Minneapolis Duplex Sales Show No Signs Of Slowing

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.