Just when we thought the light might be turning green in the Twin Cities duplex market, statistics for the week ending November 21, 2009 continued to send mixed signals.
The average off-market price for the week was $123,244, compared to last year’s average sales figure for the same week in November, which was $103, 659. This represents an increase of nearly $20,000.
Pending sales for the week were up 21.9 percent from last year as well. So too was the percentage of those transactions that represented traditional sellers; 21.9 percent this year, compared with just a 12 percent market share for the week in 2008.
It all sounds like a reason to put your foot down on the accelerator, right?
Hold off a second. The number of new listings week over week was actually up 28.9 percent. Normally, this would be cause for alarm. However, as we have recently seemed to experience a shortage of inventory, this may help inspire buyers lurking in the market to act.
Traditional sellers also continued to show signs of gaining traction among new listings. Thirty-one percent of the week’s new inventory was also offered by traditional sellers, compared with 12.5 percent for the week in 2008.
Single family home transactions also sent mixed signals. The number of transactions was up 5.2 percent from the same week in 2008. However, sales have slowed considerably since the rush to beat the tax credit ended.