It’s time to plan a welcome home party for traditional Minneapolis and St Paul duplex sellers.
After all, for the week ending August 4, 2012, they provided 74.2 percent of the new duplex, triplex, and four unit listings to hit the market. Put simply, only one out of every four new listings was either a foreclosure or short sale.
For the same week the year before, traditional sellers provided just 51.6 percent of the market’s new listings.
There were 16 duplex sellers who accepted offers on their properties during the same week. It would stand to reason that a fair amount of them had equity in their properties, and yet, just 31.3 percent of them did.
This figure isn’t too far off from the 35 percent of the 20 duplex sellers who accepted offers on properties one year ago, in which they had equity.
All of this comes amidst the news that the latest statistics for the single family home market saw a 14.3 percent in crease in the Twin Cities median sales price, to $179,950.
Pending homes sales were up 24.3 percent in July over last year, while closed sales were up 14.6 percent.
Overall inventory of homes for sale is down 30.9 percent. Of course, when there are fewer homes for sale, those that are on the market get snapped up faster. In today’s market, on average, it takes 106 days to sell. Last year took 146 days.
Let’s hope the party continues.