July 2017

Found 4 blog entries for July 2017.

Duluth Home Prices As the summer season pushes forward, it’s been more of the same for Duluth area home buyers, which means home prices are still on the rise, and inventory continues to be limited.

According to new data from the Duluth Area Association of Realtors, the median sales price in June jumped 10% compared to last year to $174,5000.

Making matters worse, the number of homes listed on the market also dropped by 9% last month compared to last year’s inventory, which was already considered low at the time.

Part of the housing market issues we’re facing in Duluth right now lately relate to how quickly homes are selling, which believe it or not is scaring off some would-be sellers from listing due to the fear of their home selling before they’re able to find a

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Duluth Real Estate Market The month of May was no doubt a strong month for the Duluth housing market, but with pending sales down nearly 32% year-over-year, June was starting to shape up to be a bit slower than expected in terms of total closed sales. 

But with the Duluth Area Association of REALTORS® recently releasing last month’s final statistics, June also maintained the area’s upward trend, especially when it came to home prices. 

Compared to June of last year, closed sales were up 2.3%, going from 388 sales in 2016 to 397 sales this year, which also represents the highest sales volume of any month this year by far. And to prove it, here are the yearly closed sales month-by-month: 

  • January 2017 - 151 Closed Home Sales
  • February 2017 - 136 Closed Home Sales
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New reports have surfaced that detail plans for a possible new townhouse development that’s likely coming a site near the edge of Lake Vermilion in nearby Tower.

What’s being described as a sustainable development, construction could start as early as this year for the 20 new townhouse residences, which according to developers will be all about “sustainability and resiliency in managing resources in the environment.”

As mentioned by the Duluth News Tribune, land surrounding Lake Vermilion is prime for redevelopment right now, especially with the new Highway 169 bridge being added, which will allow for traffic to flow through the area much, much smoother. And as for the townhouse residences themselves, look for units in the dynamic new waterfront

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As we made our way through one of the busiest times of the year for the Duluth housing market, both closed sales and the median sales price jumped by nearly 4% during the month of May, while inventory continued to dwindle. 

According to numbers from the Duluth Area Association of REALTORS® (DAAR), the number of closed sales back in May officially jumped 3.8% compared to May of 2016, while the median sales price increased by 3.5% from $159,450 in 2016 to $165,000 in 2017. 

Typical for the busy spring market, homes were also selling quite quickly back in May, and the average number of days between when a property was listed and when it was sold actually dropped significantly year-over-year, falling 25% from 84 days to just 63 days. 

Despite a

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