The changes in the real estate market in Blaine, Minnesota were subtle but strong in 2017. This northern suburb of Minneapolis had a slight decrease in new listings and closed sales. In 2017, 1613 homes listed in Blaine with 1298 sold compared to 1664 listed and 1345 sold in 2016. However, the average price of homes sold in this community was over 6% higher than the previous year. Blaine’s higher valued new construction boom continues to have a positive effect on the average sales price. Homes in Blaine sold for an average of $276,987 last year compared to $260,900 in 2016. The average price per square foot has increased another few percentage points in 2017 to $133/sq ft up from from $124/sq ft the previous year. This is significantly higher than in 2011 when the price per square foot struggled to reach $90.
Homes continue to sell quickly in Blaine, staying on the market an average of just 50 days. Market time has is less than half from the 4 month sales time a few years back. Home sellers received nearly asking price in 2017 with accepted offers at 99.3% of list. This north metro community has sold through most of its existing home inventory and a significant portion of homes sold are new construction. If you are thinking of selling your home in 2018, it is a very good time to be a traditional seller with a starter home as it IS a seller’s market in Blaine where home sellers have the upper hand in negotiations.
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