Real Estate in Blaine, MN Weekly Market Report
Week Ending June 27, 2022
Here are a few key numbers from last week:
New Listings - Last week there were 45 new homes listed on the MLS, 31 are still in an active status with 8 of those have accepted offers already and 18 are previously owned single family homes. There were 49 homes listed the week prior.
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Pending Sales - Last week 22 homes went into a Pending status bringing the total pending sales number to 194.
Closed Sales - There were also 22 closed sales last week in Blaine, bringing the total number of closed transactions to 508 vs. 543 this time last year.
Thinking of selling your home this year? Get a free market valuation here.
Just like that the red hot sellers market is showing real signs of slowing down. Showings are down, months supply of inventory is up to 1.4 vs. under a month and transactions are down around 9% versus last year. Part of the reason transactions are down was the lack of inventory so far this year but going forward mortgage rates and inflation are slowing the buyer's appetite to pay the increased market values that have come with such a hot seller market. (Market values increased 8% year over year) There is still plenty of buyer demand but instead of 30 offers in a multiple offer situation there may be only 3-4 now. The affordability index in the Twin Cities is now 94 which means the household with a median income can't afford the median market value of a home in the Twin Cities. (100 is the break even number for affordability)
Houses are still selling quickly for close to list price if they are priced well and in good shape. The lower price point homes (under $300,000) are still selling quicker than higher priced homes. More sellers are finally listing there homes for sale so the market is becoming much more balanced. It still remains a great time to sell you home so if you are thinking of making a move give me a call!