Blaine Real Estate Year in Review - 2019
There were a lot of positive numbers that came from Real Estate in Blaine, MN in the year 2019. A common theme across most markets was a lack of inventory and that lack of inventory acting a little bit like an anchor on the industry. We still find ourselves in a "seller's market" for homes priced under $260,000 and are becoming a bit more balanced for home priced above $375,000.
Some key numbers for 2019:
-Median Home Price - $280,000 up 5.7% for the year.
-Total Closed Sales - 1301 which was down -2.4%
-Sellers are receiving roughly 99.7% of their original listing price.
-Days on Market is increasing ever so slightly to 20 days on average to receiving an offer, although higher priced homes, those above $375,000 are averaging roughly twice that at 42 days.
Things to Look For in 2020
Inventory - the lack of inventory has many buyers frustrated and running towards new construction. This can be a challenge depending on what price range, location, and type of house you are looking for. The median sales price for New Construction in Blaine is $455,000. So if you are looking for a home priced under $250,000, you may not find a new home in Blaine.
Mortgage Rates - For the most part mortgage rates have remained historically low and predicted to remain low for the bulk of 2020. This has kept up buyer demand. If inventory rises this could be a busy Spring in the Real Estate Market for Blaine and the Twin Cities as a whole.
Please contact me for more information or if you are thinking of buying or selling a home in Blaine.