Sometimes, the weekly duplex market report feels a little like looking at cloud formations.
There may or may not be faces in the clouds; depends on who you ask and their point of view.
Are there faces in the duplex market? Puppies? Or just random shapes?
Well, for the week ending May 22, pending Twin Cities duplex sales saw a year-over-year drop of 26.3 percent. Of those listed properties that received purchase agreements, 25 percent were placed on the market by traditional sellers. On average, these properties pended at $125,965.
For the same week in 2009, just 6 percent of the pended properties were sold by traditional sellers. The average price of all of those sold properties was $105,054.
The third week in May, 2010, also saw a 15.6 percent week-over-week increase in new inventory. While this years formation of new listings consisted of just over 51 percent traditional sellers, just 30.5 percent of last year’s new offerings didn’t involve lenders in any negotiations.
So what’s happening in the market?
I’ll get back to you after I lay in the grass and ponder it for a while.