Minneapolis Duplex Sellers Still Own The Market

In March, Minneapolis and St Paul duplex, triplex and fourplex sellers received 101.5 percent of their asking price.

With an average sales price of $391,464, that means they typically received $5872 more than the price the property was listed at.

That means it is still very much a seller’s market.

Why?

At the risk of repeating myself, it’s because frankly, there are more duplex buyers in the Minneapolis market than there are sellers. In fact, in total, there were just 123 active listings during the month. One year ago during the same month, there were 180 properties listed for buyers to choose from. That’s a drop of 32 percent in inventory.

Throughout the month, there were 108 new listings that came on the market. That too was down from 152 one year ago. It doesn’t sound like a lot, but a drop in new listings year over year.

There were 78 duplex, triplex and fourplex sales during the month of March. The high seller was an Excelsior triplex at $840,000. A duplex in the Jordan neighborhood of Minneapolis was an opportunity for a buyer at $155,300.

Overall lack of inventory and continued buyer demand dropped us from a three-month supply of properties to purchase in February to a two-month supply. That number is, on average, where we’ve been for at least five years.

In other words, it’s still a great time to sell a Minneapolis or St Paul duplex. If you’d like to know what your property is worth, give me a call. Price opinions are absolutely free!