Half-Price Sale of Minneapolis Duplexes Continues

Well, it’s Tuesday; meaning it’s time once again for the Minneapolis Area Association of Realtors weekly market update.
Just as in September, the upward movement continued, posting gains over last year’s numbers. In all, the single family home market posted 618 pending sales (signed purchase agreements), which represents an increase of 9.6 percent over the same time in 2007.  This was the fourth month to show those kinds of gains.
Meanwhile, new listings of single family homes were down 18.1 percent. To date, we’ve had approximately 3000 fewer homes on the market this year than there were last year. Remember, banks don’t “wait until spring” to sell, so there should continue to be a good selection of property to choose from over the winter.
The multi-family market continued to post triple digit gains over the same time frame last year. While down substantially from last week’s staggering mark, signed purchase agreements were nonetheless up 206.7%. New listings are down 17% from their equivalent October 2007 mark.
Here’s the truly staggering part. Last year’s average pending sales price was $264,033. The week ending October 18, 2008? Just $87,663.
As I said last week, I really can’t imagine them dropping to the mid forty thousands in 2009. Can you?