Some Minneapolis duplex sellers often hibernate at the first sign of winter. The irony is, many duplex buyers do not.
For the week ending November 2, 2013, there were 21 Twin Cities duplex sellers who received and accepted offers from those cold and snow-proof buyers.
Just 47.6 percent of those sellers, however, did not need a bank’s permission to sell their investment property. And on average, the last price those properties were listed at was $178,006.
During the same week in 2012, there were 18 Minneapolis and St Paul duplex sellers who accepted offers. A slight majority of these properties, at 55.6 percent, were not in a distressed situation. On average, those investment properties sold for $134,912.
There were 21 new listings during the last week of October. Equity sellers contributed the majority of this inventory, at 81 percent.
One year ago, traditional duplex sellers were responsible for just 40 percent of the 20 newly listed properties.
Meanwhile, the single family home market saw a 5.5 percent increase in new listings, 6.9 percent rise in pending sales, and a 2.6 percent decline in total inventory for the week.
October’s median sales price was up 11.4 percent over last year to $195,000.