Our local MLS produces market statistics every month, based on last month’s real estate market activities. As you can see, the spring home sale market is definitely underway. Let’s take a closer look at the numbers.
Here’s the market, in a nutshell:
- Fewer homeowners listed their homes for sale than they did during this same period last year.
- We also closed 2 percent fewer sales in Blaine than we did last year.
- The median sales price of a Blaine home increased 4.5 percent to stand at $237,000.
- Blaine homeowners are realizing 99 percent of their original list prices, a figure that represents an almost 3 percent increase over last year at this time.
Homes are selling very quickly, spending 63 days on the market, on average, which is 22.2 percent fewer days than in April of last year. Since so few homeowners are listing their homes for sale and those that are on the market are selling quickly, our inventory of available homes has shrunk more than 10 percent.
A six-month’s supply of homes on the market indicates a good balance between supply and demand. Here in Blaine, we have a dismal 2.9 months’ supply of inventory, meaning demand is far outstripping supply. Because of this, homes in good condition and located in desirable areas of Blaine are receiving multiple offers. It is, indeed, a seller’s market.
If you’ve been considering selling your Blaine home, now is the time to jump into the market. If you’re in the market to buy a home, you’ll need patience and a good, solid action plan.