Real Estate in Blaine, MN Weekly Market Report
Week Ending March 20, 2022
Here are some key numbers from last week:
New Listings - There were 10 new homes listed last week, bringing the total homes for sale to 95 plus 14 coming soon listings, of which 63 were new construction homes.
Pending Sales - 28 homes went into a Pending status, sold waiting to close, bringing the total to 146.
Closed Sales - There were 10 closed sales last week, bringing the total for the month to 33 versus 46 for the same period last year. Year to date there are 140 closed transactions in Blaine versus 167 last year.
In Summary
Although buyer demand remands very strong and the Minnesota Spring market is here, the inventory shortage and higher mortgage rates are slowly starting to slow transactions down this year. The Fed has stated that they may have to be more aggressive in raising interest rates this year and could put more pressure on mortgage rates and buyer's affordability. The other two main factors having an effect are the ongoing Covid concerns, and the conflict in Ukraine.
All of this being said it remains a fantastic time to sell a home. Homes are still selling very quickly, in multiple offer situations, and frequently for over list price. As of the end of February, 2020, the median sales price is up 10% year over year to $341,500 in Blaine.
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