Maine home values remain strong, inventory remains low
File photo
Home values are strong and inventory is tight.
Buyers of single-family homes across Maine are still encountering a lower-than-normal inventory of houses, according to the latest report from the Maine Association of Realtors.
In November, 1,289 homes changed hands, a decline of 28.7% from November one year ago, according to Maine Listings.
However, “With nearly 1,300 sales, November 2022 was the seventh-best November in the 22 years of available records,” said Madeleine Hill, president of the Maine Association of Realtors.
The median sales price for homes sold reached $325,000 — up 8.3% from November 2021. The MSP indicates that half of the homes were sold for more and half sold for less.
“While demand remains steady for Maine’s tight for-sale inventory, increased mortgage interest rates, coupled with the typical holiday slowdown, have impacted the market,” Hill, who is also a broker at Roxanne York Real Estate in Harpswell, said in a news release.
She continued, “For-sale inventory remains historically low with 13% fewer homes on the market in November 2022 compared to last month — and 58% fewer homes for sale than pre-pandemic November 2019.”
Nationally, sales are down 35.2% in November 2022 compared to a year ago. The National Association of Realtors this week reported that the national MSP reached $376,700 in November, an increase of 3.2% in a year.
Sales in the Northeast dipped 28.4% and the regional MSP of $394,700 represented a rise of 3.5% compared to November 2021.
Addressing the tight inventory and rising prices, Realtors educate sellers and buyers about market conditions in terms of the availability of inventory, housing values, financing costs and the long-term advantages of home ownership, said Hill.
“For qualified buyers, home ownership remains a solid financial and quality of life investment,” Hill said.
Most Recent
Most Recent
0 Comments