This year we’ve become accustomed to news that Minneapolis duplex sales were up.
After all, with historically low interest rates, low vacancy rates, and undervalued inventory, why wouldn’t it be a great time to buy investment property?
Of course, increased demand for something tends to drive prices up. And when that happens, duplex owners once again become interested in selling.
For the week ending November 3, the number of new duplex listings to the market was greater than the number last year. Granted, it was an increase of only 11 percent, but it’s a start. Half of these new listings are being offered for sale by traditional sellers.
It goes without saying that the number of pending sales was up as well. There were 20 duplex owners who accepted offers on their properties the first week of November, compared to just 11 for the same week in 2011. Of these 20 sellers, 45 percent were offered by traditional sellers. Last year, just 18 percent of the new listings did not involve a bank in the negotiations.
The single family home market say pending sales increase 25.3 percent over last year. However, new inventory continues to be scarce, with new listings down 1 percent.
For the month of October, the median sales price for Twin Cities homes increased 14.8 percent to $174,995. With just 3.7 months of inventory on the market, sellers continue to set price and terms.
It continues to be a great time to sell.