Minneapolis and St Paul duplex sellers have a lot to be grateful for this Thanksgiving.
For the week ending November 12, 2012, there were 11 Twin Cities duplex, triplex and fourplex sellers who received and accepted offers on their properties. Of these, 45 percent were traditional sellers with equity in their properties.
While the number of pending transactions was down slightly from the same week in 2011, just 21.4 percent of last year’s sales belonged to equity sellers. This year-over-year increase in equity seller market share resulted in an average off market list price of $132,118 for the week this year; up slightly from last year’s average sold price of $129,089.
There was additional good news in the amount of newly listed duplexes on the market as well. The week saw a 13 percent increase over last year. Traditional sellers dominated this year’s market, contributing 65 percent of the week’s new lisitngs.
The single family home market saw a decline in new listings; down 9 percent over the same week one year ago. Meanwhile, pending sales jumped 11.3 percent, dropping total inventory 29.1 percent.
There are just 3.7 months of inventory availble for buyers in the market. A balanced market is when there’s a five month supply. Anything less, and it’s a sellers market.
That’s news many underwater Minneapolis duplex and home owners should be thankful for.
Have a safe holiday weekend!