Minneapolis/St Paul Duplex Markets Open To Interpretation

painting_jackson_pollockSometimes the Minneapolis and St Paul duplex market looks like a Jackson Pollock painting; all-over the place.

In the small multi-family property market for the week ending June 12, 40 percent fewer duplex owners received and accepted purchase agreements than they did last year.

Of this group, 52.38 percent of the sellers did not need to involve their lender in the decision to sell their property. This is up significantly from the 20 percent traditional sellers whose properties pended during the same week last year.

The average price a duplex left the market at during the second week of June was $165,152; representing a significant gain over last year’s $126,088.

Traditional sellers also made a strong showing in the week’s inventory that was new to the market; contributing a whopping 61.4 percent of the listings. Last year, this figure was a mere 41.8 percent.

There was all-over news in the single family home market as well. The 674 signed purchase agreements were up from the 527 during the week before. This is great news unless it’s compared with the 1,210 listings that pended during the same week in 2009.

While trailing last year’s number by 12.2 percent, the number of newly listed single family homes has begun to swell. To date, there are 1.1 percent more listings actively on the market than there were one year ago.

Spoken by Kari Lundin | Discussion: No Comments »

You Tell Me How The Minneapolis Duplex Market Is

what can i do?Sometimes I wish I was a statistician. Or an economist. Or, even a psychic.

If I were any of those things, perhaps I could come up with a better answer to the question, “What’s the real estate market like?”

Because sometimes I’m not sure how to answer other than to say, “Dunno”, which is Minnesotan for “don’t know”.

For the week ending May 29, 2010, pended Minneapolis duplex sales were down 3.8 percent from the pace they set over the same stretch last year.

Uh-oh, right?

Well, hold on. The average off-market price for those properties was $164,276, and 40 percent of them were owned by traditional sellers.

Last year’s average sold price for the same week was just $93,454, with only 7.7 percent did not involve financial institutions in the negotiations.

Of the new listings for the last week in May, 54.7 percent were listed by traditional sellers. Not only was the number of listings up year-over-year by 15 percent, but traditional sellers also gained an additional 14 percent of the market share.

So is it good? Bad? Dunno.

Things are more clear over in the single family home market. Well, sort of.

The number of purchase agreements signed for the week was down 34.6 percent below the previous year. This was the fourth week in a row (and the fourth since the tax credit), in which this happened.

New listings were down 5.9 percent for the week from the mark they set last year.

However, those listings that received purchase agreements were also spending less days on the market than they had last year, and receiving 2.8 percent more of the original list price; at 94.1 percent.

Maybe we’ll know more next week. Maybe not.

Spoken by Kari Lundin | Discussion: No Comments »

Minneapolis/St Paul Duplex Sales Provide Ray of Light on Dark Day

 
A bit of good news would be nice today, wouldn’t it?
 
Well, in spite of all of the doom and gloom about the economy and the real estate market in the media, the Twin Cities housing market continues to push rays of sunlight through the clouds.
 
For the seventh week in a row, home sales posted huge gains from the same time one year ago. In fact, for the week ending September 20, pending sales were up 42.8 percent. Over the course of 49 day run, there have been 1500 more sales than there were for the same stretch in 2007.
 
Of course, it’s important to bear in mind that with the tightening of lending standards in August 2007, September was abnormally low. It is also possible that this burst of activity is the result of buyers taking advantage of seller-assisted down-payment programs.
 
In the single family home market, 39.1 percent of the September 20th sales were lender-mediated, as compared to 13.4 percent of those in the week last year.
 
Lender-mediated sales actually seem to be diminishing in the multi-family market, however. While the 84.6 percent of the September 20 sales week transactions were lender-mediated, this is a drop of as much as 10 percent from just a few weeks ago. Last year’s transactions included 71.4 percent lender mediations, which represents a significant jump from the single digit statistics reported in early summer.
 
Overall, multi-family sales for the week were up a staggering 278.57 percent over the same time in 2007.
 
The dark clouds remain in the sky and don’t show signs of clearing; but for a moment perhaps, we can try to at least remember where we left the sun screen.
 

Spoken by Kari Lundin | Discussion: No Comments »

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