The changes in the real estate market in Blaine, Minnesota were subtle but strong in 2015. This northern suburb of Minneapolis had a slight increase in new listings but big bump in year over year closed sales. This is probably due to the amount of new construction closes almost as soon as it is listed in this area. Blaine’s higher valued new construction boom continues to have a positive effect on the average sales price. The average price per square foot has increased another few percentage points in 2015 from $116/sq ft to $119/sq ft. This is significantly higher than just a few years back when it was under $90. Closed sales took a big jump, up almost 15%. Homes continue to sell quickly in Blaine, staying on the market an average of just under 2 months. Market time has been cut in half from the 4 month sales time in 2011. Home sellers received nearly asking price in 2014 with accepted offers at 97.8% of list. This north metro community has sold through most of its existing home inventory so 2015 might be a good time for a traditional seller with a starter home to make their move as sellers are continuing to have the upper hand in this community.
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