If you’re a Minneapolis or St Paul duplex seller, things are looking up. Way, way up.
For the week ending October 5, 2013, the 25 duplex sellers who accepted offers on their properties did so at an average final list price of $233,584.
This shattered the average sold price for duplex sellers the same week in 2012, who, on average. received $174,750 for the sale of their duplexes. Now, just 44 percent of these 25 sellers had equity in their properties compared with the 68 percent of this year’s sellers who could say the same.
Inventory continued its slow growth during the week, which is greatly needed. There were 34 new listings, the bulk of which (73.5 percent) were brought to the market by equity duplex sellers. Last year, just 51.7 percent of the 29 new duplex, triplex and fourplex listings did not involve bank negotiations.
The single family home market saw the number of new listings increase 17.9 percent , pending sales rose 2.4 percent, and total inventory was down 6.2 percent.
In September, the Twin Cities Median Sales Price was up 11.7 percent over last year to $195,000.
Let’s hope the good news continues.