Duplex Sales Stay Upright

Sometimes the Minneapolis duplex market is a bit like walking down an icy sidewalk. You may not look gracefull or pretty while traversing it, but if you don’t fall down, that’s good enough.

And for the week ending December 4, the real estate market didn’t fall down.

Twenty-six duplex, triplex and fourplex listings received and accepted purchase agreements for the week; up one from the same week in 2009.

Of those transactions, 15.4 percent involved traditional sellers; down ever so slightly from last year’s 16 percent.

However, the average off-market price for the week of $111,894 slipped a bit from last year’s sold average of $117,452.

There were 38 new investment properties listed for the week, down one from last year. Of these, 36.8 percent were offered by traditional sellers; representing a nearly 5 percent decline of market share week over week.

Meanwhile, pending single family home sales actually got a bit of traction, climbing 10 percent from the same week last year. That mark represents the first year-over-year increase in 30 weeks.

The amount of newly listed single family homes also found a bit of balance, dropping 13.8 percent from last year. This represents the 11th consecutive week of inventory decline.