It appears during the week ending May 18, 2013, Minneapolis and St Paul duplex sellers and buyers came out in droves.
Twenty-four of the sellers already on the market accepted purchase agreements during that week. Of these, 83.3 percent were traditional sellers who will walk away from closing with a check in their hands. Better yet, on average, these properties left the market at an average final list price of $208,508.
This is significantly different than during the same week in 2012, when just 13 sellers sold their duplexes. Sixty-nine percent of these sellers pocketed money when they transferred the keys. The average sold price for these listings was a meager $137,669.
Perhaps the biggest week-over-week is, thankfully, in the amount of new inventory to hit the market. There were 43 new listings for the week in 2013, with 86.7 percent of them being offered by equity sellers. Last year, there were 19 new listings, and just 50% of these duplexes, triplexes and fourplexes were being sold by someone other than a bank.
Clearly, on every level, it continues to be a great time to sell a duplex!