Buyer demand for Maine real estate continues to fuel a competitive market, and a lower-than-normal supply of single-family homes for sale has driven sales prices higher. February sales declined 17% compared to February of the prior year, while the median sales price (MSP) increased 21% to $295,000. The MSP indicates that half of the homes were sold for more and half sold for less.
It is important to keep statewide sales results in perspective. The number of single-family homes sold in February 2022 was the second-best February in the past five years, and third best since MREIS began keeping records 24 years ago.
Homes sales in Cumberland County dropped significantly in February, down 29% from the same month of the prior year. This continues a trend of seven consecutive months with lower sales in the current year vs the year before. YTD sales are now 23% behind 2021.
Median pricing was up 16% in February compared to 2021. YTD prices are up 18% and there is no evidence that prices will be declining soon, unless interest rates begin to increase soon. Prices are up in nearly every town in the greater Portland area.
Inventory continue to trend behind prior year, down 30% year-over-year. Pending sales are down 19%, indicating slower sales in the upcoming months.