Duplex Sales Repeat Themselves

Minneapolis duplex buyers and sellers saw more of the same the week ending October 26, 2013.

There were 22 sellers who accepted offers during the week. Of these, 68.2 percent will be able to walk away from their properties with cash at closing. Last year during the same week there were 19 sellers, and just 47.4 percent of those folks went home with cash.

That difference resulted in an average off market list price of $171,195 for the week this year. Last year’s average sold price of $181,850 looks like an omen, until you realize there was one duplex that week that sold for $523,000. When that’s removed from the average, the numbers drop to a more predictable $162,897.

There were 29 new listings for the week. A staggering 75.9 percent of these new opportunities were brought to the market by traditional sellers. Just half of last year’s 28 sellers could say the same.

The single family home market saw the number of new listings for the week up 16.4 percent. Pending sales were also up, increasing 10.4 percent. Overall, there is 3.1 percent less inventory on the market than there was at this time one year ago.