Real Estate in Blaine, MN Weekly Market Report
Week Ending May 8, 2022
Here are a few key numbers from last week:
New Listings - Last week there were 40 new listings, of which 5 went into Pending Status, 1 accepted an offer, and others are reviewing multiple offers.
Pending Sales - 22 Homes went into a Pending Status bringing the total number of Pending Sales to 170.
Closed Sales - Last week there were 18 closed sales in Blaine bringing the total number to 313, versus 322 last year at this time.
Inventory of homes for sale still remains the number one factor holding this Spring market back. While Blaine is performing relatively well homes for sale are down roughly 12% year over year and so are transaction numbers across the Twin Cities.
Ranking challenges in order rising mortgage rates and inflation would come in tie for 2nd. Home affordability numbers are starting to drop fast. Buyers that were pre-approved based on a 3% mortgage rate are stunned that rates are now over 5% and in some cases home prices have increased too much for them to afford the payment. Add higher gas and food prices and this will put a lot of pressure on buyer's ability to purchase a home and this in turn will put pressure on home prices later in the year.
Because of the lack of homes for sale and buyer demand this remains a great time to sell. Homes are selling rapidly, with multiple offers, and over list price in many cases. We may be at the sunset of the extreme sellers market as buyers are starting to get frustrated and can't or won't pay the continuing high market values of homes for sale. Please contact me if you are considering a move to see if now is the right time.