Minneapolis Duplex Market Heads For The Basement

rain troublesI’m starting to feel like the rain is ganging up on us.

The summer has been full of tornado warnings and severe thunderstorm watches that have sent us all scrambling for the basement or at least the comfort of a brightly lit television radar screen. And there’s also been the turbulence of the Minneapolis/St Paul duplex market.

For the week ending July 10, just 9 duplex home owners received and accepted purchase agreements. This was a drop of 65 percent from the number of pended properties for the same week last year.

The average off market price of $176,960 was $29,410 higher than the sold price for last year, and 33 percent of them were offered by traditional sellers.

The other bit of good news was the number of new duplex and multi-family property listings was down 30 percent from last year.

In the single family market, the 545 signed purchase agreements for the week represented a 45.9 percent year-over-year drop.

While the total number of new single family home listings were down 17.4 percent, total inventory continues to grow due to slow buyer demand.

As always, increased inventory results in a shift toward a buyer’s market, which we are in fact seeing. There are currently 7.44 houses on the market for each buyer this month. Last July, there were just 5.06 per buyer.

Let’s hope for sun.