Minneapolis Duplex Sales Hold Ground

WanderschuheSometimes when you’re falling down the side of a mountain, just holding ground is good. And that’s exactly what the Minneapolis duplex market did the week ending December 11.

For the week, 18 duplex, triplex and fourplex listings received acceptable purchase agreements; down from the 25 that did last year during the same stretch.

This year as in last, most of the pended transactions involved buyers, sellers and banks in the negotations, with just 17 percent being negotiated without lender involvement.

New listings held their ground as well, with 34 coming on the MLS in the week for both 2009 and 2010.

The average off-market price for the week, however, saw considerable erosion. This year the figure stood at $88,340 while last year it was $115,140.

In the single family home market, new inventory grew by 2.4 percent, contributing further to the 11.3 percent more homes on the market this year than last.

Meanwhile, pending single family home sales were down 3.7 percent year over year. While that isn’t good news, it isn’t the double digit avalanche we’ve seen in other weeks of the year.