Duplex Sales See More Of The Same

The playing field has begun to level for traditional Minneapolis and St Paul duplex sellers when challenged with the aggressive pricing of distressed properties.

The market appears to be stabilizing; at least for the week ending October 19, 2013.

There were 28 duplex sellers who accepted purchase agreements during the week. At 75 percent, the vast majority of these had equity in their properties. Last year, there were just 13 duplex sellers who signed purchase agreements, and just 23 percent of them took a check home from the closing table.

On average, the final list price of this year’s crop ($169,089) was just slightly below last year’s average sold price of $169,633.

There were 35 new listings for the week. A whopping 88.6 percent of these new listings came from traditional duplex sellers. Last year there were 30 for the same week, and 7o percent of those folks were equity sellers.

The same can’t be said for the single family home market. While single family home listings were up 16.3 percent over last year, pending sales actually decreased 11.4 percent over the same time one year ago. Nonetheless, there was still 3.9 percent less inventory on the market than there was one year ago.