Market Numbers For Real Estate in Blaine, MN
For the week ending 09/20/2023
Here are some key numbers from last week:
Closed Transactions - There were 32 closed sales last week in Blaine, of which 12 were new construction, and 13 were previously owned single family homes.
Pending Sales - 15 homes went under contract last week with a total of 101 pending home sales.
Homes For Sale - There were 23 homes that went on the market in Blaine last week for a total of 172 homes for sale at this time, this is down approximately 10% from last year.
As mortgage rates keep sneaking up to 8% we are starting to see mortgage demand slow to the slowest pace since 1996. Affordability is starting to become a problem as market values are not coming down in line at the same pace that rates are rising due to a real lack of inventory. Sellers are still getting the price they are asking for if the home is priced correctly. Market values in Blaine were up 5.5% year over year. Homes are still selling rather quickly, under 20 days, but that has increased this year and we are starting to see more price reductions and expired listings. This may be the last gasp of a great sellers market so if you are thinking of making a move and wonder if now is a good time please contact me.