Minneapolis Duplex Sales Cause Math Anxiety

March 24th, 2009 categories: Twin Cities Real Est

It’s Tuesday, which means MAAR released it’s weekly report of real estate activity in the Twin Cities metro area.

It also means I spend half the day doing the calculations that MAAR doesn’t; all of the statistics for the multi-family housing market for the week ending March 14, 2009. More specifically, it means I spend a great deal of time making sure I’m right.

After all, duplex sales can’t keep going up, can they?

Apparently so. 

The number of small multi-family properties that accepted purchase agreements for the week  sales were up 25 percent from their mark in the comparable week last year. Of these, 91 percent were lender mediated, up from the 83 percent that were last year.

While the average off market price for the week was still well below the 2008 mark of $152,000, the average pended price of $95,460 is much healthier than we’ve seen most of this year.

Meanwhile, the number of duplexes new to the market fell by almost half. Of this year’s total, 69 percent were bank owned. This is down slightly from the 71 percent that were last year.

Tallies over in the single family market caused a bit of tension as well. While sales tapered off slightly for the week, they are still 14.9 percent higher than last March at this time.

The number of new listings was down this year as well, dropping 13.9 percent week over week. For the year, the total number of active listings is down 14.7 percent.

Let’s hope the numbers keep climbing.  I can handle it.

I’ve got a huge bottle of Advil…

Spoken by Kari Lundin | Discussion: No Comments »

Minneapolis Duplex Sales Show No Signs Of Slowing

October 7th, 2008 categories: Twin Cities Real Est

The duplex sales engine kept rolling at a healthy clip for the week ending September 27, as pending sales of property were again up 144 percent over the same time last year.

The trend toward most of these transactions involving a lender-negotiated sale jumped as well. A full 92.3 percent of those multi-family units which received accepted purchase agreements involved either a short sale or foreclosure. This is an increase of 300 percent over the amount of lender involvement during the same period last year.

MAAR released its figures for the single family market this morning. Like their multi-family counterparts, home sales also continued to transcend the gloom, with pending sales up 58.4 percent from 2007.

For the first time in weeks, the number of new listings also increased; up 9.9 percent over last years numbers. Nonetheless, the market overall still has about 3000 fewer homes on it than it did at the end of September last year.

Single family homes are averaging offers that are 92.2 percent of their list price, with the numbers of days it takes to receive that offer up slightly to 145.

It’s important to remember, no matter the headlines, that loans are still out there for buyers with good credit and a down payment. Inventory is plentiful and interest rates remain near a 40-year low, offering investors and home buyers alike opportunities we’re not likely to see again in our lifetimes.

Spoken by Kari Lundin | Discussion: No Comments »

Minneapolis Duplex Sales: Are We Happy Yet?

September 16th, 2008 categories: Twin Cities Real Est

Real Estate Market Forecaster

I don’t know about you, but after Wall Street’s news yesterday, I’m watching my economic mood ring, looking for any change in color. Is it turning red?

Spoken by Kari Lundin | Discussion: 1 Comment »