September 2023 Real Estate in Blaine, MN
Here are a few key numbers from last month:
Closed Transactions - There were 79 closed transactions last month, vs. 109 in September 2022. This is down 27%
Homes For Sale (inventory) - There were 177 homes for sale at the end of the month compared to 223 last year. Down 31%
Pending Sales - 80 homes went into a Pending Sales status last month vs. 86 last year.
New Listings - 112 homes were listed for sale September 2023 vs. 132 in September 2022, down 15%.
What Does This Mean?
Inventory, inventory, inventory. The market needs more homes for sale. you can see a direct correlation between the number of homes for sale vs. the number of closed transactions (roughly down 30%). High mortgage rates have hurt the number of homes for sale. Current homeowners feel reluctant to move up from a 3% mortgage rate to a 7% rate on a more expensive house. Days on market last month in Blaine was still under 20 days to an accepted offer so homes are still selling quickly. This just means that you have a great chance of selling your home if you list it for sale in this market.
Thinking of selling? Click here for a free market value of your home.
Homes are still selling when listed for sale as buyer demand remains strong due to low inventory and despite higher (relatively) mortgage rates and higher market values. If you are thinking of making a move it is still a great time to sell. There are rumbles of a worsening recession and inflation remains high. So if you are thinking of making a move within the next couple years please contact me.