There was a shift in the Minneapolis duplex market the week ending October 20, 2012.
A lot more new inventory came on the market during the week than did one year ago.
There were 31 newly listed duplexes, triplexes and four unit buildings that came on the market. This is more than double the 14 that did one year ago. Of these new listings, 67.7 percent were made available for purchase by traditional selelrs. Just 42.9 percent of last year’s sellers had equity in their properties.
Pending duplex sales saw a virtual dead heat year-over-year, with 14 transactions taking place in each. Of those sellers who accepted offers this year, 28.6 percent have equity; up slightly from last year’s 21.4 percent.
While the market share of traditional sellers wasn’t so great as to suggest it would be the case, the sold price for the week in 2011 of $100,277, is significantly below this year’s average off market list price of $187,123.
The single family home market also continued a shift of its own, with new listings down .6 percent, pending sales up 33.3 percent, for a combined decrease in inventory of 28.5 percent.
With declining inventory and increasing sales, it’s a great time to be a Minneapolis duplex seller.