What a difference a year makes in the Minneapolis duplex market.
In the second week of August, 2011, there were 24 duplex owners who accepted purchase agreements on their properties. Of these, just 7, or 29.2 percent, had enough equity that they didn’t have to consult with a bank before selling.
During the same week this year, there were 19 Minneapolis duplex, triplex and four unit sellers who accepted purchase agreements. Of these, a whopping 14, or 73.7 percent were sellers who will walk away from the sale with money in their pockets.
Of course, traditional sellers seem to lead to higher average off-market prices, and the week was no exception. While last year’s duplexes sold at an average of just $122,705 for the week, this year’s left the market at an average list price of $208,658.
While there continued to be a lack of new inventory on the market, that which did appear as a new listing was largely the result of a traditional seller. Of the 24 new listings, 16 or 66.7 percent were offered for sale by owners with equity.
Last year, just 12 of the 38 new listings, or 31.6 percent of them, did not involve a short sale or foreclosure.
In the single family home market, the number of new listings declined 2 percent while the number of pending sales increased 31.2 percent over last year.
In all, there is just a 4.3 month supply of inventory, meaning it’s a seller’s market.
And to think it was just one year ago when Minneapolis duplex buyers had the final say.