While many people are busy with holiday preparations, the Minneapolis and St Paul duplex market kept working.
In the week ending December 7, 16 duplex, triplex and fourplex owners accepted offers on their properties. More than half, at 56.3 percent, were traditional sellers, who will take a check home from closing.
On average, the final list price for these pended properties was $183,982.
During the same week in 2012, 27 duplex sellers accepted offers. It’s important to note that the vast majority of these sales (70.4 percent) involved negotiations with a lender prior to the close of the sale. As a result, those investment properties sold for an average of just $131,827.
New inventory for the first week of December totaled 26 new listings. A whopping 76.9 percent of these duplexes, however, are being offered for sale by traditional sellers. Compare this just 56.7 percent of last year’s 30 new sellers who had equity in their properties.
The single family home market saw a slowing during the week. New listings were down 5.7 percent from the same week one year ago. Pending sales, meanwhile, increased .9 percent. In all, total inventory continues to be down 5.6 percent.
For the month of November, the market finished with a Median Sales Price of $195,000; which is 13.4 percent higher than November 2012. Inventory remains tight, with most sellers averaging 75 days on the market and receiving 95.4 percent of their list price.
There is just a 3.2 month supply of inventory on the market. A balanced market is occurs when there is a 5 to 6 month supply. In other words, Minneapolis duplex sellers are in charge this holiday season.