Real Estate in Blaine MN Weekly Market Report
Week ending June 19, 2022
Here are a few key number from last week:
New Listings - There were a total of 44 new listings last week in Blaine. Of those new listings half of them, 22, were previously owned single family homes and 15 have already sold. There are currently 169 homes listed for sale on the MLS.
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Pending Sales - Last week 14 homes went into a Pending status bringing the total to 188.
Closed Sales - Last week in Blaine there were 27 closed sales bringing the total for the year to 476, down from 509 from last year.
Closed transactions are down a bit from last year mainly do to lack of homes for sale during the first part of 2022. New listings are outpacing everything else on the MLS (Pending Sales, Closed Transactions, etc) as sellers are trying to take advantage of what appears to be a changing market. The market is starting to change as mortgage rates are well into the 5% range and inflation is at record highs. The Fed recently raised the Fed Funds Rate .75 trying to combat the runaway inflation so borrowing costs may keep going up throughout the year. Gas prices in the Blaine area seem to be hovering around 4.79 at most gas stations.
What does all of this mean? Homes that are priced right and in pretty good shape are still selling fast and in many cases in multiple offers. If you are thinking of making a move please contact me to find out if now is a good time.