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
- March 2017 - 188 Closed Home Sales
- April 2017 - 198 Closed Home Sales
- May 2017 - 301 Closed Home Sales
- June 2017 - 397 Closed Home Sales
As alluded to above, the median home price in Duluth also spiked quite a bit in June, increasing by 9.7% year-over-year from $159,000 in 2016 to $174,500 this year. Inventory was once again on the decline, however, dropping 9% compared to this time last year, which continues to be one of the primary driving forces behind rising home prices all throughout the Duluth area.