The Minneapolis duplex market was both naughty and nice the week ending December 12, 2009.
As a result, there were fewer presents under the Minneapolis duplex market Christmas tree. Pending sales were down 11.8 percent from their 2008 mark.
The good news is Santa left more expensive packages. Thebig and shiney average off market price of $112,980 made last year’s mark of $85,499 look like a lump of coal. Last year 91 percent of those solds involved a bank in the negotiations. This year, 90 percent did.
This price jump may be the result of ever-tightening inventory with the number of new listings week over week dropping by 34 percent. Of these, 26 percent of the weeks duplexes were offered by traditional sellers. This is a slightly more festive number than last year’s 15 percent.
In the single family market, the number of pended sales for the week was down 2.5 percent year over year. New listings were down as well. The laws of supply and demand should eventually result in a higher average sales price.
While the news isn’t exactly the pony we asked Santa for, at least he didn’t skip the Minneapolis housing market entirely.