February Duluth Real Estate Market Update = Great News For Sellers (Still)
There’s a thaw taking place, with the ice on Lake Superior, as well as in the Duluth real estate market!
-In February we sold 67 homes compared with 52 last February. These homes sold in an average of 110 days on the market compared to 83 days in February 2014.
-We sold 12 foreclosures this February, compared to 9 last February, so the number of foreclosures available for buyers is slightly up.
-Currently, we have 169 homes that are pending, meaning they have an accepted offer on them, and are waiting to close, and 340 listings that are active on the market.
-Inventory-wise, we currently only have a 2-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 2 months for all of them to sell. Things have shifted to the seller’s side.
-The busiest price rage in February was $75,000 to 99,999, and 10 homes in this range sold in about 65 days. Five of these were foreclosures. Currently the busiest price range is $125,000 to $149,999, and in this price range there’s a 1.45-month supply of homes on the market.
-Currently, what I’m seeing is the inventory for buyers to consider is low, and the inventory decreased from last month, when there was a 2.2 months supply of inventory. Therefore, now’s a great time to put your home on the market, simply because there’s not much out there for buyers at the moment.
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.