Right now, the Minneapolis duplex market is a little bit like buying your way on to a winter Olympic team for a country that doesn’t have any snow.
There just aren’t a lot of duplexes, triplexes, and fourplexes out there competing for buyers attention right now. There’s a complete lack of competitors for those slots; which is a little like the Dominican cross country skiing team.
For the week ending February 1, 2014, there were just 5 new Twin Cities MLS small multifamily property listings. Sixty percent of these new listings were brought to the market by equity sellers.
One year ago during the same week, there were 18 new listings. Sixty-six percent of these sellers had equity in their properties.
Pending sales also took a bit of a spill in the snow the last week of January, 2014. There were 12 sellers who accepted offers during the week. Half of them have equity in their properties. On average, the final list price those properties left the market at was $168,267, with the.
Last year, there were 17 duplex sellers who accepted offers on their properties. Of these, 71 percent left the closing with money in their hand. On average, these properties sold for $170,980.
The week also saw fewer single family home sellers competing for sold medals, with 16,9 percent fewer new listings coming on to the market. Even though there was also 9.3 percent fewer pending sales for the week, overall inventory was down 9.1 percent from the last week in January in 2013.
As temperatures begin to thaw, watch for many more competitors vying to win the buyer’s dollar.