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August Results
Sales of single-family existing homes across Maine in August dipped 9.9% compared to August 2021. Values, however, remained high in August, as the median sales price for the 1,859 homes sold reached $340,000, an increase of 9.7% over August 2021. The MSP indicates that half of the homes were sold for more and half sold for less.
YTD sales across Maine are now 14% below prior year, while Cumberland and York counties trail 2021 by 12.9% and 9.7% respectively. Median selling prices on a YTD basis are up 17% statewide.
While inventory levels have increase slightly in recent months, they are still below what would be considered a balanced market. As a result, buyers are approaching these market trends in a more strategic fashion, with contract contingencies and seller concessions becoming more common.
Regionally & Nationally
The National Association of Realtors reported that sales of single-family existing homes decreased 19.2% nationwide in August. Prices rose 7.6%to a national MSP of $396,300.
Regionally, sales in the Northeast were down 13.7% and the regional MSP increased 1.5% to reach $413,200.
Interactive Market Report by Town
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