The story in Minneapolis and St Paul duplex sales continues to be a lack of inventory.
For the week ending May 19, 2012, there were 20 new duplex, triplex and fourplex properties listed for sale. Last year, during the same week, there were 35. In other words, new inventory for the week was down 42 percent, week over week.
However, 55 percent of the market’s new sellers this year are not in a distressed situation, and have equity in their duplexes.
Last year for the week, 34.8 percent of the duplex sellers would have walked away from a closing with cash.
When comparing the two weeks, the number of Minneapolis and St Paul duplex sales remained the same. There were thirteen property owners who accepted offers on their duplexes last year during the week, just as there were this year.
However, a whopping 76.9 percent of the sellers who signed offers this year were not in distressed situations. In other words, they were neither banks, nor did they need to receive permission from one in order to sell.
Last year, just 23 percent of the duplex sellers could say that.
Of course, traditionally owned duplexes typically sell for more than distressed properties. The week’s average off market list price of $149,484 was clearly healthier than last year’s average sold price for the same stretch of $113,873.
It’s starting to look like a very good time to sell.