Crunching the Blaine real estate market numbers at the year’s end is always interesting. We now have an almost 12-month trend to look at and we can clearly see what happened and where we might be headed in 2016. Of course, the Feds are talking about raising interest rates again throughout 2016 which will naturally change everything. But, let’s take a look at what happened last month in the Blaine real estate market and how we fared for 2015.
Remember, our local MLS releases its market statistics a month behind, so although these statistics are from November, 2015, they are considered the most recent numbers. We won’t have the full 12-month picture from 2015 until mid-January 2016.
New Listings in Blaine
Hey, Blaine homeowners – thanks for deciding to list more homes for sale. It truly got scary there for a while with so many buyers and not enough homes to sell. New listings in Blaine increased last month nearly 19 percent. Closed sales did too, naturally, 12.5 percent making for some very happy homebuyers.
Median Sale Price in Blaine
The median sales price of a Blaine home decreased slightly from this time last year, from $241,500 to $237,100. This price was actually an increase of the previous month’s $225,000, however. So far this year, Blaine’s median sale price increased 4.7 percent and on a year-to-year basis it’s $254,705.
Despite the fact that more homeowners decided to sell their houses in Blaine, they were snatched up so quickly (and the market even absorbed some older listings) that our inventory of available homes dropped almost 11 percent. We now have a 2.3 month supply of available homes, a sure sign of a sellers’ market.
Take that last statement with a grain of salt, however, as we’re in the winter selling season so all bets are off until spring.
In November, Blaine home sellers were realizing only 96.1 percent of their original list price. This may be a sign of the stubborn insistence of so many homeowners that their home is worth more than the market says it is. It truly is dangerous to your pocketbook to ignore market value in favor of emotional value. Overpriced homes take longer to sell and studies show that many end up selling for less than their market value. Price your home right at the outset for a successful and profitable sale.
If you plan on waiting until spring to sell your home there are things you can be working on right now to get it ready and get a leg up on the competition. Contact us – we’re happy to share our ideas with you.
Kris Lindahl Real Estate