I think all the Minneapolis duplex buyers were busy filling out absentee ballots the week ending October 23; because they sure weren’t out buying properties.
Just 18 duplexes received purchase agreements. Of those, two did not involve lenders in the negotations.
For the same week last year, 33 properties received offers, with seven of those being brought to the market by traditional sellers.
The number of new listings for the week was down as well, with 44 coming to the market; 12 fewer than did for the week last year. Of these, the percentage of traditional sellers dropped nearly 8 percent year over year; contributing just 38 percent of the new inventory.
The week’s average off-market price of $96,336 was down $7000 from last year’s sold price. This is a number sure to shrink further when those properties move from pending to sold status.
The single family home market didn’t poll any better. The number of newly signed purchase agreements for the week were 34 percent less than last year.
New listings were down as well; trailing last year’s by 8.9 percent. This would be good news except that the amount of active inventory already on the market is already 11.5 percent higher than it was at this point last year.
I’m sure that next week when all of the “good” politicians have beaten the incumbants, everything will be different.