Minneapolis Duplex Prices Go Up

duplex prices go upWould you be shocked to hear it’s a Minneapolis duplex seller’s market?

Increasing prices are usually a sign of exactly that.  And according to CoreLogic’s July Home Price Index, average home prices (the don’t break duplexes out into a separate category), including distressed properties, increased over July of 2011 by 3.8 percent. Better yet, they were up 1.3 percent since June.

The news was better yet when CoreLogic removed short sales and foreclosures from their calculations. Prices then were up 4.3 percent over last year, and 1.7 percent over the month before.

The company sees more monthly increases ahead. They estimate prices will rise at least .6 percent from July to August. This would result in a year-over-year price increase for the month of 4.6 percent. The projections are better still when excluding distressed sales. Anticipated gains based on those calculations put price gains at 1.3 percent month-over-month and 6 percent year-over-year.

While this is welcome news, please note that at this pace, it will take us more than five years to realize the prices we saw in 2005 and 2006.