Minneapolis equity duplex sellers rule!
Or at least they did for the week ending March 23, 2013.
Of the 21 Minneapolis and St Paul duplex sellers who received and accepted purchase agreements, a staggering 90.5 percent were traditional sellers who did not need to consult with a bank in order to sell. As always, the more traditional sellers dominate the market, the higher the average price. This was certainly true here, as the average list price a duplex left the market at was $179,230.
Compare this to the same week in 2012, when just 35.3 percent of the 17 sellers walked away from closing with a check. More bank owned or negotiated sales resulted in a much lower average sales price of $116.947.
Traditional sellers didn’t fare quite as well in new listing contributions, however, bringing just 50 percent of the 30 new duplexes, triplexes and fourplexes to the market.
This number slightly trails the 51.6 percent market share of the 31 properties that were new inventory for the same week in 2012.
The single family home market saw new listings increases in both new listings — at 2.8 percent for the week, and the number of pending sales, which rose 11.9 percent during the week. Overall inventory saw a decrease of 29.8 percent.
In February, the Median Sales Price for single family homes increased 15.5 percent to $160,000, while the average number of Days on Market dropped 22.2 percent to 112.
There is currently just a three month supply of inventory on the market; meaning if nobody decided to list their house or duplex, we would have absolutely nothing left to sell in just 90 days.
A balanced market is when there is a 5 to 6 month supply of property for sale.
Can you say “Sellers Market”?