Real Estate in Blaine Monthly Market Report
Here are some key numbers in Blaine for last month:
New Listings - There were 137 new listings last month compared to 90 in February and 140 in March of 2021. Bringing the total homes for sale to 102 compared to 96 last year.
Pending Sales - There was an increase in Pending sales to 109 from only 67 in February and down from 121 last year.
Closed Sales - There were 70 closed sales last month up from only 40 in February and down from 88 last year. This brings the total YTD closed sales to 177 versus 209 last year. There is still under a month supply of homes on the market, meaning it would take 27 days to sell all the remaining houses for sale if there were no new listings. The Days on Market are the same at 27.
March saw a nice increase in homes for sale, pending transactions, and closed sales. We are still lagging from last year by a little bit and still have a lack of inventory problem. It appears sellers may sense that the incredible sellers market may not last forever and are taking the last shot of realizing the great gains in home equity over the past few years. Hopefully this will loosen things up in the market and have higher transaction counts and more homes for buyers to view this Spring.
Covid-19 continues to be a lingering concern as money spent and lost on the pandemic is shaking out and new variants in other parts of the world start to pop up. There will always be the underlying threat of a surge and new variants but for now it seems to be subdued.
Ukraine has exaggerated an energy problem and costs have spiked. This will add to an already bad inflation problem here in the US. The extra cost at the pump and grocery store will impact home buyers eventually.
Mortgage rates have risen somewhat sharply last month and coming close to 5%. This is still historically low but for the buyers that were pre-approved closer to 3% plus increased home values may get priced out of the market or have to adjust their home search.
All signs point to a fine Spring market for Blaine and the surrounding Twin Cities area but inflation, mortgage rates, and high inflation will start to creep in later this year. It is still a fantastic time to sell a home in Minnesota so I would recommend taking advantage sooner rather than later.
Please contact me with questions or more information.