Minneapolis Duplex Market Goes Zen

MAAR issued its Weekly Market Activity Report this morning and by all appearances, housing transactions for the week ending January 30, 2010, remained in their meditative state.

Pending single family home sales were down just slightly from the same week in 2009, while the number of signed purchase agreements rose just 0.7 percent.

The number of new single family home listings didn’t make any real perceptible moves either, dropping 3.7 percent year over year.

The duplex and small multi-family market showed a few signs of movement, but most were slight. For example, of the properties this year that received purchase agreements, 95 percent involve a lender in the negotiations.  This is down .5 percent from last year.

The average pended price of properties for the week in 2010 was $98,395, compared with last year’s average sale price of $93,118.

New listings for the week trailed last year by 12.3 percent. The good news is 40.35 percent of the week’s new inventory was offered by traditional sellers, compared with just 26 percent for last year.

Let’s hope the tranquility doesn’t last.