Minneapolis Duplex Sales Neck And Neck

Close-Up of Neck and Neck Horse RaceIf Minneapolis and St Paul duplex sales were a horse race, the second week of June in 2014 would win by a nose.

Last year there were 26 duplex, triplex and fourplex owners who accepted purchase agreements, 76.9 percent of whom had equity in their properties. This year, there were 24 successful sellers, and 75 percent of them will receive a check for equity at their closings.

On average, sales for the week last year closed at $306,096. This is unusual. This year, the average off market list price was more realistic, at $206,837.

New listings is the one category where 2015 finished ahead of 2014. There were 45 of them this year, 91.1 percent being offered by equity sellers. Last year, there were 44, with 93.2 percent being above water with their investment property.

In the single family home market, New Listings were down .8 percent, while Pending Sales were up 21.1 percent. Overall, inventory was down 6 percent from June last year.

There will be plenty more duplex sales races in the year; it will be interesting to see if 2015 takes a commanding lead over 2014.