Here’s your April Duluth Real Estate Market Update
-In April we sold 115 homes compared with 82 last April. These homes sold in an average of 68 days on the market compared to 88 days in April 2014. This shows us there’s been an increase in homes on the market this year, an increase in the amount sold, and they sold faster than last year!
-We sold 8 foreclosures this April, compared to 9 last April, so the number of foreclosures available for buyers is about the same.
-Currently, we have 266 homes that are pending, meaning they have an accepted offer on them, and are waiting to close, and 390 listings that are active on the market.
-Inventory-wise, we currently only have a 1.47-month supply of homes for sale. A balanced market is 6 months, so what this means is that for every home that’s currently on the market to sell, it would take about 1.47 months for all of them to sell. This is LOW inventory for buyers. THIS IS A SELLERS MARKET.
-The busiest price range in April, just like March, was $125,000 to 149,999, and 25 homes in this range sold in about 58 days. One of these homes was a foreclosure. Currently the busiest price range is also $125,000 to $149,999, and in this price range there’s a 1.09-month supply of homes on the market.
-Currently, what I’m seeing is the inventory for buyers to look at is low, and the inventory decreased from March when there was a 1.82-month supply. In fact, inventory has has been decreasing monthly for the last 7 MONTHS now. Therefore, now’s a great time to put your home on the market, simply because there’s not much out there for buyers to look at, and inventory continues to decrease every month. If you are interested in buying, it’s also a great time to start looking because every month for the last 7 months has had less inventory than the month before.
If you have any questions about real estate, or are thinking about buying or selling, feel free to send me a text, call, or email at 218-390-1132, firstname.lastname@example.org. – Brok