If there was a moment in time when the Minneapolis duplex market began to shift from a buyer’s to a seller’s market, it might have been during the last week of October in 2011.
That week, 32 Twin Cities duplex, triplex or four unit apartment building owners received and accepted purchase agreements. Seventeen of these owners actually had equity in their properties. On average, these properties sold for $152,145. However, what’s truly amazing about this is that there were 32 properties for investors to buy!
Compare that to the 19 listings that sold for the week this year, where 47.4 percent of the listings were brought to market by traditional sellers. These pended sales left active status on the MLS at an average final list price of $184,426.
The number of new listings for the week in 2012 decreased from 2011 by one, with 28 new duplex investment opportunities coming on the market, compared to 29. Of these new listings, 53.6 percent are being sold by traditional sellers; a significant increase from last year’s 37.9 percent.
The single family home market saw new listings decrease 3 percent, pending sales increase 11.1 percent, and overall inventory decline 28.8 percent.
I’ve said it before, and will again. Sellers are back in the driver’s seat, meaning it’s a great time to sell a Minneapolis duplex.