Interestingly, single family home sales were solid in the $200-300K price point during the third quarter with 40 homes sold (nearly 50% new construction) in the Blaine area. This is the only segment on sales not affected by the expiring tax credit. In most other price points, sales dropped noticeably with the ending of the home buying incentive.
The townhome and condominium market in Blaine has started remained somewhat strong this summer compare to other areas. No doubt, this trend stems from the abundance of active new construction in the area enticing people down off the fence. Existing townhome sellers must continue to be aggressive in their pricing to compete with builders if they want to sell their properties in this market.
The good news is inventory and days on the market also was down from earlier this year. Will this trend continue with the extremely low interest rates? Not likely, people who have been waiting in the wings, or on the fence, are starting to get restless. In talks with several different colleagues across the Twin Cities, we are all noticing more activity on our listings and websites. Buyers who want to get in on the proverbial “bottom of the market” might want to start their home searches now as the numbers are indicating a slow, steady recovery in Blaine.
2009 Average Sales Price of all homes sold in Blaine:
- All Homes $196,174
- Single Family Homes $216,254
- Townhomes/Condos $150,523
2009 Average Cumulative Days on Market in Blaine:
- All Homes 143
- Single Family Homes 140
- Townhomes/Condos 150
3rd Quarter Blaine residential real estate statistics for single family homes:
Under $200,000~ 139 Active Listings, 23 Pending Listings, 39 Sold Listings, 116 CDOM (New Construction Subgroup 8 Active, 0 Pending, 2 Sold, 21 CDOM)
$200,000-300,000~94 Active Listings, 23 Pending Listings, 40 Sold Listings, 98 CDOM (New Construction Subgroup 33 Active, 6 Pending, 18 Sold, 100 CDOM)
$300,000-$400,000 ~39 Active Listings, 3 Pending Listings, 11 Sold Listings, 120 CDOM (New Construction Subgroup 17 Active, 3 Pending, 8 Sold, 135 CDOM)
$400,000-$500,000 ~ 18 Active Listings, 2 Pending Listings, 1 Sold Listing, 1 CDOM (New Construction Subgroup 3 Active, 1 Pending, 1 Sold, 1 CDOM)
$500,000-$1,000,000~ 22 Active Listings, 2 Pending Listings, 6 Sold Listings, 153 CDOM (New Construction Subgroup 7 Active, 1 Pending, 2 Sold, 73 CDOM)
$1,000,000 and Up ~1 Active Listings, 0 Pending Listings, 0 Sold Listings (No New Construction single family homes over $1,000,000)
3rd Quarter Blaine residential real estate statistics for townhomes and condos:
Under $200,000~ 127 Active Listings, 29 Pending Listings, 42 Sold Listings, 117 CDOM (New Construction Subgroup 17 Active, 5 Pending, 11 Sold, 306 CDOM)
$200,000-300,000~ 13 Active Listings, 1 Pending Listings, 2 Sold Listings, 231 CDOM (New Construction Subgroup 11 Active, 0 Pending, 1 Sold, 344 CDOM)
$300,000-$400,000 ~ 5 Active Listings, 2 Pending Listings, 0 Sold Listings (New Construction Subgroup 3 Active, 2 Pending, 0 Sold)
$400,000-$500,000 ~ 36 Active Listings, 0 Pending Listings, 1 Sold Listings, 176 CDOM (New Construction Subgroup 1 Active, 0 Pending, 0 Sold)
$500,000-$1,000,000~ 3 Active Listings, 1 Pending Listings, 1 Sold Listings, 272 CDOM (No New Construction townhomes/condos over $500,000)
For additional information on any current Blaine real estate listing or for additional information on buying a home in Blaine contact Teri Eckholm directly at 651-336-7073.
**All Statistical information based on information from the REGIONAL MULTIPLE LISTING SERVICE of MINNESOTA, INC. for the period of 7/1/10 through 9/30/10.
Click HERE to Search for Homes in Blaine MN!
Articles on Lakeshore and Minnesota Real Estate that might be of interest:
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- Minnesota Lakeshore and Wetland Homesellers--What Should be on the Disclosure
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- Twin Cities First Time Homebuyer Class—What You Really Need to Know to Buy YOUR First House
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