Home values up 3.85%, sales ease due to inventory issues
Peter Van Allen
Interest rates and lower-than-normal inventory led to a decline of 16.78% in single-family home sales in March, according to Maine Listings.
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Interest rates and lower-than-normal inventory led to a decline in single-family home sales of 16.78% in March.
According to Maine Listings, 858 homes changed hands last month, compared to 1,031 homes in March 2022. The median sales price rose 3.85% to $337,500 when compared to March 2022.
The MSP indicates that half of the homes were sold for more and half sold for less.
“As spring arrives, potential buyers are adjusting to the increased mortgage interest rates and returning to actively searching for their next home,” Carmen McPhail, 2023 president of the Maine Association of Realtors, said in a news release.
She said the current environment is a good time for sellers to list their properties.
“However, the low inventory of for-sale homes continues to be a challenge," McPhail said.
Tight inventory, while bolstering sales prices overall, has contributed to a slower rate of statewide price growth.
“In some counties, median sales prices have declined during the first quarter,” added McPhail, who is an associate broker at United Country Lifestyle Properties of Maine.
The National Association of Realtors reported a home sales decline nationwide of 21.1% in March 2023 compared to March 2022. Prices eased 1.4% to a national MSP of $380,000.
Regionally, home prices in the Northeast rose 1% to $395,400, while sales dipped 21.2% comparing March 2023 to a year earlier.
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