Fall may have officially begun on September 22, but for the week before, the Minneapolis duplex market continued to behave as if it were summer.
There were 19 duplex, triplex and four unit owners who received and accepted purchase agreements during the week. Of these, 47.4 percent were traditional sellers with equity in their properties.
Last year during the same week, there were 20 duplex owners who sold their properties. However, just 30 percent of these Minneapolis duplex sellers had equity in their properties.
The high seller for the week was a riverfront duplex in northeast Minneapolis, which left the market at a list price of $324,900. The low seller was a north Minneapolis property, which was last listed at $42,000. The average off market list price for the week was $139,779.
The high seller for the week in 2011 was a four unit building in New Hope, which brought $250,000. The low seller was a duplex in St. Paul, which went for ten times less, at $25,000. Last year’s average sold price for the week was $110,965.
There were 26 new Minneapolis and St. Paul duplexes listed for sale during the week. This number represents a significant drop from the 37 new listings one year ago. However, while just 40.5 percent of those properties were offered by traditional sellers, 73.1 percent of this year’s listings are being sold by duplex owners with equity.
The single family home market saw the inventory continue to fall; down 29.4 percent year-over-year, while pending sales rose 22.8 percent for the week.
Fall is typically a time when traditional sellers begin to hunker down for the winter. However, with a healthy Minneapolis duplex market and a forecast for a mild winter, we might see that change.