Minneapolis Duplex Market A Little Sore

As of late, the Minneapolis duplex market seems to have tendinitis in its throwing arm. It aims in the general direction of a recovery, but never seems to find an open receiver.

For the week ending October 2, 2010, just 18 purchase agreements were signed. Of those, a mere 16.67 percent did not involve a bank in the negotiations.

These 18 transactions were 33.3 percent fewer than those that pended during the same week last fall. One-third of those sales involved traditional sellers.

The good news is there are fewer new listings as well. While there were 50 new duplexes, triplexes and fourplexes on the MLS during the week last year, this year saw just 28 new listings.

Thirty-two percent of the 2009 listings were offered by traditional sellers. This year, 53.6 percent were not bank owned or short sales.

The average off-market price of $110,794 trailed last year’s average sold price of $112,530 as well.

Let’s hope the housing market finds some Advil soon.