Trying To Make Sense of the Minneapolis Duplex Market

Many things in the world don’t make sense. October’s Minneapolis duplex market is yet again, just another one of them.

The month saw a 5-month supply of inventory. In other words, if no new listings came on the market, it would take that long to sell out of what’s currently for sale. By all definitions, that represents a balanced market, teetering toward a buyer’s market.

And yet, the 32 properties that sold and closed last month sold for 100.8% of their list price. In other words, for more than what the seller was asking. In fact, the month’s average sales price of $437,109. This was the fourth-highest monthly average this year. Three neighborhoods tied for the most sales with 3 apiece;  Beltrami, Marshall Terrace and South Uptown.

Sold properties spent an average of 25 days on the market before selling. That number grew to 39 days when adding those that were canceled and relisted.

The month saw 56 new listings come on the market and 154 active listings. The new value-add opportunity is a 2 bedroom, 2 bathroom house conversion in the Webber-Camden neighborhood listed at $149,000. A 9 bedroom, 5 bathroom duplex in the Kenwood neighborhood brought a luxury opportunity to the market at $1,100,000.  The Whittier neighborhood lead the way with 4 new listings. Armitage, Bottineau, Central, Jordan and Seward tied for second, with each bringing three new opportunities to the market.

Here’s the irony. Even with a 5 month supply of inventory, and all those new listings, there are still active buyers frustrated by their lack of choices. In fact, call me if you have a NE Minneapolis duplex with at least 2 bedrooms in one of the units, and that’s in good shape.

I’ve got a buyer for you.