Like the first spring day after a long winter, the Minneapolis duplex market inspired hope the week ending April 12, 2014.
For the first time in years, 100 percent of the sellers who accepted offers had equity in their properties. On average, these 15 properties went off the market at an average final list price of $250,860. This number is likely to be somewhat smaller when the prices the properties sold for are ultimately tallied.
Last year during the same week, 17 duplex, triplex and fourplex owners accepted offers. Just 41.2 percent of these sellers were not in a distressed situation. More bank involvement in sales, of course, resulted in a lower average sold price, at $202,753.
Spring was in the air for new listings as well, with 30 new properties coming on the market. A whopping 93 percent of these investment property owners are traditional sellers.
This number of new listings for the week was actually up 25 percent from the same week last year, when just 24 sellers put properties on the market. Just half of these sellers had equity in their properties.
The single family home market saw a jump in new listings, up 19.9 percent over last year. Pending sales also rose slightly, up 1.8 percent. Thanks to a year-long lack of inventory, however, the total number of homes available was actually down 2.4 percent from one year ago.
In March, the Median Sales Price for a Twin Cities home was up 7.6 percent to $190,000. Sellers continue to get 95 percent of their Original List Price, as there is still just a 3.1 month supply of inventory available.
In other words, spring looks to continue to be a Seller’s Market, which is good news if you’ve been considering making the move.