Blaine, Minnesota Real Estate Monthly Market Update – June, 2008

Blaine Minnesota has seen over 300 homes closed here in 2008! Let’s dive into some numbers to compare number of homes closed, new listings put on the MLS, average days on market, and a number of other great comparative criteria.

Let’s first take a look at the month June of 2007 compared to the month of June in 2008. New MLS listings in Blaine came in at 194 in June of 2008, a 1.6% increase over June of 2007. Closed sales are down by 13.2%, with 66 properties closing this past June. The average sales price in Blaine has taken a very large hit. It moved from $272,044 to $219,408, a drop of 19.3%. The percent of original list price received at the time of sale also dropped fairly significantly, going from 96.8% to 92.2%, a drop of 4.7%. Average days on market is up from 119 days to 169 days, an increase of 41.4%. The overall single family home inventory level in Blaine has stayed fairly consistent, moving from 415 to 406 active MLS listings. The townhome and condo inventory level has also stayed consistent, going from 216 listings on average to 213.

Comparing month to month gives us a snapshot of what is happening in Blaine, but now let’s dive in and take a look at year to date numbers. When comparing January through June of 2007 to January of June in 2008, there has been a 11.7% drop of new properties put on the MLS. There have been 977 new listings put on the market this year. Closed sales are down 10%, with 314 listings closing here in 2008. The average sales price in Blaine has dropped by double digits, going from $265,899 to $218,694 (17.8% drop.) The percent of original list price received at the time of closing has dropped 5.1%, going from 96.7% to 91.6%. Average days on market for a property in Blaine has increase 38.2%, going from 118 to 162 days.

Comparing Blaine to other cities that we have seen in our market updates, the average sales price has taken a bit steeper drop. Thankfully, new listings are down to hold the inventory level at bay. Look for another update next month. We hope to see the number of closed properties increase in this great city!