“So, Kris, is it still a seller’s market?”
It’s a question I hear on a daily basis and the answer is the same this month as it was last month: Yes, it is.
Our local MLS releases its market statistics a month behind, so although these statistics are from July, 2015, they are considered the most recent numbers. Let’s take a look at exactly what makes this current market ideal for Blaine homesellers.
New Listings in Blaine
Last month we saw a big jump in the number of Blaine homeowners who listed their homes for sale. This month, that number has decreased 1.2 percent from this time last year to 166.
It appears that all those homes that hit the market were snatched up quickly. In fact, the number of days that a Blaine home remains on the market before selling has decreased nearly 17 percent to 49 days. If you’re a homeowner in Blaine that needs to sell quickly, this is the ideal market for you.
If you hope to purchase a home in Blaine, you’ll need to be prepared to act fast when you find one that you like.
Median Sales Price in Blaine
The median sales price of a Blaine home increased 8.8 percent from this time last year to $225,000. This is, however, a decrease over the previous month’s $227,450.
Looking at this particular statistic over the course of the summer may cause motion sickness, as it’s been up one month only to tumble the next. The best comparison, and most of the housing experts agree on this, is to compare prices from year-to-year rather than month-to-month.
One of the trademarks of a seller’s real estate market is a reduction in the number of homes available to buyers. Blaine’s is down 20.5 percent over last year to where we have only a 3 month supply of inventory.
What this means is that in a scenario where no new homes were listed for sale, it would take three months to deplete the current inventory. A balanced market will have about a five months’ supply of inventory.
This is the number to watch when trying to determine if it’s a buyers’ or sellers’ market. Anything over six denotes a buyers’ market (for the most part). There are other factors involved, but the months’ supply of inventory is a good yardstick.
The good news for folks hoping to buy a home in Blaine is that we have 311 homes for sale so let’s get out there and look at houses!