Typically, when the number of home sales increases and the number of new listings decreases, our first thought is that prices must surely have gone up. I mean, it’s supply and demand at work and clearly, if fewer homes are on the market and those that are on the market sell quickly, supply is outpacing demand.
Oddly, the Blaine housing market is bucking conventional wisdom.
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
In a word: there aren’t any. Well, not when comparing the numbers from last August to this; we had 8.2 percent fewer home listings. Last month we saw an increase in this number but it and the month before, June, another decrease. So the Blaine housing market seems to be on a bit of a rollercoaster ride.
If you do put your home on the market, ensure that it’s move-in ready because those homes are only remaining on the market for 46 days, on average.
Median Sales Price in Blaine
The median sales price of a Blaine home decreased slightly from this time last year, from $232,500 to $225,000. This is, however the same as it was in July, so prices held steady on a month-to-month basis.
The average sales price was $268,418. Remember, the median price, because it represents the middle of the price range, gives us a more accurate reading of the market.
Naturally, when fewer homes are listed for sale but buyer interest remains brisk our inventory of available homes will shrink and that’s the case in Blaine, where inventory went down more than 9 percent. We now have a 3.1 month supply of available homes.
In July, Blaine home sellers were realizing 98.9 percent of their original list price. In August, that number has fallen to 96.7 percent. If this turns out to be a trend, it could be a sign that the market is changing. Or, it could be a sign that Blaine homeowners are listing their homes over market value and homebuyers are yanking them into reality.
Again, if you do plan on listing your home for sale within the next couple of months, get it market-ready and feel free to call us so that we can take photos of the home while the skies are blue and the grass is green. This is a free service, by the way and you are under no obligation to list with us.