While the Minneapolis Area Association of Realtors apparently isn’t releasing market statistics for the week ending December 21, 2009, I nonetheless have numbers to report in the duplex and small multi-family sector of the market.
Pending sales dropped dramatically for the week from their 2008 mark. In fact, they dropped by exactly half. And while the most inexpensive duplex to receive an offer was listed at $13,000, this is more than twice as much as the cheapest duplex that sold in the same week last year at $5,900.
To that end, the average off-market price for the week was $110,170, compared with the $95,200 for the stretch in ’08.
Of those properties that accepted purchase agreements, 6.25 percent were offered by traditional sellers. While this number seems paltry compared to data in recent weeks, it is, again, exactly double the figure for last year.
Traditional sellers did, however, hold their ground among new listings, comprising 37.14 percent of the market. This mark smashes last year’s traditional holiday offerings, which represented just 3.33 percent of the new inventory.