Things were better than the same time last year in the Minneapolis and St Paul duplex market; if only by inches.
For example, there were 26 duplex sellers who accepted offers, 84.6 percent of whom have equity in their properties. On average, their final list price was $226,106, a number which will likely be slightly smaller at closing.
Last year, there were 25 duplex owners who received offers, and 76 percent of them walked away from closing with a check in their pocket. The average price these properties sold for was $206,440.
Sellers continue to catch on that it’s a good time to sell, and 25 of them decided to do just that during the week. Of these, 76 percent were owners with equity. Last year, there were 26 new listings, 65.4 percent of them were not in distressed situations.
The single family home market also saw gains, but like the duplex, triplex and fourplex market, those gains were marginal.
While New Listings were up 21.7 percent, Pending Sales actually decreased by 2.7 percent. Ironically, overall inventory nonetheless was down 5.6 percent over last year.
Remember, while gains may not be by the mile or yard, inches forward are always better than reverse.