Real Estate in Blaine Minnesota Weekly Numbers
November 30, 2020
Tight inventory continues to be the story for the real estate market in Blaine and the Twin Cities Area. Historically low mortgage rates and lack of homes for sale have driven up buyer demand and sales prices. We are starting to see the early signs of at least a seasonal slow down as national pending sales showed a decline in October this year. (Pending sales were still up 20% from 2019 in October) We may start to see market values level off as affordability becomes a concern, especially for first time homebuyers.
Here are a few key numbers from last week:
There were only 6 new listings in Blaine last week bringing the total homes for sale to 88.
Pending Sales - 19 new Pending sales last week for a total of 154.
Closed Sales - There were 14 closed sales last week bringing the total to 82 for the month of November. This is down from a total of 154 in October this year, and 94 a year ago.
For more information on the Blaine market or any other market in the area please contact me here.