Strong Decline in Pending Sales Could Mean a Slower June for the Duluth Housing Market

Posted by Kris Lindahl on Saturday, July 1st, 2017 at 2:21pm.

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 strong month of May, however, June could bring somewhat of a slowdown as pending sales sat at just 254 at the end of the month, which is the lowest total we’ve seen since February, and also a 31.9% decline compared to the number of pending sales back in May 2016. 

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