According to a report issued today by the National Association of Realtors (NAR), pending home and duplex sales declined in December, but have stayed above levels from the year before for 20 consecutive months.
So if sales are up, why did fewer homes and duplexes sell in December than had in November?
Because there’s no inventory on the shelves.
According to Lawrence Yun, NAR’s chief economist, “The supply limitation appears to be the main factor holding back contract signings in the last month.”
He added that shortages of available inventory are hampering sales in some areas, adding that, “We expect a seasonal rise of inventory in the spring to help, but a seller’s market may be developing.”
Minneapolis duplex owners are already in a sellers market.
When looking at the number of active listings on the Minneapolis and St Paul real estate market by month and by year over the last decade, it’s clear the number of duplexes available for people to purchase hasn’t been this low since June of 2003.
In fact, it appears we’re down 75 percent in inventory fromthe market’s peak in June of 2007.
Again, it’s a great time to sell a Minneapolis duplex!