'Challenging' market contributes to 5.5% decline in Maine home sales in November

Photo / Peter Van Allen Maine Listings reported that 1,218 Maine homes changed hands in November 2023, a decrease of 5.51% from the same month last year.

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By Peter Van Allen

The number of Maine homes sold continued to decline in November even as buyers paid more than they did a year ago.

Maine Listings reported that 1,218 Maine homes changed hands in November 2023, a decrease of 5.51% from the same month last year.

Sales declined in 15 of Maine's 16 counties, with the only gain reported in Sagadahoc County.

The median sales price for homes sold in November was $355,000 — an increase of 9.23% compared to November 2022. On a rolling chart of the three months from Sept. 1 to Nov. 30, all 16 counties reported a gain in median sales price compared to a year ago.

“Typically, fewer homes come on the market during the holidays, which impacts the already tight for-sale inventory,” said Carmen McPhail, president of the Maine Association of Realtors and an associate broker at United Country Lifestyle Properties of Maine. “Qualified buyers remain active, and sellers of well-maintained, properly priced homes can expect multiple offers in many markets.”

She added: “We know that Maine’s real estate market continues to be challenging."

Across the U.S., November 2023 sales eased 7.3% from the November 2022 total. According to the National Association of Realtors, the national MSP for existing single-family homes increased 3.5% to $392,100 last month. Sales in the regional Northeast declined 13% and the regional MSP rose 4.8% to $428,600, comparing November 2023 to a year ago.