Duplex Sales Remain Upbeat

duplex sales remain strongThings are looking up in every way in the Minneapolis and St Paul duplex market.

For example, there were 20 property owners who accepted offers during the week. Of these, 60 percent have equity in their properties.

Last year, there were 16 sellers who accepted offers during the same week; 62.5 percent of them went home from their closings with money in their pockets.

There were 23 duplexes, triplexes and fourplexes that were new to the MLS during the first full week of November. The majority of these, at 60.9 percent, were owned by people with equity in their properties.

One year ago, there were just 16 new listings for the same calendar stretch, with 50 percent of these sales not involving distressed properties.

The single family home market saw the number of new listings increase 11.4 percent year over year. Ironically, the number of pending sales actually decreased 3.1 percent, while total inventory continued to be 3.2 percent lower than last year’s.

Let’s hope the good news continues.