Duplex Sales Cause Fireworks

duplex sales spark fireworksMinneapolis and St Paul duplex sellers set off fireworks during the week of the fourth of July, when a whopping 48 of them put their properties on the market.

Of these, 81.3 percent are being sold by people with equity in their investment properties.

To put in perspective how magnificent this truly is, compare it with the measly 13 new listings made available during the same week one year ago, when just 35 percent of the 20 new sellers would not have to include a conversation with a bank or asset manager in order to make the decision to sell.

There were 30 property sellers who accepted offers on their existing listings over the holiday. Strangely, while a majority were traditional sellers (56.7 percent), this number is lower than the market share we have recently become accustomed to seeing. Nonetheless, it’s well above the 35 percent of last year’s 20 sellers who left closing with cash.

Bizarrely, last year’s average sold price for the week was $202,107, which was higher than this year’s average final list price of $192,347.

The single family home sector saw increased listing activity, with the number of new listings for the week 14.3 percent higher than the same week last year. However, pending sales were still up, albeit by just 5.7 percent. Inventory is still 16.4 percent lower than one year ago.

Sellers, however, should still be encouraged by the explosive Median Sales Price for June, which was up 17.5 percent to $210,000 for the month.

Let’s hope there are enough fireworks left for the rest of the month.