The Minneapolis duplex market is blowing up!
For the week ending June 15, 2013, 26 duplex, triplex and fourplex owners received and accepted offers on their properties. Sixty-nine percent of these sellers have equity in their properties, which left the market at a final average list price of $215,325.
For the same week in 2012, there were 15 sellers who accepted offers for their Twin Cities duplexes. Fifty-three percent of these folks did not need to consult with a bank in order to sell, and they did so at an average price of $172,023.
The good news for buyers was that inventory was up the second week of June, with 37 new listings hitting the market. A whopping 86.5 percent of these sellers are neither banks nor short sales.
Traditional sellers had nowhere near the same market share the second week of June last year, with just 48.4 percent of the 31 sellers owing less than what the property was listed for.
Single family home sellers also took advantage of booming housing sales, bring 32.6 percent more new listings to the market during the week than last year. Of course, pending sales were also up 23.2 percent, leaving us still with a 20 percent decrease in inventory.
As we go forward, keep an eye on interest rates. They’ll play a key role in how long and how fast we truly recover.