What’s True About Minneapolis Duplex Sales?
Feelings aren’t facts. So when it comes to Minneapolis duplex sales, when something seems different and I can’t quite put my finger on it, I look to the facts. They either make me feel better or confirm my suspicions.
It feels like things are changing in the Minneapolis duplex market, and yet, the facts don’t yet quite bear it out.
For example, we finished August with 36 sold properties in the city, at an average sales price of $464,184. One year ago, there were 20 more sales during August (56), but at an average sales price of $422,259. So we had fewer properties sell in August, but at a higher price. As of August, the city’s average sales price for this year stands at $442,296. As of August, 2023, the annual average price stood at $412,896.
The top seller for the month was a Lowry Hill East fourplex, which closed at $1.34 million. It was built in 2016, and had an incredible 14 bedrooms and 16 bathroom. The value of the month was a 2 bedroom, 2 bathroom side by side duplex in the Folwell neighborhood, which exchanged hands at $190,000.
Year-to-date, 297 Minneapolis duplexes, triplexes and fourplexes have sold. At the end of August one year ago, that number stood at 310. While that difference of 13 sales doesn’t seem like much, it nonetheless represents a decline of 4.2%.
Late summer saw properties spend an average of 34 days on the market. While this is lower than the averages of February, March, May and July, it is 8 days longer than August one year ago. The Cumulative Days on Market (CDOM), however, dropped from last year’s 51 to 47.
August saw 66 new listings in the city of Minneapolis. The value-add opportunity was a two bedroom, two bathroom true up/down duplex in the Near North Neighborhood listed for $199,000. A six bedroom, 4 bathroom 1981-built side by side in the Webber-Camden neighborhood came on the market at $499,000 and has already sold and closed for more.
There were 149 active listings in the city last month; which was up year-over-year by 10. There were 61 disappointed duplex sellers whose properties left the MLS without selling. This is one less than August of last year.
With a four-month supply of inventory, the city appears to be on the precipice of becoming a balanced market where buyers and sellers have equal leverage.
So while the facts may hint the market is changing, those markers aren’t enough to change how I feel.
I may have to settle for chocolate.