The most important single central fact about a free market is that no exchange takes place unless both parties benefit. – Milton Freidman
The availability of single-family existing homes for sale across the state of Maine remains tighter than normal, however there are positive signs on the horizon. Home values rose 6.5% in June 2023 compared to June 2022, reaching a median sales price (MSP) of $385,000. Year to-date prices are up 4.5% across the state.
Sales were down 19.3% compared to June 2022, mostly due to a lack of inventory and are now down 23.1% YTD statewide. While the number of homes available for sale has increased the last two months, the absolute inventory level is down 7% from prior year – and down an astounding 78% from its all-time high in July 2016.
The median selling price in Cumberland County reached a historic high in June at $565,000, up 4.1% from prior month and up 9.6% for the same period in 2022. As the graph below indicates, prices YTD are up in virtually every town we track.
Interest rates have improved ever so slightly recently, dipping below 7%. That is more than double from a year ago!
According to the National Association of Realtors (NAR), in June 2023 the national MSP declined 1.2% to $416,000 and sales decreased 18.8% compared to June 2022. The regional Northeast experienced a 21.5% decrease in sales volume and a 4.9% increase in the regional MSP to $475,300.
Given the competitive and challenging market conditions, at Maine Home Connection we find it is important for both sellers and buyers to establish early relationships with an experienced agent (meaning us). Our knowledgeable realtors can provide you with industry expertise and valuable local insights, resulting in making informed decisions that are in your best interest.
Until next time; Imagine More!