I might be hallucinating after a long, relentless winter, but it’s beginning to feel like spring in the Minneapolis and St Paul duplex market.
During the week ending March 1, 2014, 18 Twin Cities duplex sellers accepted offers on their properties. While equity sellers were in the majority at 61 percent, their market share wasn’t nearly as sizable as its been in recent weeks. On average, the price these sellers last had their properties listed on the MLS for was $158,939.
One year ago during the same week, there were 15 people who sold their duplexes, triplexes and fourplexes. Just four, or 26.6 percent of those sellers actually left the closing with a check in their hands. On average, their properties sold for $143,658.
There were 22 new listings that came on the market during the week. At 82 percent, the vast majority of these properties are being sold by sellers who are current on their mortgage payments. This is up substantially from the 50 percent of last years 24 sellers who were not in distressed circumstances.
The weather forecast is promising more optimistic temperatures in the coming week. Let’s hope it’s right.