Portside is excited to announce that it will be hosting Maine's Open House Weekend on May 20 and May 21. This event will feature fresh new listings, showcasing some of the best properties available in the state.
Despite the challenges of an inventory shortage in 2023, with 18% fewer new single-family homes coming on the market this year than in 2022, the market has seen an upswing in home prices. In the first four months of the year, home prices have increased by 7.8%, marking the highest prices in Maine's history. While the market has been favorable for sellers due to the increase in prices, it has also benefited buyers in other ways. Homes are taking longer to sell, allowing buyers more time to make decisions, and the list-to-sale price ratio has decreased from 101.6% last year to 98.9% this year.
As we head into late spring and summer, we can expect a seasonal uptick in new inventory hitting the market as sellers look to capitalize on historically high home prices in Maine. This presents an opportunity for baby boomers to downsize their homes, creating more room for the younger generation. Millennials are expected to continue driving the housing market, with many reaching their peak home-buying years in the coming years. Typically, around one-third of all homebuyers are first-timers, with an average age range of 33-36. Often overlooked in the housing market are women, who make up a significant 17% of all buyers as single women homebuyers
The real estate market is expected to remain strong, although fewer sales overall than in the pandemic years, The market is projected to experience single-digit price growth, which will help protect home values. This is great news for both buyers and sellers, as it indicates a stable and balanced market that can be navigated with confidence.