Minneapolis Duplex Sellers Make News

There was big news in the Minneapolis and St Paul duplex markets the week ending July 13, 2013: there were twice as many new listings as there were one year ago.

Of the 42 new listings, 80.95 percent of them are being offered by traditional sellers. Last year, there were just 21 new listings, with 71 percent of these sellers having equity in their duplexes.

There were 22 duplexes, triplexes and fourplexes that sold during the week. Half of these involved a bank in the purchase negotiations. Last year there were 16 property sellers who accepted offers over the same period of time, and half of these were traditional sellers as well.

What’s curious is the average final list price for the week this year was $197,618; down slightly from last year’s average sold price of $199,038. Whether this is a result of higher interest rates dampening buyer’s enthusiasm, or increased inventory is yet to be seen.

The number of single family homes new to the market increased 25.1 percent for the week, while pending sales also rose 26.5 percent. Inventory, however, remains down 15.6 percent from last year’s numbers.

Stay tuned.