In what is unofficially considered the last week of the winter Minneapolis duplex market, pre-Super Bowl duplex sales and new listings continued to behave as they have for months.
In other words, pending sales were up 36 percent over the number of duplexes sold during the same week last year.
As has been the trend, the number of newly listed duplexes dropped again, this time by 23 percent.
Equity duplex owners continued to gain market share on distressed properties, contributing 36 percent of the pended transactions compared to last year’s 14 percent.
And while these days the amount a duplex actually sold for tends to be less than the price it was on the market for, the average pending number of $157,031 should easily exceed last year’s sold average for the week of $96,793.
Meanwhile, single family homes continued to follow their almost predictable patterns as well.
New listings decreased over the same week last year by 6.7 percent. This helped the total amount of available inventory drop 23.2 percent.
Pending sales were up a whopping 35.8 percent.
A cautionary note, however: in January, the median sales price of a single family home dropped 3.4 percent to $140,000.
Now that the robo-signing scandal has started to clear, it should prove to be an interesting spring.