It is important to know what is going on in the current market because that can effect selling or buying a home.  JS Realty can help you understand the Duluth area market and what that means for any real estate transactions. 

Year to date new listings have increased from 2,517 in 2014 to 2,847 in 2015.  This is a +13.1% change.  Depending on your needs this could be both a good and bad thing.  If you are looking to sell a home, this means that there is more competition in 2015 compared to 2014.  JS Realty can help you stay ahead of the competition by superior marketing and advertising for your property.  If you are looking to purchase a home, then the increase is a good thing.  This means that you’ll have more houses available for you to view and select.  Let us help you find your perfect home.

Closings are a big part of real estate transactions.  Year to date the amount of closed sales has increased from 984 in 2014 to 1,218 in 2015.  This is a +23.8% change.  This increase paired with the new listings increase spells G-R-E-A-T!  This means that more of the houses that are being listed are being sold.  This is good news for both sellers and buyers.  More people are selling their houses and getting into new homes!

Year to date the amount of days on the market has decreased from 93 days in 2014 to 80 days in 2015. This is a -14.0% change.  Houses are selling faster! For buyers this could be problematic because buying a home is a big decision and you want to make sure you are able to find the “perfect” home for you.  JS Realty can help both buyers and sellers make informed and quick decisions in this faster moving market.

The percentage of original price received increased from 92.6% in 2014 to 94.1% in 2014.  This is a +2.9% change. For sellers this is good because you are getting what your home is worth in the current market if you are priced right. 

The Affordability index which helps gauge how affordable homes are has decreased from 215 in 2014 to 202 in 2015.  This is a -6.0% change.  This means that it is more affordable to own a home in 2015 than it was in 2014. 

Overall, homes that are priced right are selling quicker.  Our market area is increasing in value.  The average sale price is up 2.9% from 2014 & the median sale is up 7.1% from 2014.

Please contact JS Realty if you have any questions about the market! We would be more than happy to help out! 218-729-9784

All data is from the Duluth Area Association of REALTORS MLS and Arrowhead MLS.