Courtesy / Maine Association of Realtors
Carmen McPhail
Updated: May 22, 2023
Home sales decline in April, but the median sales price hits a record high for Maine
File photo / Laurie Schreiber
Buyers continue to be priced out of the current market.
By Laurie Schreiber and Peter Van Allen
“Buyers are actively searching, and many are not finding homes that are suitable for their needs and within their budgets due to increased mortgage rates and higher pricing,” said Carmen McPhail, Maine Real Estate Association’s 2023 president.
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Higher interest rates have priced some buyers out of the current market, and those who could “move up” are choosing to stay put, according to the latest report from the Maine Association of Realtors.
The association’s assessment? Additional home supply is needed across Maine.
According to Maine Listings, home sales decreased 30.53% in April compared to April 2022.
Prices, however, increased 6.21% to a median sales price of $367,500 — a new high, topping the $360,825 recorded for June 2022.
The MSP indicates that half of the homes were sold for more and half sold for less.
“The number of Maine homes available for sale in April increased nearly 10% from March. However, that number is significantly lower than pre-pandemic levels,” Carmen McPhail, the association’s 2023 president and an associate broker with United Country Lifestyle Properties of Maine, said in a news release.
In April 2023, there were just fewer than 2,300 homes on the market statewide compared to 7,100 in April 2019, she said.
“Buyers are actively searching, and many are not finding homes that are suitable for their needs and within their budgets due to increased mortgage rates and higher pricing,” she continued.
Data provided by the National Association of Realtors indicated a national sales decline of 22.4% in April 2023 compared to last April. The MSP for a single-family home eased 2.1% to $393,300.
Regionally, April 2023 sales in the Northeast were down 23.9% in the past year, while the regional MSP increased 2.8% to $422,700 compared to April 2022.
“The April numbers reflect the need for supply,” said McPhail. “Both additional ‘for sale’ inventory, and more new home construction, is needed in Maine to create a more balanced market.”
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