What a difference a year makes in the Minneapolis duplex market!
For the week ending September 15, 2012, the average list price the duplexes, triplexes and four unit buildings listed for sale in Minneapolis and St Paul left the market at was $173,311.
Compare this to the average sold price for the same week one year ago of $96,853. Theoretically anyway, prices have doubled.
And this in spite of traditional sellers losing market share for the week.
Last year, Minneapolis duplex sellers with equity were responsible for 36.8 percent of the pended sales. This year, just 23.1 percent of the pended sales will not involve a bank in the negotiations.
This is especially curious given that 55 percent of the 20 multi-family properties newly listed for sale during the week are being sold by traditional sellers. This is slightly ahead of the 51.4 percent of the 37 newly listed properties during the same week in 2011 that were offered for sale by traditional sellers.
The single family home market saw the number of new listings increase 4 percent for the week, pending sales rise 18.4 percent, and the total amount of inventory decrease 29.5 percent.
Makes me wonder what next year will look like.