Real Estate in Blaine, MN Weekly Market Report
May 16, 2022
Here are some key numbers for the week ending May 15, 2022
New Listings and Homes For Sale - 41 properties were listed for sale last week, which brings the total homes for sale to 137. Only 33 of the active homes for sale are previously owned single family homes.
Pending Sales - Last week 26 homes went into a Pending waiting to close status on the MLS for Blaine, bringing the total to 177 total Pending sales.
Closed Sales - Last week there were 13 closed transactions, bringing the total to 332 for the year vs. 352 this time last year, down just over 5%.
The Blaine Market
The market in Blain is performing quite well considering the challenges we are faced with lately. Higher mortgage rates, high inflation, specifically gas and food prices, and worrisome global events (Ukraine, more covid out breaks) have not made it any harder to sell a house so far this year. Home values have continued to rise as demand is high due to the lack of homes for sale. Transactions are down in Blaine but not as much as the Twin Cities Market overall due to an increase number of homes for sale. Inventory is down over 7 % in the Twin Cities market vs. up 24% in Blaine! We are starting to see some price reductions and longer days on market as sellers are shooting for the moon with new list prices and realizing affordability is not as great as it was a year ago when mortgage prices were under 3% and gas prices were under $3/per gallon.
All that being said it remains a fantastic time to sell your house. If you are planning on making a move please contact me to see if now is a good time.