Duplex Sales Go On Vacation

Flip-flop on sea backgroundMinneapolis duplex sales took a break along with the rest of us over the holidays.

Just ten duplexes, triplexes or four unit property sellers signed purchase agreements.

That’s a drop of 44.4 percent from the same week last year.

Of these transactions, only one did not involve a bank in the negotiations. Last year, 29.63 of the pended sales involved traditional sellers in the negotiations.

The average off-market price didn’t fare much better, ending at $95, 345 for the week; a drop of 34 percent from the sold price for the last week of December in 2009.

The good news in all of this is the number of new listings to hit the market during this between holiday slump was down as well, with just 10 coming on the market compared to last year’s 27 for the same stretch.

The single family home market a bit of a break in transactions during the week as well, with 1.6 percent fewer new properties hitting the market than the year before.

Buyers also found other things to do with their time off, with the number of single family home purchase agreements dropping 26.2 percent for the week from the year before.

Sadly, the single family home market continues to see swelling inventory, with 10.5 percent more homes on the MLS than there were just one year ago.

Let’s hope the New Year brings better things.