Minneapolis Duplex Market Studies Itself In The Mirror

beauty is skin deep - bulldog looking at herself in the mirrorThe Minneapolis Area Association of Realtors released its weekly activity report last night, and it turns out that January of 2009 and 2010 are almost mirror images of one another.

Pending sales and new listings are down a bit from last year, and there’s a little bit more inventory on the market, but, by en large, it’s a wash.

For the week ending January 23, there were 2.3 percent fewer signed single family purchase agreements than there were for the previous year.

In the duplex market, however, the reflection from year over year had a few ripples in it.

The number of signed purchase agreements for the week in 2010 was down 31.4 percent from the 2009 mark. Of those properties that did receive and accept offers, 12.5 percent were brought to the market by traditional sellers. This represennts an increase of 4 percent year over year.

The average off market price for the week was $95,177;  almost identical to 2009’s $95,371.

While the number of new listings to hit the market was virtually identical, this year traditional sellers were responsible for 40.35 percent of the new inventory. This is a stark contrast to last year’s market share of just 8.5 percent.

Hey, look at it this way. At least there aren’t any new wrinkles or gray hairs to contend with.