Minneapolis Duplex Sellers Still In Charge

The Minneapolis and St Paul duplex market kept humming along the week that ended on June 6, 2015.

In that time, 23 Twin Cities duplex, triplex and fourplex sellers accepted offers on their properties. Of these, 86.9 percent are traditional owners who will leave closing with a check for their equity in their pockets. They should be big checks. The average off-market list price was a whopping $274,077.

Last year during the week, 19 sellers accepted offers. Of these, 94.7 percent left closing with money in their pockets. However, their properties sold for an average of $219,702.

New listings the first week of June in 2015 numbered 45, with 95.6 percent being offered by equity sellers. One year ago, there were 47 sellers new to the market, with 83 percent not in distressed circumstances.

The single family home market saw the number of New Listings increase just 1.4 percent, while Pending sales rose 10.9 percent. Overall, Inventory decreased 5.2 percent.

In May, the Median Sales Price for a single family home was $224,000. With an average number of Days on Market of just 76, sellers received on average 97.5 percent of their asking price.

It  continues to be a happy summer for duplex sellers.