Duplex Sales Temperature Hits Single Digits

cold winter thermometerMinneapolis and St Paul duplex sales stayed in the deep freeze the week ending January 25, 2014.

There were just 8 duplex sellers who accepted offers during the week. All but three of these involved a bank in the negotiations. The good news is these properties left the market at an average list price of $211,594.

Last year by comparison, there were 18 duplexes that sold. Just eight of these belonged to traditional sellers, who left the closing with a check in their pocket. On average, these properties sold for $150,093.

While double digit wind chills may have dissuaded some duplex buyers from looking at property, the same could not be said for sellers. There were 14 new small multifamily property listings during the week.  Seventy-one percent of these folks will not require bank permission in order to sell.

In late January of 2013, on the other hand, there were 17 new listings to the market. Of these, just  six, or 35 percent belonged to equity sellers.

The single family home market experienced a bit of hibernation as well. The number of new listings dropped 11.9 percent compared with the same week last year, pending sales declined 13 percent, and in all, there were 8.6 percent fewer homes on the market for buyers to choose from.

At this point, it’s probably fair to say we’re all ready for spring.