Minneapolis Duplex Sellers Catch On

After countless elbow nudges and hints, is it possible Minneapolis and St Paul duplex owners have finally caught on and decided to sell?

For the week ending March 30, 2013, there’s a sliver of hope.

There were 32 new duplex, triplex, and fourplex listings that came on the market. More than half– 59 percent — were offered for sale by sellers with equity in their properties.

During the same week in 2012, there were five fewer new lisitngs. However, 62.3 percent of these were being sold by people who who did not need to receive permission from a bank in order to sell.

There were 19 Minneapolis duplex and small multifamily property owners who received and accepted offers during the last week of March in 2013. Of these, 52.6 percent were traditional sellers, resulting in a final average final list price of $176,789.

In 2012, there were 21 duplex sellers who accepted offers. Fifty-seven percent of these had equity in their property, resulting in an average sold price of $149,582.

There were 12.1 percent fewer new single family home lisitngs for the week ending March 30 than one year ago. Meanwhile, pending sales were up 12 percent. In all, inventory is down 29.6 percent from last year.

Let’s hope more sellers get a clue.