Minneapolis Duplex Market Is What It Is

white flagThe word for today is “is”.

As in the Minneapolis and St Paul duplex market just “is”.

For example, three months after the expiration of the first time and move up buyer tax credits the market is what it is.

And outside of trudging on, there isn’t much we can do right now to change it.

Pended sales for the week were down 36.8 percent from the same week last year. Of those properties that received offers, just 12.5 percent were put on the market by traditional sellers. This is down from last year’s 15.8 percent for the week.

Comparing prices week over week, this year’s average off market price of $71,825 paled in comparison to last year’s sold price of $109,234. Considering the off market price, which is the last figure the property active on the MLS is usually higher than the actual sold figure, this isn’t good news.

New duplex house and small multi-family listings for the week 4 percent from last year.

In the single family market, sales notched their 9th week in the 500-600 transaction range; down 39.7 percent from one year ago.

Fortunately, the number of new listings were down 10 percent as well. Trouble is, with less demand, the amount of inventory has already swelled by 4.8 percent over last year.