If market activity were the equivalent of Christmas cookies, the Minneapolis duplex market would have managed to not gain a bunch of weight the week before the holiday.
Seventeen duplexes and small multi-family property owners received purchased agreements during the week. Of these, 17.7 percent did not involve a bank in the negotiations.
Last year during the same week, 16 duplexes pended, and just 12.5 percent did not involve discussions with a lender.
This year’s average off-market price was $80,429. This is off significantly from last year’s $122, 200 sold price.
There were 40 new duplex listings on the market for the week. This is a 14 percent increase over the same week a year ago.
Of the week’s new listings, 7.5 percent were served up by traditional sellers. This percentage is down by almost half from last year’s market share.
Meanwhile, the single family home market saw an 11.9 percent increase in new listings week-over-week. In all, the number of active listings on the MLS is 12.3 percent more than last year’s total.
That wasn’t the only place the market’s pants got tight. The total number of days a house is on the market until it sells is up 10.1 percent. The number of homes available for every active buyer is up 17.5 percent to 9.72. And, the total months supply of inventory rose 36.8 percent to 7.8 months.
Let’s hope the market makes a New Year’s resolution to join Weight Watchers.