Can I just say I hate viruses? As in computer viruses that attack the laptop I blog about Minneapolis duplexes from. Grrr.
Having vented, I now feel better. Thanks.
For the week ending May 26, 2012, there were 22 Minneapolis and St Paul duplex, triplex and fourplex owners who accepted offers on their properties. This is two less than last year.
However, 54.5 percent of this year’s sellers have equity in their property and will walk away from closing with money in their pockets. Last year’s group consisted of just 35.3 percent traditional, or equity sellers. While this translated to an average off-market price of $169,236, trouncing the average sold price one year ago of $130,691.
Before anyone starts feeling better about a return to the glory days of 2005 pricing, it’s important to remember the last list price duplexes leave the market at and their eventual sold price typically differ by about 8 to 12 percent. So, we should ultimately see a sold price lower than that off-market figure.
Traditional sellers also had market domination of the new inventory, contributing 64 percent of the 25 new market listings for the week. One year ago, there were 34 new listings, just 35.3 percent of which belonged to traditional sellers.
The single family home market continued feeling better as the number of new listings was down 8.5 percent from a year ago, while pending sales were up 19.2 percent.
Low interest rates and bank owned inventory continue to make it a terrific market to buy in. However, if you’re a traditional seller looking to get out of owning rental property, the market is demanding more inventory, giving your Minneapolis duplex a chance to shine.