Plumbers will probably be happy with Minneapolis duplex sales the last week of June.
Because twenty-three Minneapolis and St Paul duplex sellers received and accepted purchase agreements on their properties.
Of these, the vast majority (65 percent) were traditional sellers.
You remember them. They’re the people who actually have owned the duplex for some time and can tell you about who their favorite plumber is.
For the same week one year ago, just 38 percent of the 13 sellers who accepted offers could tell you about the pipes.
Of course, traditional sellers generally keep their properties in better shape than the banks do, and as such, their duplexes command better prices. This is evidenced by the average off-market list price of $191,168.47 for the week this year, compared with the average sold price for the week in 2011 of $134,084.61.
The flow of new inventory continued to be corroded, with just 24 newly listed duplexes, triplexes and fourplexes for sale. Of these, 54 percent were brought to the market by equity sellers.
One year ago, there were 31 new duplexes for sale, with 54.9 percent listed by traditional sellers.
Things weren’t much better in the single family home sector, where overall inventory is down 31 percent from one year ago. Meanwhile, pending sales are up 20.4 percent.
It’s a great time to be a seller.
And a plumber.