While Thanksgiving came “late” this year, the Minneapolis and St Paul duplex market apparently took a nap after eating too much turkey.
There were 13 small multifamily property owners who accepted offers during the week. Of these, 53.8 percent had equity in their properties. On average, the final MLS list price for these Twin Cities duplexes was $214,931.
While this traditional seller market share is down slightly from 57.1 percent at the end of last November, it isn’t down significantly. The number of sales for the week in 2012, however, was significantly larger at 21. However, the Thanksgiving holiday also landed earlier in the month in 2012. On average, these properties sold for $177,605.
New listings suffered a post turkey slump as well, with just 14 new duplex listings coming on the market. The majority of these, at 64.3 percent, were listed by equity sellers. Last year there were 22 new sellers for the week, and exactly half did not have to consult a bank to sell.
The single family home market saw new listings fall 47 percent for the week and pending sales drop 38.5 percent. Inventory also dropped; down 4.5 percent from the same week in 2012.
Thanksgiving falls late once again in 2014, so look for a more equitable week-over-week comparison.