July 2015 Blaine Real Estate Market Update

Posted on Monday, July 20th, 2015 at 10:05am.

An interesting aspect of any real estate market is that when more homes are listed for sale yet even more sell, the area’s inventory decreases. That is exactly what we’re seeing in the Blaine real estate market right now and the opposite of what's happening in other markets around the Twin Cities. In fact, Edina is seeing the flip side of Blaine's situation.

Our local MLS releases its market statistics a month behind, so although these statistics are from June, 2015, they are considered the most recent numbers.

New Listings in Blaine

The number of Blaine homeowners that have decided to list their homes for sale increased more than 14 percent. If you recall, last month that number was down slightly, so this is good news for Blaine home shoppers. The trick is in being one of the first to view these new listings, as they don’t remain on the market for long, especially if the home is in good condition.

In fact, the number of days a home in Blaine remains on the market has decreased 14.5 percent over this time last year, to 53 days.

Median Sales Price in Blaine

The median sales price of a Blaine home increased in June, from $201,183 last year to $227,450 this year, a more than 13 percent increase and more than $5,000 above last month’s increase. Bad news for homebuyers, but it’s great news for Blaine homeowners who are considering selling their homes.

Inventory

One of the hallmarks of a seller’s real estate market is a depleted inventory of available homes. Despite the rise in new listings, Blaine’s inventory decreased almost 15 percent last month. We now sit at a paltry 2.9 months’ supply of homes for sale in Blaine.

Last month, Blaine home sellers were realizing 98.5 percent of their original list price. This has fallen slightly to 98 percent.

One word of advice for home shoppers that are hoping to buy a home in Blaine: Get your ducks in a row. Okay, that’s more than one word, but it’s the best advice we can offer right now. With so much competition out there you need to be ready to pounce on an opportunity to purchase the home you want. This means having your loan in order and being ready to act quickly.

Then, sign up for our Home Finder so that you’ll get the newest listings first.

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