The Duluth area housing market is off to a somewhat of a sluggish start in early 2018, according to new stats released by the The Lake Superior REALTORS®. Compared to January 2017, actual closed sales dropped by over 19 percent last month, and pending sales have also dropped by roughly 26 percent.
Available inventory is also down compared to last year around this time, falling by just over 9 percent year-over-year.
Not surprisingly, home prices throughout the Duluth area continue to be on the rise as inventory keeps dropping. The median sales price increased slightly from $145,000 in January 2017 to $149,375, while the average sales price jumped at an even higher rate from $165,473 last year to $173,885 this year.
The good news for home sellers in Duluth, however, is that homes seem to be moving a bit quicker compared to last year, sitting just 77 days on the market compared to 87 last January. And that trend should continue as we inch closer to the busy spring market.