Minneapolis Duplex Market Tied

suit and tieIt’s a tie.

Most of the time, (in sports anyway), that isn’t necessarily a good thing. But when it comes to the Minneapolis duplex market, it’s an improvement; like wearing one.

For the week ending October 30, 2010, 22 duplexes, triplexes or fourplexes received puchase agreements. Exactly that many received accepted offers for the same week one year ago.

Of those that left the active inventory this year, 18 percent were offered by traditional sellers. Last year,  27 percent were.

While this year’s average off-market price of $155,961 was up significantly from last year’s sold mark of $131,655, it’s important to keep two things in mind. First, the pended price is the number at which the property was last listed. Second, this year’s average was largely influenced by a pending sale on Summit Ave of $750,000. Without that single transaction, the off market average falls to $121,870.

The number of new duplex listings for the week dropped 22 percent from those that hit the market during the week in 2009. Of  these, 2.8 percent were listed by traditional sellers; down slightly from last year’s 44 percent. While a drop in supply will ultimately help prices, reductions of 1-2 percent aren’t significant enough to help.

Meanwhile, in the single family home market, inventory continued to swell; up 12 percent from the same time one year ago. While the weekly total was just .4 percent higher than the week last fall, a 29.9 percent drop in week-over-week pending sales has not kept up with new supply.