Minneapolis Duplex Prices Double

Okay, it’s a fluke, but according to the most recent Minneapolis market statistics for the week ending January 5, 2013, duplex prices have more than doubled since last year.

The average final list price a Minneapolis or St Paul duplex, triplex or fourplex left the market at was $232,455. Granted, this average was helped by one sale of $747,500, but it is nonetheless, refreshing news. Without that sale, the market average was still a healthier $168,705.

After all, last year’s average sold price was a measely $98,977.

Of the week’s pending sales, 66.7 percent belonged to sellers with equity, who don’t need to consult with a financial institution in order to make the decision to sell.

Just 23.1 percent of the week’s sellers last year were in the same position.

There were just 17 new listings for the week, with 64.7 percent of them coming to the market with equity. Last year, just 48.3 percent of new duplex listings didn’t involve a bank in the negotiations of the list or sale price.

In the single family home market, pending sales continued their rise, going up 12.7 percent. Meanwhile, there were 34.6 percent fewer new listings that came on the market. Combined, this helped drop total inventory 31.1 percentt.

It continues to be a great time to be a Minneapolis duplex seller, as there is very little on the market to buy.