It’s easy to blame a long holiday weekend for many things: weight gain, too much shopping, and, even, perhaps, a case of sagging Minneapolis duplex sales.
Pending sales for the week ending November 28 dropped 27.5 percent from their mark for the week one year ago.
This slowing in transactions also resulted in a slightly lower average off market price of $117,776, compared with last year’s sold price of $120,363. The good news is traditional sellers accounted for 20 percent of the properties that left the active roster this year, compared with just 13.79 percent one year ago.
Another encouraging sign is the trickle of new inventory coming on the market.
New listings for the week dropped 52 percent, meaning there are increasingly fewer properties for buyers to choose from. Of this new inventory, 38 percent was offered by traditional sellers. This represents a radical shift from last year, when 91 percent of the properties new to the market were lender owned or mediated.
The holiday season distracts nearly everyone, so it’s unlikely we’ll be able to glean any sort of real market knowledge until the new year.