Twin Cities Duplex Shoppers Have Choices

If you’re in the market for a duplex in the Twin Cities 7-county metro area, the last three months have offered more inventory to choose from than at any time since November, 2015.

July saw 323 active listings, which was the exact same number as June. May saw 345 new listings hit the market, which was the largest influx of inventory since November, 2015.

In addition to existing inventory, 151 new listings hit the MLS. This was a slight increase over June’s 145, and the 145 that were new to the market last July. Minneapolis chipped in 78 toward the total, and St Paul added 46.

The equity opportunity of the month was found in St Paul’s Dayton’s Bluff neighborhood where a 3 bedroom, 2 bath house conversion listed at $165,000. A move-in ready, restored Victorian triplex with a total of 7 bedrooms, 3 baths, gorgeous woodwork, stained glass and an elevator

July saw 87 duplexes, triplexes and fourplexes change owners in the metro area. This is 1 less than the total that sold in June, and down 5 from one year ago. These sellers spent an average of 42 days on the market before selling; a 31.25% increase from June. However, sellers also fetched closing prices that were 99.1% of their original list price.

In all, there was a 4 month supply of inventory in July, which slightly favors sellers, but is remarkably close to the 5-6 month supply average found in a balanced market.

The high seller was a side by side duplex with 3 bedrooms and 2 bathrooms in each unit, a 3 car garage and a whopping 6723 finished square feet in Minneapolis’ Fulton neighborhood, which retailed at $805,000. A boarded-up triplex in they city’s Near North neighborhood with a total of 8 bedrooms and 3 bathrooms offered a tremendous opportunity to earn sweat equity at $152,300.

Remember, if you write an offer on a property this month, and rates drop before you close next month, you can take advantage of that change before you close. In fact, many lenders will even let you refinance free of charge within a fixed time period after closing!

Give me a call if you’d like to take advantage of having more choices in the small multifamily market.