Here’s your Duluth Real Estate Market Update for October 2014 by Duluth Realtor Brok Hansmeyer:
Have you been wondering how the market’s been doing? I’ve started this Duluth Real Estate Market monthly update to keep Duluthians in the know about fluctuations in the Duluth real estate market. Please comment if you have any specific questions about this information, or would like to know more in a future update.
This month, we sold 133 homes in Duluth, which is up 30% compared to last year when we sold 102 homes. Our average days on the market is 60 days and our average selling price is just over $167,000 which is up 2.5% percent compared to last year. This year we sold 11 foreclosures in October compared to 13 last year, and we put 145 homes on the market compared 143 last year. Currently, our market has 127 homes that are pending, which means they have an accepted offer on them, and we have 531 homes that are on the market, for sale, ready for buyers to take a look at, and buy. This gives us about a 4-month supply of homes, which shows you that there is a lack of inventory for buyers to check out.