Maine home prices surged in March as buyers grappled with lack of supply
Photo / Jessica Hall
Maine home prices surged and days on market dropped as buyers pounced on available homes.
Prices of homes in Maine surged in March due to the limited supply of housing and the continued strong demand for it.
The median sales price jumped 21% to $325,000 compared to the price a year ago. The median sales price is the point at which half of the homes sold for more and half sold for less. March was the first month in Maine where the median sales price topped more than $300,000.
But while prices were higher, the number of homes sold declined. According to statistics released by Maine Listings, home sales declined more than 21% in March because of the growing lack of for-sale inventory.
“Maine’s real estate markets continue to be fast-paced,” says Madeleine Hill, president of the Maine Association of Realtors and designated broker at Roxanne York Real Estate in Harpswell. “Across Maine, as quality homes become available for sale, potential buyers are ready and able to put homes under contract to purchase.”
The statewide median time on market during March was nine days, compared to 11 days on market one year ago, and 70 days in pre-pandemic March 2019.
After seven consecutive months of declining for-sale inventory, March 2022 statistics showed a 5.2% increase in single family homes for sale of 2,013 listings, compared to the prior month of 1,913 listings.
“Traditionally, we see more homes enter the for-sale market during the second quarter, which will help meet the pent-up demand and work to balance the market,” says Hill.
Maine’s price increases mirrored national and regional trends.
Nationally, sales of single-family existing homes in March 2022 declined 3.8% compared to March 2021, according to the National Association of Realtors. The national median sales price increased 15.2% to $382,000.
Regionally, March 2022 sales in the Northeast eased 11.8%, while the regional median sales price rose to $390,200, 6.8% above the March 2021 price.
For the three-month period ended March 31, the number of homes sold in Maine dropped in every county but Androscoggin, while prices jumped in all 16 counties. York and Cumberland counties had the highest median sales prices of $425,000 and $450,000, respectively.
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