AUGUSTA (September 21, 2023)—An adequate supply of single-family homes for sale continues to be a challenge for buyers of single-family existing homes across Maine. Maine Listings reports an increase of 9.41 percent in home values while sales dipped 18.77 percent in August 2023 compared to August 2022. Realtors reported that 1,510 homes changed hands across Maine’s 16 counties last month. The median sales price (MSP) reached $372,000. The MSP indicates that half of the homes were sold for more and half sold for less.
“During August, 1,510 single family homes were sold in Maine, a sales volume that was 13 percent above July 2023, although down nearly 19 percent from a year ago,” says Carmen McPhail, 2023 President of the Maine Association of REALTORS® and Associate Broker at family-owned United Country Lifestyle Properties of Maine with offices in Lincoln, Bangor, and Lubec. “Active buyers remain in the market, creating competition for move-in ready, attractively priced homes.
“As demand continues to outpace supply, the gap between new and outstanding mortgage interest rates is likely to keep the for-sale inventory constrained,” adds McPhail.
“To be successful as a buyer, be prepared, stay informed, and consult with your REALTOR® to make educated offers that are well-positioned in today’s market. As a prospective seller, now is an opportune time to list your property for sale while demand remains high,” says McPhail.
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