Real Estate in Blaine Minnesota
November 2020 in Blaine saw a continuing trend of low inventory, increasing buyer demand and market values, and as a result decreasing sales heading into the typical seasonal slow down.
Here are some key numbers for the month:
Closed Sales - There were 90 closed transactions last month vs. 155 in October 2020 and down slightly from 96 a year ago.
Pending Sales - Some good news is Pending sales equaled 107 for November 2020 compared to 86 in 2019 but down from 118 in October 2020.
New Listings - There were 83 new listings last month, just about equal to last years total of 82 and down from 124 in October.
Homes For Sale - There are 82 homes for sale in Blaine over all categories, and only 39 if you exclude new construction. This number is down 60% from last year's November total of 200!
This brings the month's supply of homes to less than a month, .7 which means of no other homes were listed on the market it would take about 20 days to sell all the homes on the market. This number has been declining sharply since May.
What this means for you. As a seller the numbers continue to be positive. Less competition and low mortgage rates brings higher buyer demand and higher market values which is now up to $310,000 in November. As a buyer these numbers create a challenge for the reasons listed above.
While low mortgage rates are a great benefit, market values are increasing at a pace that is starting to question the affordability of some homes. The cost of new construction is also increasing at a faster rate than may be sustainable.
If you are thinking of making a move, either buying, selling, or both, please contact me for a free no obligation consultation of your specific situation.