Minneapolis Duplex Sales Headed For The Super Bowl

Like the Vikings, the Minneapolis duplex market seems to have risen from the ashes since last season.

Take, for example, the total market domination by traditional sellers. You remember those folks. They’re the ones who actually have equity in their duplexes.

Of the actively listed multifamily properties that pended the week ending September 29, 63.2 percent were being sold by traditional sellers. Last year, just 38 percent of the duplex owners weren’t banks and didn’t need to consult with one to get permission to sell.

While new inventory for the week was down 13.5 percent from last year, 62.5 percent of the duplexes that went up for sale are owned by equity sellers. Last year, less than half of the sellers (48.7 percent) had equity in their property.

Traditional sellers combined with reduced inventory are just as effective as Percy Harvin in creating value. To that end, this year’s highest listed duplex that left the market as a sale was located in Uptown and last listed at $529,900. Last year’s highest seller was a St Paul listing that closed at a price of $450,000.

This year’s lowest list price for a pending sale was $45,000. It sounds cheap until compated to the lowest sold price for the week last year of $30,000.

In September, the single family home market saw median prices increas 12.3 percent to $174,000.

The week saw new listings increase 6.2 percent, with pending sales up 15.5 percent.

It is premature to celebrate, however. Let’s give it some time and see if the Vikings, and the housing market are for real.