Facts are stubborn, but statistics are more pliable – Mark Twain
More single-family homes for sale in Maine compared to a year ago, coupled with strong demand from buyers, resulted in higher sales figures and home prices in February. According to MREIS statistical reports, home sales jumped 11.4% in February, year-over-year, across Maine’s 16 counties. The median sales price for homes sold reached $354,000 in February 2024, an increase of 7.5% over February 2023. The MSP indicates that half of the homes were sold for more and half sold for less.
After 31 consecutive months of year-over-year declines for the number of sales, February 2024 showed an increase over the sales volume from a year ago – for the first time since June 2021. The recent uptick in listing activity has led to a higher sales volume in February. Buyer demand remains steady and strong, outpacing supply in many local markets, which maintains pressure on pricing.
Nationally & Regionally
Nationwide sales of single-family existing homes dipped 2.7% in February 2024 compared to February 2023. The National Association of Realtors today reported a national MSP of $388,700, up 5.6%. Regionally, sales in the Northeast eased 7.7%, while the regional MSP reached $420,600 representing an increase of 11.5% since last February.
Local Markets
Across Maine realtors are working with state and local governments advocating for increased housing supply through new development and adaptive reuse to bring a better balance to our housing markets. Currently supply was recorded at 3.2 months, which represents a strong sellers’ market; a balanced supply would be six months.
With high interest rates and record level home prices, Maine’s real estate market continues to be challenging. If you are looking to buy or sell in the near future, it is a good idea to consult with one of our professional MHC agents.