Apparently, many Minneapolis and St Paul duplex owners have decided it’s time to sell.
There were 37 new duplex, triplex, and fourplex listings that came on the market during the week ending April 19, 2014. The vast majority, at 86.5 percent, belonged to traditional sellers.
The total number of new listings for the week far outpaces last year’s 26 during the same stretch. Of these, 76.9 percent were offered for sale by owners with equity in their properties.
What’s interesting about this surge in new listings is there wasn’t a comparable surge in the number of sellers who accepted purchase agreements during the week. Just 16 sellers accepted offers for the week; 75 percent of those folks will walk away from the closing with a check.
These sellers averaged an off market final list price of $249,932. While this is substantially higher than the average sold price of $212,008 last year, it’s important to note one property in the average was listed at $699,900. This boosted the average by about $10,000.
These 16 sellers represent a 38.5 percent decline in the number of pended small multifamily transactions over last year. There were 26 sellers who sold during that week, 69.2 percent of which took money home from closing.
Meanwhile, the single family home market saw a 2.8 percent decline in the number of New Listings. However, Pending Sales were also down 5.3 percent.
Granted, this year weather may be playing a role in the apparent decline in transactions. When we see more traditional spring weather, we may get a better read.