This year, the Easter bunny may have laid a bit of a pre-holiday egg to the Minneapolis duplex market.
The number of duplex, triplex and fourplex owners who received and accepted purchase agreements the week ending April 7, 2012, was down 25 percent from the same week one year ago. (The Easter holiday was much later in the month in 2011.)
Forty percent of these happy sellers were people who either did not involve a bank in their decision to sell. This represents a 5 percent market share drop from last year’s duplex sellers who had equity in their property.
New inventory continued to be scarce, with 26 percent fewer Minneapolis and St Paul duplexes newly offered for sale. Of the 28 new listings, 39.3 percent are being sold by traditional sellers. This is nearly identical to the 39.5 percent equity seller in last year’s figures.
In the single family home market, the number of new listings was down 19 percent. Meanwhile, pending sales were up 15.5 percent. Increased demand, coupled with diminishing supply left the market with a total year-over-year inventory decline of 27.3 percent.
Next week, when holidays don’t play as much of a statistical factor, we should have a more accurate read on Minneapolis and St Paul duplex sales.