Minneapolis Duplex Shortage Brings Sellers A Financial Winfall

When I tell clients there is a limited supply of duplexes, triplexes and small apartment buildings on the market in Minneapolis and St Paul, they often look at me as if I’m making it up.

So, to prove my point, I did a little research.

According the data from Northstar Multiple Listing Service, in December of 2017 there were just 217 active duplex, triplex and four unit properties available for sale in the Twin Cities and other nearby markets. This total is 14 percent lower than the number of available properties in any other month in more than a decade.

To illustrate this even more dramatically, consider this: in January, 2008, there were 1643 properties on the market for buyers to choose from!  This is a drop of  87 percent!

What does this mean if you’ve been considering selling your duplex? Well, it’s a GREAT time to be a duplex seller. Buyers are scouring the MLS every day to find something to purchase. When a new property comes on the market, they rush out to see it and in many cases, get in a bidding war with other buyers to purchase it!

The limited number of properties buyers have to choose from helps yours stand out and drives prices up.

And if you’re a buyer, well, the bad news is you’ll have to scramble to find something to buy that’s either currently on the market, or a pocket listing. Chances are, it also means you may end up paying a bit more for the property that’s right for you.

If you are considering selling your duplex, give me a call. With so little competition, odds are high you’ll fare better than you thought you could!