Minneapolis Duplex Sales Focus on Four

For the last four months, the city of Minneapolis has had a four month supply of duplex, triplex and fourplex inventory.

That means if no new listings came on the market, at our current sales pace, we would be out of multifamily properties to sell in late February or early March.

While technically that’s still a seller’s market, it lacks the velocity of a market with a 2 or 3 month supply. Further evidence of this is found in the average of 35 days properties spent on the market before selling, which is 10 days longer than last October.

When we count cumulative days, which is the tally of all the market time accrued by a listing active on the MLS, cancelled, then relisted again before selling, that number balloons to 69. This is an increase 276% over last year.

The month saw an average sales price of $467,281. The month’s 47 sales netted sellers 99.9% of their original list price.

A woodwork-laden, 7 bedroom, 3 bathroom triplex in Minneapolis’ Kenwood neighborhood topped the month with a closed price o $1.147 million. A Powderhorn Park Craftsman-era house conversion provided a value-add buyer a terrific opportunity at $230,000.

Powderhorn Park lead the month with 4 sales.

October brought 76 new Minneapolis multifamily properties to the marketing, bring the month’s total active listings to a total of 183. Five of the new listings came from the Whittier neighborhood, with the Lowry Hill East, Marcy Holmes, and St Anthony East neighborhoods chipped in 4 each.

A 4 bedroom, 3 bathroom rehab opportunity in the city’s Regina neighborhood was the month’s new to the market value at $260,000. A tastefully-updated 8 bedroom, 5 bathroom East Isles duplex offered a move-in ready option at $1.2 million.

As we move toward the holidays, it’s important to remember that duplexes, triplexes and fourplexes are less seasonal than single-family homes. Therefore, let’s hope we see more o the same steadiness in the Minneapolis duplex market.