Minneapolis Duplex Sales Slow

Minneapolis and St Paul duplex sales were down for the week ending August 17, 2012. There were 19 duplex owners who received and accepted purchase agreements.

During the same week last year there were 25 duplex sellers who accepted offers.

While the number of sellers might be down, it’s important to note of this year’s 19, 32 percent were traditional sellers with equity in their properties. Last year, just 20 percent of the sellers were in equally good positions.

On average, duplexes moved from the “for sale” to “pending sale” at a list price of $126,240. While this is up over the average sold price of $114,120 for the week in 2011, it’s important to keep in mind that listings often sell for less than the seller was asking.

There were 26 new duplex, triplex and four unit listing to choose from during the week. Of these, 58 percent were brought to the market by equity sellers.

While this number is below the 30 that came on the market last year, just 53 percent of those sellers had equity in their duplexes.

The single family home market continued to see declines in new listings (-3.5 percent), dramatic increases in pending sales (25.2 percent) and total inventory declines (29.8 percent).

Let’s hope these trends continue as we wind down summer and head toward the slowdown of fall.