The Minneapolis and St Paul duplex market went on a diet the week ending March 8, 2014.
The market was fat one year ago, when 22 duplex owners accepted offers on their properties during the week. Slightly less than half, at 45.5 percent, were not in a distressed situation. On average, they received a sales price of $154,070.
Compare that to the market during the same week this year, when just 12 duplex sellers came to terms on the sale of their duplexes. Of these, 41.7 percent have equity in their properties. Perhaps it was because there was so little for buyers to sample, but on average, these properties final listing price was $219,233.
New listings for the first full week of March finally showed weighed in, with 25 new listings coming to the market. The vast majority of these duplex sellers, at 80 percent, have equity in their properties.
Last year, there were 19 new listings during the same week. Just 42.1 percent of those sellers did not have to consult with anyone at a bank to receive permission to sell.
As we continue to thaw out from a brutal winter, let’s hope the number of new duplex listings is less than anorexic.