Minneapolis Duplex Sellers Take A Snow Day

It may be a snow day in the Minneapolis, but whether duplex buyers are looking at properties in snow shoes or arriving via sled dog, they are still buying them as if it’s officially spring.

For the week ending February 23, 2013, there were 26 Minneapolis and St Paul duplex, triplex and fourplex owners who received and accepted purchase agreements. Of these, 53.9 percent were not in distress, and did not need a bank’s permission to sell.

These duplexes left the market at an average final list price of $165,060. Of course, the average sold price will be slightly less, and yet, this still represents a significant year-over-year gain.

During the same week in 2012, there were 22 owners who accepted purchase agreements. Of these, 31.8 percent had equity in their properties. These 22 multifamily properties sold for an average of $129,986.

Sellers weren’t as ambitious, however, and seemed to stay home from the market for the week. Just 19 of them put their duplexes on the market. Of these, 52.6 percent were traditional, equity sellers. This represents a drop of 36.7 percent in the amount of new inventory compared to the same week in 2012. Of those 30 listings, 40 percent were offered by traditional sellers.

The single family home market saw similar enthusiasm from winter buyers, with pending sales for the week increasing 3.1 percent. Home sellers showed similar reluctance to venture out, with the number of new listings for the week down 6.1 percent, dropping the total amount of inventory on the market 30.9 percent from one year ago.

With many Minneapolis and St Paul duplex sellers having to shovel multiple offers off of their properties, it remains a great time to sell.