If you’ve been waiting for Minneapolis and St Paul duplex values to skyrocket before putting yours on the market, your time may have arrived.
After all, the average list price a duplex left the market at the week ending October 6, 2012 was $195,511.
During the same week in 2011 the average sold price was $94,722.
Granted, comparing two very small windows of time to one another doesn’t a market shift make, but the data is telling.
Last year, there were just 9 duplex owners who accepted purchase agreements on their properties. Only one third had equity in their properties.
This year, 28 Minneapolis duplex sellers accepted offers. Nearly half (46.4 percent) were traditional sellers who will take checks away from closing.
New inventory continued to be down slightly, with 29 new listings coming on during the week, compared with last year’s 30. However, 44.8 percent of this year’s belong to traditional sellers. Just 36.6 percent did last year.
The single family home market, on the other hand, saw 2.8 percent more listings this year than last, pending sales leap 33.5 percent, with overall inventory down 28.6 percent.
September saw the median single family home price rise 12.6 percent to $174,500, with sellers receiving 94.8 percent of their asking price.
We’re still a long way from the values of 2005 duplexes, but we seem to be well on our way to a more optimistic future.