When I compile the weekly duplex market statistics for the Twin Cities, I try to spot trends. Is the market picking up? Is it slowing down? Where are prices going? Where have they been?
And sometimes, there isn’t anything terribly revealing in the numbers. Take, for example the week ending August 17, 2013.
There were 14 Minneapolis and St Paul duplex, triplex and fourplex owners who accepted offers during the week. Of these, 64.3 percent were didn’t need to have a conversation with a bank in order to decide to sell. On average, the final listing price for these properties was $142,706.
During the same week last year, there were 19 duplex owners who accepted offers. Just 36.8 percent of these sellers had equity in their properties. On average, their properties sold for $144,936.78.
The number of new listings for the second week of August this year topped out at 32. The vast majority, 87.5 percent, belonged to equity sellers. During the same week in 2012, there were 30 new small multi-family listings; just 56.7 percent of these were being sold by traditional sellers.
The single family home market saw the number of new listings jump by 27.8 percent. Pending sales also rose 8.7 percent during the week. Total inventory is down 10.1 percent.
Perhaps fall will bring more definitive answers.