Real Estate In Blaine Minnesota Monthly Market Numbers
The real estate market in Blaine continued to perform well considering some of the challenges it faces. On top of everyone's mind is the Covid pandemic but that seems to be less of a challenge than the lack of inventory. Homes for sale and new listings were sharply lower in September versus last month and last year. However, closed sales and pending sales were up quite a bit compared to last month and last year.
Here are some key numbers:
New Listings - There were 132 new listings last month, down 9% from 2019 and down from 176 new listings in August.
Homes For Sale - There were 112 total homes for sale at the end of September, down 52% from last year! And down from 152 in August.
Pending Sales - Pending sales (under contract) increased over 26% to 138 in September despite the lack of homes for sale. This in turn caused the months supply of homes on the market to under 1 and the median days on market dropped to 13!
Closed Sales - There were 121 closed transactions last month, this was up just over 4% versus September 2019 and down from 159 in August of this year.
Home Values - Home values remain strong due to buyer demand and lack of homes for sale. The median home price last month we up 7.2% to $289,500.
The real estate market seems to be performing well despite record low inventory of homes for sale. Buyer demand remains strong due to historically low rates. The low rates and buyer demand keeps driving market values higher. The challenge for anyone wanting to make a move in this market remains finding your new home. Easy to sell, more difficult to purchase.
Contact me if you would like more information on the Blaine Real Estate Market or if you are curious how your market is performing.