Real Estate in Blaine MN Monthly Market Report
For May 2022
Here Are Some Key Numbers From Last Month:
New Listings: As we know the lack of homes for sale has been frustrating for buyers looking to purchase a home the last couple years and a huge benefit if you have been a seller in this market. Last month there were 159 new listings last month, a 30% increase from May of last year. 118 of those new listings were previously owned, an 11% increase over May of 2021. Currently there are only 59 previously owned homes for sale up 3.5% from last year which means homes are still selling at a rapid pace.
Pending Sales: Even with the lack of inventory the last couple months Pending sales have remained steady year over year down only 1% in Blaine for previously owned homes, up 10% if you include new construction. Blaine has performed a bit better in this area compared to the 7 county metro which is down 10% for pending sales which is a leading indicator of closed transaction.
Closed Sales: Closed transaction are down to 113 for the month of May compared to 119 last year, down 5%. This number followed the path of lower inventory to start the year which was down about 8% before May. If you take out new construction closed sales were down about 19% which follows the inventory trend as well.
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Challenges: We all know the challenges that have showed up this year. Rising mortgage rates, inflation, war in Ukraine, and an underlying concern regarding any new Covid - 19 outbreaks. We are starting to see some sneaky sings of these with slightly higher days on market, more price reductions from sellers, and the affordability index falling to a low number under 100. (100 means the median household income can afford the median home market value).
Summary: The market still remains a fantastic time to sell you home and any challenges have not had a major impact yet. Days on market were down to 4 days in May, down from 9 last year, home values are up almost 3% to $370,000, and homes on average have sold for 105% of list price. So if you are thinking of selling this may be still a great time. Please contact me to find out.