amount of new inventory in the single family home market dropped 2.2 percent for the week. Meanwhile, pending sales were up a whopping 30.2 percent. In all, the amount of single family home inventory is down 27.3 percent.