The number of new listings continued to drop in Blaine, Minnesota through 2009 as did the average sales price. Blaine's high valued home market in prices $500,000 and up continues to be at a standstill but lender mediated foreclosure/short sale homes in the lower price points continue to sell and affect the average sales price. Closed sales are up for Blaine in 2009 over 2008 so the market is seeing activity. Listings are staying on the market just slightly less this year than the previous year. Blaine has sold through most of its current home inventory as it was an affordable option for buyers in the north metro homebuyer. With less than 3 months of inventory in the lower price points, 2009 might be the year for a traditional seller with a starter home to have the opportunity to move up. For details on the inventory levels in Blaine at the end of 2009, Click HERE.
*Does not take into account time on the market or list price from previous listing contracts.
*Based on data from the Minneapolis Association of Realtors and data reported to the Regional Multiple Listing Service, Inc.
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Hi Teri,
Well said and not to far off our market. Declining inventory in 2009 vs. 2008, lower end selling fast, upper end sitting for a while. All of our data shows that first time home buyers were the recipients of more affordable pricing nationwide.