As we drift into fall and temperatures start dropping, the Minneapolis and St Paul duplex market continues to generate heat.
For the week ending September 29, 2013, there were 25 duplexes that went from active to pending listings on the Twin Cities’ MLS. Of these, 72 percent are being sold by sellers with equity. While the average final list price was $202,364, it’s important to note one was listed at $539,000, and five more had list prices greater than $300,000.
Last year, just 17 duplex sellers accepted offers during the week. Just 52.5 percent of these folks left closing with a check in their hand. On average, they sold for $227,931, with the high seller going for $435,000.
There were 34 new listings for the last week of September, 2013. While the majority (64.7 percent) belong to traditional sellers, this is not too far ahead of the 63.9 percent market share of last year’s 34 new sellers.
The single family home market continued along at a brisk pace for the week, with pending sales up 12.2 percent. While inventory grew 10.3 percent for the week, overall it remains 5.9 percent lower than last year.
As we creep toward winter, let’s hope all of the good news continues.