The Duluth Real Estate Market isn’t all Bad

Filed in Minnesota Real Estate by on October 16, 2010 0 Comments

The Duluth real estate market is leading the way out of the downturn? OK, so you will see “For Sale” signs up and down the street. That’s not really news to you, is it? You will also see this phenomenon if you explore the Minneapolis real estate market, the St. Cloud housing market, or just about any place in Minnesota for that matter. It’s a tough market all over, especially if you are a home seller. At one time, you could plant a “Home for Sale” sign in the yard, and simply wait for an offer to arrive on your fax machine. Now you can wait months or sometimes even years.

Here are a few Duluth real estate listings that were posted on the Northstar Regional MLS within the last 10 days:

Browse all Duluth Minnesota homes for sale.

Pending sales of Minneapolis homes has dropped 39% since this time last year, although there are a few reasons to believe that the Minneapolis real estate market has the potential to heat up again. But the Duluth real estate market is different. In fact, statistics are showing us that the average sale prices and the median sales prices are up two percent since last year. Now that might not be reason to bring out the marching band, but that is a far cry from what is going on in Minneapolis and most of the rest of that country for that matter.

Mark Twain once said that there are three kinds of lies:

  1. Lies
  2. Damned lies
  3. Statistics

We know that the average and median sales prices need to be taken with a grain of salt because the types of houses and their prices that are currently listed on the Duluth real estate market can distort the true picture of the market, but even if you could factor that in, many Duluth home sellers are finding that making intelligent home improvements sometimes all it takes to produce offers. Because of the larger MLS inventory of Duluth real estate listings,  buyers can be picky, so preparing homes to compete in the Duluth real estate market has become imperative.

If you are shopping for Duluth homes, your timing is right. It doesn’t seem that prices are going to drop, and the low mortgage rates means huge savings.

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