Duplex Tax Credits Enter The Home Stretch

As we race like Kentucky Derby entries toward the finish of the first time and repeat home buyer tax credits, word came from the Minneapolis Area Association of Realtors  that new listings may be the fastest horses racing, not pending sales.

For the week ending April 17, new listings finished 21.9 percent ahead of the same week last year.

Pending sales, on the other hand, also grew but at a pace neck and neck with the 2009 statistics. In the end, however, 2010 nosed out 2009 by just 1.8 percent.

Duplex sales had a close year-over-year finish as well, with pending sales for the week finishing 11.5 percent ahead of last year’s.

The average off-market price for the week was also a nose ahead, crossing the wire at $124,789 compared to $121,742 for the same week last year. Of those listings that left the market, just 23 percent were offered by traditional sellers.

New listings for the week were the real winners; leading last year by 40.5 percent. Of that new inventory, 52.54 percent were offered by traditional sellers compared to last year’s 45.2 percent.

After the tax credit race ends on Friday, let’s hope the real estate market doesn’t come up lame.