Minneapolis Duplex Market Gets Skinny

If the Twin Cities housing market were on a diet, it would be featured in a Jenny Craig ad.

For the week ending June 19, 645 single family home purchase agreements were signed. That’s down 44.2 percent from the same week one year ago.

New listings kept eating fruits and vegetables too; down 8.4 percent.

Duplexes and the small multi family market also dropped a pant size, shrinking 23.5 percent year-over-year.

The good news is traditional sellers continued to hold their ground, contributing 42.3 percent of the week’s pended sales compared to just 20.68 percent for the week last year. This was true of new listings as well, with bank mediated properties weighing in at 51 percent this year, down from last year’s 63.8 percent.

The week’s off market price must have cheated with a couple of cookies, because it finished at $129,748.  This is up from last year’s $114,580, but then again, we are comparing pended prices to closed transaction prices.

Let’s hope this week the market cheats with a Big Mac.