Minneapolis Duplex Sales Still Cold

It's cold outsideIn spite of a new year and historically low temperatures, Minneapolis and St Paul duplex buyers and sellers acted as if it was late 2013 during the second full week of January.

There were 17 duplex sellers who accepted offers during the week.  At 52.9 percent, a slim majority will leave closing with a check in their hands. The average final list price on their properties was $154,912.

While this isn’t quite the same market share traditional sellers have had in recent months, it is, nonetheless, more than the 41.6 percent of  the 12 sellers during the same week in 2013 who had money in their hands after selling. On average, they sold at a price of $135,420.

New duplex, triplex and fourplex sellers continued to be in short supply as just 23 new properties came on the MLS; down 25.9 percent from last year’s new inventory. Of the 2014 crop, 73.9 percent are being offered by equity sellers. Last year, just 51.6 percent of the new listings were not in a distressed situation.

Single family home sellers continued to see the amount of new inventory drop: sliding 8.3 percent from last year. However, the number of pending home sales was also down 24.8 percent for the week. This drop may have been weather related. Total inventory is down 9.5 percent from last year.

With the unofficial start of the spring housing market ( Super Bowl) just days away and warmer weather in the forecast, these numbers should start to change.