The Minneapolis and St Paul duplex shortage continues.
For the week ending, March 2, 2013, there were 17 new duplex, triplex and four unit buildings newly listed for sale. Of these, nearly 53 percent were offered by traditional sellers.
Last year during the same week, there were 22 new duplex listings. While a drop of five new properties for sale doesn’t seem like much, it’s important to remember that represents a drop of 22.7 percent. Just 41 percent of those new listings were listed by sellers who were not in a distressed situation.
Oddly, of the 16 Minneapolis and St Paul duplex, triplex and fourplex sellers who accepted offers during the week this year, just 31.25 percent were had equity in their investment properties. The balance of the properties sold were either in a negative equity position or bank-owned.
For the week in 2012, just half of the 18 duplex sellers who accepted offers had to consult with a bank before selling.
In the single family home market, on the other hand, there was a slight trend reversal, with new listings increasing .9 percent. Meanwhile, pending sales continued rising; up 12 percent since the same stretch last year. In all, inventory is down 31 percent.
Less competition always means higher prices. In other words, it’s a great time to sell.