Real Estate in Blaine Minnesota Weekly Numbers

For the week ending March 6, 2022

The lack of homes for sale continues to constrain the real estate market in Blaine and surrounding Twin Cities Areas.  (Nationwide for that matter)  

Here are some key numbers from last week: 

Total New Listings - 35, 18 previously owned, 14 were single family homes.  This brings the total number of homes for sale to 108, only 47 are previously owned homes, the rest being new construction.  Search Homes For Sale In Blaine, MN

Pending Sales - 12 homes went to a pending status waiting to close, bringing the total to 65 pending sales in Blaine. 

Closed Sales - There were also 12 closed sales last week, bringing the total for the year to 97, versus 105 this same period in 2021.   Get A Free Market Valuation For Your Home

Homes for sale are down over 23% in Blaine versus last year through February.  Despite the lack of inventory the number of transactions are not that far off from last year.  This is a testament to the strong buyer demand and still relatively low mortgage rates.  It still remains an unbelievably great time to sell.  

We are keeping an eye on a few things as the Spring market approaches.  Mortgage rates - rates are up over 1% from this time last year and my have an effect on affordability and home prices later this year.  Covid 19 - this will be a constant concern but it looks like things are on a good trajectory.  Geo-politics - namely Putin.  The conflict in Ukraine has caused already rising gas prices to skyrocket and could go much higher if things don't get resolved quickly and quietly. This leads us into inflation - this will affect affordability and in turn home values as well.  

Please contact me with questions or information on your own market.