It’s official. Minneapolis and St Paul duplex owners know it’s a great time to sell a duplex.
So much so that duplex sellers with equity contributed a whopping 74 percent of the new inventory on the market the week ending November 17, 2012.
Now, the total number of listings for the week was down by two from the same week one year ago. However, just 44.8 percent of those duplexes listed for sale were being sold by people who had equity in their properties.
The increased presence of traditional sellers usually means higher average sales prices. And yet, in something of a market anomolly, the average final list price for the week this year was $134,772; down from last year’s sold price of $134,772.
Pending sales for the week were down by one from last year. However, 60 percent of the twenty sellers who received and accepted offers on their properties have equity. This is up 7.6 percent from last year.
In the single family market, there was a minor increase in inventory, with the number of new listings up 11.4 percent from a year ago. Meanwhile, pending sales were also up 9.8 percent.
In all, inventory is down 29.4 percent, totalling less than 15,000 properties to choose from in all on the Multiple Listing Service.
In all, there are less than four months of inventory on the market, meaning it truly is a seller’s market.