Sales results for January are impacted by the scarce for-sale inventory, recent upward adjustments to mortgage interest rates, and the end of year holiday season. In most communities across Maine, buyers cannot find enough for-sale housing inventory to meet their needs. Compared to pre-pandemic January 2020, Maine has just over 2,100 homes for sale statewide…
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And just like that, another year is on the books. 2022 saw home prices continue to rise at a notable rate, and then dip slightly towards the end of the year. Demand remained high, but inventory remained low. Combined with high inflation and multiple increases in mortgage rates over the course of the year, it…
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As we put the finishing touches on our 2022 reporting, it’s worth taking a look at where December’s numbers fell. Overall, the numbers reflect the impact of mortgage rate increases, the typical fourth-quarter seasonal slowdown and a continued shortage of for-sale housing inventory. In addition to the information we typically share, the attached report also…
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Looking at November’s residential real estate numbers, we can see that sales prices are still up year-to-date, but the rate of appreciation is slowing down. Both monthly sales and pending sales are down considerably versus November 2021. Check out the attached report for a broader look at where the numbers lie for November. Feel free…
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October numbers are in and the trend of lower pending single family home sales continues, down 38% from October 2021. The inventory of homes on the market is up considerably from last year, but with another recent interest rate hike, and winter on the horizon, it will be interesting to see how that number moves…
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The inventory of residential, single family properties in the greater Portland area has been increasing steadily for a few months, and is up 15% over the same month last year. Pending sales, however, have dropped significantly, and are now down 33% compared to September of 2021. Check out the attached report to see where all…
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Sales of single-family existing homes across Maine in dipped in August by 9.9% compared to August 2021. Values, however, remained high, with the median sales price for reaching $340,000, an increase of 9.7% over August 2021. While inventory levels have increased slightly in recent months, they are still below what would be considered a balanced…
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July in Maine was hot, but was the real estate market? While inventory is up slightly vs the same month in the prior year, pending home sales are down drastically. It will be interesting to see how days on market and overall sales change as we ease into fall. Feel free to reach out with…
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The housing market in Maine is beginning to feel the effects of rising interest rates. Sales of single-family existing homes declined 9.8% percent in the month of June. The statewide median sales price (MSP) reached $360,825 – an increase of 16.4 percent compared to June 2021. The MSP indicates that half of the homes were…
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