Even With A Squeegee, There’s Just No Way To See The Minneapolis Duplex Market Clearly

While Tuesday’s are generally the day MAAR likes to look at the market in the rear view mirror, the statistics available this week and next will look more like a reflection in a smudged fun house mirror. Why? Thanksgiving was a week earlier last year, meaning people were celebrating, travelling or spending time with family; not shopping for houses.
Needless to say, any sort of numerical comparison from one year to the next won’t reflect anything accurately. So let’s look at the week ending November 22 on its own.
While 52 new small multi-family listings came on the market, it is interesting to note that 80 percent of them are either lender owned or mediated.  Of the 33 properties that received purchase agreements in the same time frame, 91 percent involved a lender mediation.
While the average sales price of these transactions wasn’t as robust as in recent weeks, it did manage to stay in the six figure range at $101,845.
After next week, we should have a more accurate picture of what’s happening in the market.