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April Results
It’s a simple fact - Additional home supply is needed across Maine. Due to higher interest rates, some buyers are being priced out of the current market, and those who could move up are choosing to stay.
According to the latest sales statistics reported by Maine Listings, home sales decreased 30.5% in April 2023 compared to April 2022. Prices, however, increased 6.2% to a median sales price (MSP) of $367,500. The MSP indicates that half of the homes were sold for more and half sold for less.
The number of Maine homes available for sale in April increased nearly 10% from March, which is encouraging. However, that number is still significantly lower than pre-pandemic levels. In April 2023, there were just under 2,300 homes on the market statewide compared to 7,100 in April 2019. Buyers are actively searching, and many are not finding homes that are suitable for their needs and within their budgets due to increased mortgage rates and higher pricing.
Regionally & Nationally
The National Association of Realtors (NAR) data indicated a national sales decline of 22.4% in April 2023 compared to previous year. The MSP for a single-family home eased 2.1% to $393,300. Regionally, April 2023 sales in the Northeast were down 23.9% in the past year, while the regional MSP increased 2.8% to $422,700 compared to April 2022.
Regionally and nationally the April results reflect the need for supply – both for sale inventory and new construction. A balanced market is still a long way from happening.
Qualified Buyers Available
Sales results for April are impacted by the scarce for-sale inventory, recent upward adjustments to mortgage interest rates, and the end of year holiday season in Maine and across the country. If you are thinking of selling, there are qualified buyers who are in the market, despite the higher interest rates.
Interactive Market Report by Town
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