Minneapolis Duplex Market Sick of Winter

woman slipping on black iceWinter doesn’t seem to be quite done with the Twin Cities housing market, as it appeared to slip on the ice for the week ending February 13.

Pending single family home sales were down 2.7 percent from last year, while new listings scrambled to their feet, with 4.9 percent more of them than a year ago.

There was, however, a patch of pavement visible, with the current number of available homes down 12.4 percent from a year ago.

In the duplex sector, traditional sellers continued to gain a little traction, contributing 46 percent of the week’s new listings. They comprised just 25 percent of the new listings for the week in 2009.

However, they also saw just 11 percent of the pended transactions for a week. This represents a modest 2 percent gain over 2009.

The average off market price for the week was $115,060 compared¬†to 2009’s average sold price of $91,660.

New listings stayed about the same, with 52 new listings coming on in 2010 as compared to 53 last year. In all, in the metro area there are currently 604 duplexes, triplexes and fourplexes actively listed on the MLS.

Let’s hope a spring thaw is just around the corner.