Builders’ incentives to home buyers have required sellers of existing homes to be very competitive with housing prices making if very affordable to buy a home in the Blaine area. While existing single family homes have continued to hold their own in the competition against builders for the past few years, it was a tough road in the existing townhome market. However previously-owned Blaine townhomes appear to be selling again with CDOM very similar to single family homes. It seems that existing townhome sellers in Blaine finally got the message and decided to price their properties competitively in 2010 to get their properties sold. The average sales price rose ever so slightly (just a few thousand dollars) but that shows a somewhat stable market for Blaine. Likewise CDOM were just a bit down; another good market indicator. Blaine’s inventory of property for sale is very manageable across all price points. Currently there is 2-6 months of inventory for homes with price points under $500,000 and just over 12 months of inventory for homes priced over $500,000. These are better inventory statistics for Blaine than I have seen in the past 4 years!
The townhome and condominium market has exploded in Blaine and builders have pulled out all the stops bringing pricing down. Like last year, builders have been careful not to overbuild in Blaine after a few years of too much inventory. Currently there is about 6 months of new construction townhome/condo inventory compared with 18 months at the end of 2008 and nearly 3 years of inventory in 2007. Existing townhome sellers will have to keep their prices very attractive as the builder’s are still selling in this area so they continue to compete with the new construction. Pricy existing executive townhomes listed over $500,000 has finally seen some activity with 3 homes sold and only 2 currently listed after a couple of years of zero buyers.
2010 Average Sales Price of all homes sold in Blaine:
- All Homes $198,506
- Single Family Homes $219,873
- Townhomes/Condos $153,881
2010 Average Cumulative Days on Market in Blaine:
- All Homes 131
- Single Family Homes 129
- Townhomes/Condos 134
Year End Blaine residential real estate statistics for single family homes:
Under $200,000~ 133 Active Listings, 26 Pending Listings, 263 Sold Listings, 117 CDOM (New Construction Subgroup 8 Active, 1 Pending, 4 Sold, 231 CDOM)
$200,000-300,000~82 Active Listings, 12 Pending Listings, 169 Sold Listings, 134 CDOM (New Construction Subgroup 31 Active, 3 Pending, 64 Sold, 124 CDOM)
$300,000-$400,000 ~ 35 Active Listings, 4 Pending Listings, 52 Sold Listings, 146 CDOM (New Construction Subgroup 17 Active, 2 Pending, 28 Sold, 176 CDOM)
$400,000-$500,000 ~ 14 Active Listings, 2 Pending Listings, 21 Sold Listings, 240 CDOM (New Construction Subgroup 4 Active, 1 Pending, 8 Sold, 353 CDOM)
$500,000-$1,000,000~ 13 Active Listings, 4 Pending Listings, 17 Sold Listings, 137 CDOM (New Construction Subgroup 2 Active, 1 Pending, 11 Sold, 81 CDOM)
Year End Blaine residential real estate statistics for townhomes and condos:
Under $200,000~ 115 Active Listings, 13 Pending Listings, 216 Sold Listings, 126 CDOM (New Construction Subgroup 19 Active, 2 Pending, 35 Sold, 187 CDOM)
$200,000-300,000~13 Active Listings, 0 Pending Listings, 23 Sold Listings, 276 CDOM (New Construction Subgroup 11 Active, 2 Pending, 18 Sold, 177 CDOM)
$300,000-$400,000 ~ 5 Active Listings, 0 Pending Listings, 4 Sold Listings, 259 CDOM (New Construction Subgroup 3 Active, 0 Pending, 4 Sold, 270 CDOM )
$400,000-$500,000 ~2 Active Listings, 0 Pending Listings, 4 Sold Listings, 359 CDOM (New Construction Subgroup 1 Active, 0 Pending, 2 Sold, 1 CDOM)
$500,000-$1,000,000~2 Active Listings, 0 Pending Listings, 3 Sold Listings (No New Construction)
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.
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