Minneapolis and St Paul duplex sellers – you got the hint!
For the week ending January 19, 2013, there were 30 new duplex listings that came on the market. The majority of these, (53.3 percent) are being sold by traditional sellers.
For the same week last year, there were just 19 new listings. Just less than half belonged to people with equity in their properties.
Nineteen duplex and fourplex owners accepted offers during the week. Just 36.8 percent of them did not require a bank’s signatures in order to agree to sell. The average price theses duplexes left the market at was $146,195.
In 2012, just 27.3 percent of the 22 duplex sellers who accepted offers could say the same. On average, these investment properties sold for $106,389.
While pending single family home sales increased 17.4 percent for the week, the number of new listings declined 1.6 percent. To date, there is just a three month supply of inventory on the market.
In other words, if nobody else lists their duplex or house, we will have nothing left to sell in 90 days.