The more the Minneapolis duplex sales change, the more they stay the same.
Take the week ending April 21, 2012, for example. There were 25 Minneapolis and St Paul duplexes, triplex and four unit apartment building owners who received and accepted purchase agreements. Seven of them did not have to consult with a bank to do so.
This is exactly the same number who did so last year, with exactly 25 duplexes, triplexes and small apartment buildings selling for the same week.
The biggest difference, however, is this year, the average list price those properties left the market at was $154,120. The average sold price for the week last year was $108,161.
While there currently a difference in list price to sold price of around 10 percent, this adjustment will still result in duplex sellers receiving higher values for their properties.
New inventory continued to mirror the statistics of last year as well. There were 32 new listings for the week, 56 percent of which were brought to the market by traditional equity sellers.
For the same week last year, there were 33 new listings, with 52 percent of them brought to the market by traditional sellers.
While inventory continues to be short in the multi-family property market, single family homes saw a week over week increase in new inventory of 13.9 percent.
This is good news for prospective home buyers, as the number of pending sales was up 41.2 percent, bringing the total amount of inventory available on the market down 28.4 percent.
I’ve said it before and I will again. If you’re a duplex owner considering selling, it’s a great time to do so.
We simply can’t find enough property for our buyers!