Real Estate in Blaine MN Weekly Market Report
For the week ending 06-12-2022
Here are some key numbers from last week:
New Listings - There were a total of 41 new listings last week on the MLS, up from 36 last week, 7 are in a 'Coming Soon' status, only 18 of those are previously owned single family homes, 16 were town homes, and the rest were in some phase of new construction.
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Pending Sales - Last week 24 homes went into a Pending status, sold waiting to close, bringing the total to 185.
Closed Sales - Last week there were 20 closed sales bringing the total for the year to 449, down from 473 this time last year.
We have been feeling the 'shift' in the market for a little while now as the affordability index tells us that the average family can no longer afford the median home values that are available in the market. Add on higher mortgage rates and record high inflation and things have to slow down. New listings are starting to outpace sales by more and more each week and expired listings are growing as well. Global concerns seem to have taken a back seat to inflation but the war in Ukraine and the ever looming Covid - 19 outbreaks are still out there.
All that being said it it still a great time to sell your home as homes still commonly sell the first weekend on the market and in multiple offers. So, if a move is in your future please contact me to find out if now is a good time for you!