The Minneapolis Association of Realtors has published the latest Blaine housing market statistics (from July – they’re always a month behind) and 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
If you own a home in Blaine the news just keeps getting better for you every month. Blaine’s median home sales price was up more than 7.5 percent in July and now sits at $206,735. That’s a nice increase from last July’s $192,200.
If you watch average home prices instead of the median price, you’ll like these numbers as well – Blaine’s median home price is now $242,320. That’s a bit less than a 3 percent increase over last July.
One caveat here: For the most part, buyers are looking for move-in ready homes and won’t bother looking at those that aren’t or at homes that are overpriced. Clean it up and price it right from the start to get top dollar in the quickest amount of time possible.
What’s the Difference between Median and Average Price?
I knew you were going to ask that. The average price is the sum of all the sold prices in a given area, divided by the number of home sold. For instance if three homes sold and they were priced at $125,000, $85,000 and $250,000, we add the three prices together to get $460,000. Since there are three houses, we divide the sum by three to get $153,330. That would be the average sales price in that particular area.
The median price, on the other hand, is simply the price that is in the middle, with half of the homes costing more, and half of them costing less. In our example above $125,000 is our median price.
Many real estate experts feel that the median sales price is a better reflection of the area’s home values because it isn’t susceptible to either very low prices or extremely high ones. Others disagree, which is why I like to supply my clients with both.
The News for Blaine Home Buyers
While Blaine homeowners are walking around with smiles on their faces, those hoping to become homeowners in the area should be thinking about acting quickly. With prices rising, you don’t want to get priced out of the market.
The good news for buyers is in the inventory statistics. Finally, homeowners are getting off the sidelines and putting their homes on the market. Our inventory of available homes has increased 15.6 percent from last July.
Another reason to get into the market soon is that although mortgage standards are easing (for prime borrowers), interest rates crept up a bit recently.
Since the Lindahl Team is 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.
So if you’re searching for homes here on BlaineHomeSource and can’t find the right one, give us a call to see if we have a listing or two in our pockets.