Minneapolis Duplex Sales Get Hot

photo of a burning match in a smoke on a black backgroundThe week ending July 12, 2014 saw both the temperature outside and the Minneapolis and St Paul duplex market heat up.

Eighty percent of the 15 sellers who accepted offers during the week have equity in their properties. This was reflected in a final average list price for the group of $238,193.

Last year, there were 20 sellers who received offers during the same week. Just 40 percent of these folks left their closings with a check.  As the majority of the sales involved bank owned or negotiated properties, the average sold price of $170,772, was understandably well below this year’s average.

There was good news for duplex buyers during the week, as traditional sellers listed 91.8 percent of the 49 new listings. This represents seven more new opportunities than the week last year, where just 78.6 percent of the properties were offered by equity sellers.

There were more single family home sellers during the week than one year ago as well, as the number of new listings increased 8.7 percent. In what may be an early indication of a return to a more balanced market, at the same time, the number of pending sales decreased 8.4 percent as well.

In all, the total amount of inventory on the market was up 7.8 percent over one year ago.

This should be good news to buyers who have been facing multiple offer situations all year long.