Real Estate in Blaine, MN Weekly Market Report
Week ending March 27th, 2022
Here are some key numbers from last week:
New Listings - There were 18 new listings in Blaine last week, 8 of which were previously owned single family homes. This brings the total number of homes for sale to 104.
Pending Sales - There are a total of 144 Pending sales, 25 went Pending last week.
Closed Sales - There were 19 closed sales last week, bringing the total YTD number to 161, vs 187 last year.
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What We Are Watching
Lack of inventory remains the largest contributor to slowing transaction count so far in 2022. Buyer demand is still there and competing in multiple offers is still very much alive. Rising inflation concerns are starting to creep into the market as more income is spent at the pumps and grocery stores. Mortgage rates are also reducing affordability of certain buyers who have been in the market for a new home for a while. Mortgage applications have been declining which is a leading indicator that buyer demand may slow in the future. The Ukraine confict is also on our minds which was a key driver in higher energy costs. Escalation would create more uncertainty for buyers looking to purchase homes in 2022.
It remains a great time to sell as home values are still rising, homes are still selling in multiple offer scenarios, and mortgage rates remain historically low. The Spring Market will be strong, but there are challenges that may come for the remainder of the year.
Please contact me for more information and with questions.