When it comes to Minneapolis duplexes for sale, there’s good news to report. For the week ending April 14, 2012, Twin Cities duplex sales jumped 25 percent over the same week in 2011.
Of those duplex owners who signed a purchase agreement, 36 percent of this year’s group were traditional sellers. This is down from last year’s group, where 45 percent did not have to consult with a bank in order to agree to sell.
On average, duplex listings went off the market at an average final list price of $139,662 during the week, compared to their final sold price one year ago of $119,735.
Meanwhile, the duplex inventory shortage continued, with just 26 new listings hitting the market, compared with the 47 we saw arrive on the MLS last year. Of this year’s new crop, 61.5 percent are being offered for sale by traditional sellers. Last year, just 36.2 percent of the duplexes, triplexes and four unit buildings were not in a distressed situation.
The single family home market also saw fewer new listings, down 9.5 percent over one year ago. Pending sales continued to climb; up 25.5 percent. Combined, this left the market with 27.8 percent less inventory than was available for sale last year.
I’ve said it before and will again. It’s a good time to sell. You just won’t have that much competition on the market.