Real Estate In Blaine Minnesota Monthly Numbers
High buyer demand and low inventory remained the story in December and will remain the same heading into 2021. Low mortgage rates and lack of homes to look at are what is driving that buyer demand and also driving up market values. Hopefully we will see some more sellers decide to put their homes on the market to alleviate some of the inventory crunch buyers are feeling right now. Multiple offers are still common but the rush we felt over the summer isn't the same as there was a bit of a seasonal slow down in traffic.
Here are some numbers for the month of December in Blaine:
Market Values: The median market value for December was $312,000, up from $305,000 in November and up over 2% from 2019.
New Listings: There were 63 new listings in December 2020, down only 1 from 64 in December 2019 and down from 86 in November.
Homes For Sale: This is where things get interesting, there were 64 homes for sale in December, down over 62% from last year! It was also down from 93 in November.
Pending Sales: Despite the lack of homes for sale Pending sales were up year over year almost 39% to 75. This number means homes are selling faster than they are coming to the market and the months supply of homes dropped to .5. That means if no other homes came to the market it would take just over 2 weeks to sell the remaining supply!
Closed Sales: Closed sales were also up just over 16% from last year at 100 transactions, down from 109 in November.
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