Twin Cites Duplex Sales Resist Holiday Slowdown

There’s a common misperception among Twin Cities duplex, triplex, fourplex and even single-family home sellers; that is nobody sells or buys property over the holidays.

It turns out that isn’t true. In December, 81 Twin Cities area duplexes, triplexes, and fourplexes sold for an average of $423,870, the highest average sales price since June. The majority (42) were in Minneapolis and St Paul (21).

The month’s high seller was a fourplex in the Lyndale neighborhood of Minneapolis with a whopping 16 bedrooms and 16 bathrooms that closed at $1,337,500. A Norwood Young America duplex with a bedroom and bathroom in each unit that needed a lot of love and as a result, closed at $75,000.

On average, actively listed properties spent a cumulative total of 133 days on the market before either selling or being withdrawn from the market. This dropped to 92 days when simply tracking the properties current time on the market.

Even though it was winter and in the middle of the holidays, there were 55 new listings and 200 active listings in the 7-county metro area in December. Of those new to the market, 27 were in Minneapolis, with St Paul finishing second in new listings with 19. A 4 bedroom, 2 bathroom duplex in the Bancroft neighborhood of Minneapolis was listed for $180,000 and in need of a substantial amount of work. A South Uptown duplex with 11 bedrooms and 5 bathrooms upped the market’s average list price, debuting at an asking price of $1,050,000.

Across the metro, there was just a two month supply of inventory; still very much a sellers market.