There were 25 duplex, triplex and fourplex sellers who accepted purchase agreements during the week. As you may have heard, our market has decidedly shifted toward traditional sellers, and this was the case here too. Seventy-five percent of the owners have equity in their properties they will take home from closing.
There were just 12 pended sales last year during the same week; most likely as Labor Day fell earlier. Of these, 83.3 percent had equity in their properties.
For buyers, there were 26 new listings during the last week of August in 2015 to choose from. Seventy-six percent of the sellers will not have to consult with a lender in order to receive permission to sell. Last year, there were just 9 new listings. All of those sellers had equity in their properties.
As we get deeper into fall, and past the threat or reality of changing interest rates, we will be able to get a better idea as to where the Minneapolis duplex market stands.