Analysis Summary -- Duluth

Prices in Duluth are higher in the previous four quarters than in the corresponding quarters of the previous year.  The average increase was 5.1% year-over-year.  The current quarter shows a year-over-year increase of 7.7%.  Due to COVID-19, listings are down dramatically. (~126%).  Current supply is a miniscule 1.9 months.  In the past month, there have been 85 new listings, but 89 homes were changed to pending.  Homes are going under contract faster than they are being listed.  [Duluth 10-30-2020]

 

Analysis Summary -- East Point

The median sale price in East Point increased significantly year-over-year (about 1.5% per month).  The lack of supply is the primary reason for price increases.  Supply has dropped from about 4.5 months to a miniscule 1.1 months.  The median DOM is less than a month.  Further indicative of a sellers' market is the small percentage of concessions to sale price. [East Point 11-5-2020.csv]

 

Analysis Summary -- Duluth 2018

The median sale price for the period analyzed was stable with a slight movement upward.  The months' supply increased from 2.6 months to 4.0 months.  An increase in listings is not unusual for the months preceding the spring and summer selling season.  Even at 4.0 months' supply, there was a shortage of inventory.  (Equilibrium is 5-7 months.)  The lack of supply should keep prices stable or increasing.  Further indicative of a possible sellers' market is the small percentage of seller concessions.  [Duluth 3-8-2018.txt]

 

Modified:  11/15/2020