My apologies for being so late with this week’s Minneapolis and St Paul duplex market statistics.
Sometimes life has a funny way of getting in the way of blogging. But hey, you get what you pay for, and seeing how I put this out there for FREE….
The number of duplexes and small multi-family properties available on the Multiple Listing Service last week whose owners received and accepted purchase agreements the week ending June 4 was up 26% over the number who did last year.
Each week in each respective year included the Memorial Day holiday. However, last year’s transaction atrophy may well have been the result of an early spring rush to qualify for the home buyer tax credits, which expired April 30.
Of the duplexes that pended or sold for the week, 74 percent were lender owned. This is an increase of 10% over last year’s bank market share for the Memorial Day week.
The average list price duplexes left the market at was $130,247. With sale prices averaging 90-94% of list price, when the actual sold prices become available for these transactions, sold prices should still be well ahead of last year’s $106,293 for the same stretch of time.
New listing multi-family inventory was up 25.7% from the number of new opportunities last year. Of these, banks will not be involved in the negotiations for 54% of them. This shatters the 27% market share traditional sellers had for the week one year ago.
The single family home market offered a few nice surprises for the week. Pending sales were up 34.7 percent over the same week one year ago. While it’s important to remember there was quite a post home buyer tax credit hangover included in last year’s statistics, we’ll take any good news we can get.