Lack of housing stock contributes to decline in Maine home sales
FILE PHOTO / JESSICA HALL
Realtors sold 708 homes last month — a dip of 19.4% from February 2022, according to Maine Listings.
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The availability of properties for sale continues to be an issue for buyers of single-family homes across Maine, the Maine Association of Realtors said Tuesday.
“Conversations with realtors across Maine indicate that buyer demand remains steady,” said Carmen McPhail, 2023 president of the association and associate broker at United Country Lifestyle Properties of Maine.
Realtors sold 708 homes last month, a dip of 19.4% from February 2022, according to Maine Listings.
Prices increased 10.7% in the past year, with data indicating a median sales price of $329,250. The MSP indicates that half of the homes were sold for more and half sold for less.
“The shortage of move-in ready homes for sale continues to be the challenge for buyers in today’s market,” McPhail said. “Homeowners who purchased in recent years with record-low mortgage interest rates are staying put and, like the rest of the country, new home construction in Maine has not kept pace with demand.”
Nationally, home sales declined 21.4% in February 2023 compared to February 2022. The National Association of Realtors reported on Tuesday that the national MSP eased nationwide 0.7% to $367,500.
Sales in the regional Northeast decreased 25.7% and the regional MSP declined 4.5% to $366,100 when comparing February 2023 to February 2022.
“In some areas of Maine, sellers are responding to the higher mortgage interest rate environment, which has impacted affordability,” said McPhail. “We’re beginning to see a softening of prices in some counties, a welcome sign for buyers coming into spring.”
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Math doesn't add up. How do you get a 10% increase in prices again?
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