During the week ending November 6, 2010, pending Minneapolis duplex sales apparently heard Christmas music in the stores and took an early holiday; plummeting 55.8 percent from their mark during the same week last year.
The percentage of pended listings offered by traditional sellers stayed roughly the same at 31.6 percent, the average off-market price of $121,952 hovered just above last year’s sold mark of $118,130, and the number of new listings for the week was down by just three units week over week.
In other words, while there was no significant uptick in traditional seller transactions, or in the amount of new listings, pending sales have dropped by half; which, if the trend continues, will ultimately increase the amount of inventory and put downward pressure on prices.
In the single family home market, the number of signed purchase agreements dropped 16 percent from their mark during the same week last year.
And while the number of single family homes available in the Twin Cities metro area remains 11.3 percent higher than it was one year ago, the rate of inventory increase appears to be slowing.
What does this mean? Right now, there are 11 homes on the market for every buyer who’s out there shopping. That’s the biggest selection available for home buyers since December 2008.