I’m trying to find positives in what’s happening in the Minneapolis and St Paul duplex market, and so I’ve decided to look at the sliding figures like a diet.
Pending duplex sales for the week ending July 31 were down 25 percent from the same week one year ago. Meanwhile, pending single family home sales were down 34.3 percent.
If the market were attending Weight Watchers, it would get a lot of gold stars this week.
Unfortunately, however, that’s not the case. But you’ve got to give me points for optimism.
Of course, with declining sales, the amount of inventory on the market keeps expanding. In fact, there are now 8.64 homes on the market for every buyer- a substantial gain from last year’s 5.28 homes per buyer.
There was also weight loss in the duplex market. The average pended list price for the week was $119,230; down just over $10,000 from last years average sold price for the week.
While the number of pended duplex home sales was down, the percentage of the market belonging to traditional sellers remained largely unchanged at 16 percent each year.
New listings were actually also down 53 percent, which is actually a bit of good news. Fewer new listings mean less competition for those properties already on the market.
So much for optimism. I don’t know about you, but I sure wish the market would binge a little.