Archive for March, 2014

Twin Cities Duplex Market Gets Skinny

said on March 11th, 2014 categorized under: Twin Cities Real Est

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The Minneapolis and St Paul duplex market went on a diet the week ending March 8, 2014.

The market was fat one year ago, when 22 duplex owners accepted offers on their properties during the week. Slightly less than half, at 45.5 percent, were not in a distressed situation. On average, they received a sales price of $154,070.

Compare that to the market during the same week this year, when just 12 duplex sellers came to terms on the sale of their duplexes. Of these, 41.7 percent have equity in their properties.  Perhaps it was because there was so little for buyers to sample, but on average, these properties final listing price was $219,233.

New listings for the first full week of March finally showed weighed in, with 25 new listings coming to the market. The vast majority of these duplex sellers, at 80 percent, have equity in their properties.

Last year, there were 19 new listings during the same week. Just 42.1 percent of those sellers did not have to consult with anyone at a bank to receive permission to sell.

As we continue to thaw out from a brutal winter, let’s hope the number of new duplex listings is less than anorexic.

Minneapolis Duplex Sellers Look For Early Thaw

said on March 4th, 2014 categorized under: Twin Cities Real Est

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A row with colorful silk tulipsI might be hallucinating after a long, relentless winter, but it’s beginning to feel like spring in the Minneapolis and St Paul duplex market.

During the week ending March 1, 2014, 18 Twin Cities duplex sellers accepted offers on their properties. ¬†While equity sellers were in the majority at 61 percent, their market share wasn’t nearly as sizable as its been in recent weeks. On average, the price these sellers last had their properties listed on the MLS for was $158,939.

One year ago during the same week, there were 15 people who sold their duplexes, triplexes and fourplexes. Just four, or 26.6 percent of those sellers actually left the closing with a check in their hands. On average, their properties sold for $143,658.

There were 22 new listings that came on the market during the week. At 82 percent, the vast majority of these properties are being sold by sellers who are current on their mortgage payments. This is up substantially from the 50 percent of last years 24 sellers who were not in distressed circumstances.

The weather forecast is promising more optimistic temperatures in the coming week. Let’s hope it’s right.