If last year’s Minneapolis duplex market and this year’s were race cars, 2013 would have just lapped 2012.
For the week ending April 6, there were 24 Minneapolis and St Paul duplex, triplex and fourplex owners who received and accepted offers on their properties. Of these, sixty-seven percent were traditional sellers who will pocket a check from the sale at closing, who last listed their properties for an average price of $171,726.
Last year, just 13 Twin Cities small multifamily property owners received and accepted offers. Less than half, at 46.2 percent, had equity in their investment properties. These sellers cashed out at an average sales price of $151,077.
As has been true all spring, there were fewer new listings, with just 27 new opportunities listed for sale. Of these, 55.6 percent are being offered by traditional sellers. Last year, just 33 percent of the 30 new sellers did not have to receive a bank’s permission to sell.
Single family home sellers actually got a bit of a relief from tight market inventory when new listings increased 22.6 percent. Of course, pending sales kept close pace, up 17.1 percent.
For the month of March, the single family home market’s median sales price increased 18 percent to $176,840, while the average number of days on the market dropped to 109.
As long as inventory remains tight, sellers are in the driver’s seat.