The week ending February 11, 2012, brought more of the same to the Minneapolis duplex market.
In fact, compared to the wild ride we’ve experienced the last several years, the market’s almost downright boring.
Pending sales were up over the same week in 2011; with 22 active listing owners receiving and accepting offers compared with last year’s 20.
Of these duplex sellers, 36.4 percent did not need a bank’s permission to sell their duplex. This is up a hair from the 35 percent market share traditional duplex owners had in 2011.
On average, these duplexes left the market at a list price of $151,444. While this is slightly higher than the sold price of $145,004 for the same week in 2011, it’s important to remember on average, properties on today’s market are selling for 91.2 percent of their original list price.
In other words, in all likelihood, the average sold price of a duplex is about the same as last year.
The amount of newly listed Minneapolis and St Paul duplexes for sale continued to drop with 23 new listings coming on to the market compared with last year’s 28. In 2011, 39.3 percent of these sellers had equity in their duplex. This year, traditional seller market share for new inventory was 39.1 percent.
The single family home market continued to see fewer new listings as well, down .4 percent from the same week in 2011, with overall inventory dropping 23.5 percent.
Meanwhile, pending sales increased 28.9 percent.
This continued pattern may well be a sign we’re bumping along the bottom of the market; a place I imagine we’re going to be for a while.