It seems the iPad 2 sold out in its first weekend. That’s the word from Piper Jaffray on Sunday.

[ad#Google Adsense 300×250 in story]According to analyst Gene Munster, who talked to iPad 2 buyers in New York and Minneapolis and called other retailers, the iPad 2 sold out by Saturday. Munster talked to 236 iPad 2 buyers, according to Fortune.

Muster says he believes the iPad 2 sold between 400,000 to 500,000 units on Saturday. The original iPad sold 300,000 units in its first weekend. Munster’s staff we unable to find a single iPad 2 on Sunday.

His research showed that 70 percent of iPad 2 buyers were new to the iPad and the split between Mac (51%) and PC (49%) was almost even.

Of the people buying an iPad 2, 47 percent were purchasing a 3G model and 41 percent were buying the 32GB model.

“We believe this shows Apple is expanding its base of iPad users, which is critical to maintaining its early lead in the growing tablet market. As the user base grows Apple’s lead widens, and the company has a proven track record of building unmatched brand loyalty, which we believe will be a potent combination as the tablet market evolves.”