|
December Results
The real estate market in Maine adjusted during the 2022 sales year due to an increase in mortgage interest rates and a shortage of available homes for sale. For the year, single family home sales decreased 17.5% compared to 2021. Home prices, however, continue to rise. The median sales price (MSP) for the year reached $335,000 - up 12.0% percent over 2021.
The sales year ended with just over 16,800 homes sold and a median sales price of $335,000 - down 8.5% since its peak in June. Overall, the numbers reflect the impact of mortgage rate increases, the typical fourth-quarter seasonal slowdown and a continued shortage of for-sale housing inventory.
Statistics gathered by Maine Listings for the month of December 2022 indicated an 8.9% MSP increase to $330,000 compared to December 2021. Sales declined 36.6% comparing December 2022 to December 2021.
Nationally and Regionally
According to the NAR, single-family home sales across the county declined 33.5% comparing December 2022 to December 2021 and the MSP rose 2.0% to $372,700.
Regionally, December 2022 sales in the Northeast were down 28.8% compared to December 2021 and the MSP increased 1.6% to $391,400. It is clear that buyers are taking a bit of a pause as they adjust their expectations due to less-favorable financing terms compared to mid 2022. This is true of sellers as well
As we move through 2023, we expect would-be buyers to re-engage with the market and the demand for residential real estate to remain high. Conditions are favorable for a gradual balancing of the real estate market.
Interactive Market Report by Town
|
