Minneapolis Duplexes Hibernate In Winter Too

Polar bearWhether it’s a single family home or duplex, new listings for the week ending December 26, 2009, appear to be in for a long winter’s nap.

MAAR reported today that the number of new listings dropped 18. 9 percent from the same week last year.

The number of new multi family listings was down 43.3 percent.

In all, the amount of inventory available for purchase is at its lowest mark since April, 2005. In fact, for the first time since 2005, there are less than 20,000 properties available on the market.

Pending sales, on the other hand, appeared to just be cat-napping.  The number of single family homes that received purchase agreements for the week was up 53.1 percent over last year.

Duplex and small multi family property pended transactions were up 30 percent. Of those that left the market, 15.39 percent were offered by traditional sellers. Last year, all of the pended properties involved lenders in the negotiations.

The good news is the average off market price for the week was $76,531.  This represents a significant wake up from last year’s $47,955.