If Every Minneapolis Duplex Seller Took The Summer Off…

Children's toys on sand isolated on whiteIf Minneapolis and St Paul residents decided to take the summer off from selling duplexes and houses, by the time school started, Realtors would have nothing left to sell.

That’s right, overall inventory is down 36 percent in the month of April, leaving us with just a 3.2 month supply of inventory.

With so little supply, it is unquestionably a seller’s market.

In fact, 21 Minneapolis and St Paul duplex sellers received and accepted offers the week ending May 11. Of these, a whopping 76 percent were traditional sellers who will pocket money from the sale of their property. With an average final list price of $193,885, many of them should see healthy checks at closing.

Last year during the same week, there were 30 duplex sellers who accepted purchase agreements on their investment properties. Of these, 53.3 percent had equity. As always, when banks have a higher market share, prices tend to be less. This was true last May, with an average sold price for those listings of $167.063.

The good news is new listing inventory was up over last year; albeit ever so slightly. There were 34 new listings for the week. Of these, 76 percent were brought to the market by traditional sellers. There were 33 new duplex sellers during the same week in 2012. Just 66.7 percent of whom were owners with equity in their property.

Single family homes saw new listings increase 25.1 percent, pending sales up 16.2 percent, and overall inventory down 27.5 percent.

While it’s tempting to take the summer off, it looks like it will pay for those who chose to stay and sell.