The number of new listings decreased considerably for the second year in a row in Blaine, Minnesota. But unlike 2011, the number of sales, and more importantly, prices have seen a significant rebound. A majority of Blaine’s lender mediated foreclosure/short sale homes in the lower price points seem to have worked their way through the system no longer drastically affecting the average sales price. With this the average price per square foot rebounded almost 10% from $88/sq ft to $96/sq ft. Lower interest rates have continued to bring in buyers as closed sales are up again in 2012. New listings have dropped so there is considerably less inventory. Homes are selling at a brisk pace with 35 day drop in the average time to sell than in 2011, down from 132 to 97 days on the market. Blaine sellers are receiving nearly asking price in 2012 at just over 96% This north metro community has sold through most of its current home inventory but continues to have many affordable option for first time home buyers. However as inventory levels continue to drop, 2013 might be the year for a traditional seller with a starter home to make their move as sellers seem to have the upper hand again.
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