The Minneapolis Association of Realtors has published the latest Blaine housing market statistics (from March – they’re always a month behind) and the infograph below shows that it’s full of good news for sellers and a bit of a mixed bag of good and not-so-good news for homebuyers.
Good News for Blaine Home Sellers
Blaine homeowners will love the fact that home prices have continued to rise. In February, the median sales price was up more than 27 percent from the previous year and in March it rose another 5.5 percent. The average sales price of a Blaine home now sits at $247,867 – an increase over last month’s $244,899.
Difference between Median and Average Price
One of the questions I am asked most often is “What’s the difference between the median price and the average price?” If you were to make a list of the sales prices of all sold homes during a particular period, the median would be that price that is exactly in the middle. The average price is the sum of all prices, divided by the number of them. For instance, if 20 homes sold, to find the average price you would add all 20 home prices together and then divide that sum by 20.
The median value gives us a more accurate view of the current market since it isn’t skewed by extra low or high prices during any given period.
The News for Blaine Homebuyers
While the news isn’t catastrophic, the figures serve as a warning to homebuyers to jump into the market now, plan on spending a bit of extra time finding a home that fits your criteria but then acting at warp speed when you do find it.
Take a look at the “New Listings” statistic. The number of homes listed in March rose significantly over February’s – an additional 15 percent. Then, take a look at the number of homes on the market: there were 241 last month and only 151 this month. So, although more homes are coming on the market, they’re selling faster. In fact, homes are remaining on the market seven days less than they were last month. You’ll need to act fast when you find a home on which you hope to make an offer.
Since the Lindahl Team are Blaine’s listing leaders, we frequently know about homes that will be hitting the market before they’re placed in the MLS. This gives you a leg up on the competition.
Will prices continue to rise? Ah, if only we could know the answer to that one. We hit a 5-year high back in January. If you’ve been sitting on the sidelines thinking about selling your Blaine home but waiting for values to rise, this might be the best time to get into the game. Spring and Summer are the best seasons to sell, so consider that as well.