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Minneapolis/St Paul Duplex Markets Open To Interpretation

June 22nd, 2010 categories: Twin Cities Real Est

Sometimes 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

June 8th, 2010 categories: Twin Cities Real Est

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

September 30th, 2008 categories: Twin Cities Real Est

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