Traditional Duplex Sellers Gain Market Share

Traditional Minneapolis duplex sellers must have realized last fall’s temporary foreclosure freeze granted them a window of opportunity, because for the week ending January 15, 2011, they were responsible for 57.14% of the duplex market’s new inventory.

In the same week one year ago, they contributed just 33.3 percent of the new listings.

While also improved, pended sales figures were nowhere near as encouraging. Traditional sellers received 27.3 percent of the accepted purchase offers for the week; up 7.3 percent year-over-year, but still a long way from ending the market domination of lender-negotiated sales.

The average off-market price for the week was $136,442. This is up nearly $11,000 over last year’s sold average for the week. However, as the average list price to sold ratio in the market is presently 89 percent, sold statistics should easily erase any apparent gains.

The number of newly listed single family homes for the week was down 22.9 percent over the same week in 2010. This was the third consecutive week of declines in new single family home inventory.

However, because of the decline in the number of sales, the total number of active listings on the market was up 6.3 percent.