During the last full week of August, both Minneapolis buyers and sellers saw their wishes come true.
After all, prices are up, making sellers happy, as are sales.
As the number of new listings increased, buyers suddenly had more properties to chose from, making them happy too.
So it’s a pretty good time to be a Minneapolis or St Paul duplex seller or buyer.
During the week ending August 24, 2013, 23 Twin Cities duplex owners received and accepted a purchase agreement on their property. Of these, 69.6 percent had equity in their properties. On average, the final off-market list price for these was $215,861.
Last year over the same stretch of time, there were just 12 Minneapolis and St Paul multifamily property sellers who accepted offers. Of these, 75 percent had equity in their properties. The average sold price for these investment properties was $191,162.
Buyers received some good news during the week as well, with 28 new listings coming on the market. The majority of these belonged to equity sellers (67.8 percent).
In 2012, there were 20 new listings for buyers to chose from. Just 8, or 40 percent, were owned by people who either did not have to consult with a bank to sell, or were not a bank.
As we drift more toward the traditional, established routines of fall, let’s hope everyone interested in buying or selling a duplex continues to get their wishes.