What goes up, must come down. But for the Minneapolis and St Paul duplex markets, it appears what’s been down must come up.
For the week ending May 25, 2013, there were 22 duplex sellers who received and accepted offers. Of these, 81.8 percent have equity and will leave the closing with money in their pockets. These checks may be substantial. After all, the average off market list price was $200,468.
These figures are up; in volume, traditional seller market share and price from the same week in 2012, when 16 owners accepted offers; 62.5 percent of whom received checks at closing on an average sales price of $156,149.
There was good news for duplex buyers and investors for the week as well. There were 34 new listings for the week; up 26.5 percent from last year. A whopping 82.4 percent of these sellers are traditional, up substantially from the 68 percent who were last year.
This is important to buyers who have been in multiple offers all year and are growing frustrated by an overall lack of inventory.
Single family home buyers received a bit of relief as well, with the number of new listings up 29.8 percent. However, pending sales rose as well; up 18.8 percent over last year, with total inventory down 24.6 percent.
This overall lack of inventory again put upward pressure on prices, with April’s median sales price of $182,000 a full 12 percent above last year’s.
It continues to be a great time to sell a Minneapolis or St Paul duplex!