Real Estate In Blaine, MN Weekly Market Numbers
Week ending April 17, 2022
Here are a few key numbers from last week:
New Listings - There were 18 new listings in Blaine last week bringing the total to 109.
Pending Sales - 35 homes went into a Pending status last week bringing the total to 135.
Closed Sales - There were 14 closed sales last week bringing the total closed sales to 223 versus 257 this time last year.
Key Factors
There remain 3 key factors that are affecting the Spring market the most:
1. Low Inventory - Yes, low inventory or lack of homes for sale continue to frustrate the demand of buyers that are looking for a house in 2022 and keep the number of transaction to a slower pace than usual. This causes bidding wars in multiple offers which has driven up market values as well.
2. Higher Mortgage Rates - Mortgage rates rose at a faster than expected rate the last month or so and this is starting to hinder some buyer's affordability, especially those buyers that have been looking for a home for more than 3-6 months. Mortgage rates have been seen over 5 % this year and will likely move higher at the 10 year treasury yield is at a 3 year high.
3. Inflation - Gas and food prices are slowly starting to affect spending habits and will affect buyers affordability and appetite to take on higher mortgage payments.
Summary
Taking into account all the challenges we seem to be facing at the start of 2022 it remains a fantastic time to sell a house. There remains pent up buyer demand and we are still seeing multiple offers and homes selling well over asking price in every price range.
Please contact me if you would like more information or have further questions.