Real Estate in Blaine MN Weekly Market Report
For the week ending 04/10/2022
Here are a few key numbers from last week:
New Listings - There were 14 new active listings in Blaine last week, bringing the total number of homes for sale to 98. Of which 14 are previously owned single family homes. There are also 11 Coming Soon listings that will hit the market within the next 60 days.
Pending Sales - Last week there 23 homes went into a Pending status (Sold Waiting to Close), bringing the total to 160.
Closed Sales - There were 16 closed sales last week in Blaine bringing the total number of closed sales to 207 versus 239 this time last year.
We are slowly starting to see the market change from the red hot sellers market into more of a normal paced sellers market. Demand is still VERY high and bidding wars are still the norm but we are starting to see more listings, more price reductions, and even expired listings. Rising interest rates and inflation are eating into buyer's ability to afford rising market values. At roughly 5% for a 30 year mortgage may still be a better deal than the rising rents and will keep demand high for properties under $300,000 for quite some time.
Other factors we are keeping an eye on are the conflict in Ukraine, which is contributing to the fast rise in inflation, and more Covid outbreaks and variants. There are shutdowns in China and reinstated mask mandates in Philadelphia. If we see another global outbreak it could affect the economy even more.
As of now, the market continues to perform well for sellers and buyers are waiting for inventory to increase so there is less of a mad dash and overbidding for properties. If you are thinking of selling this is still the greatest time to sell in recent history.
Thank you for reading, Please contact me for more information or questions.