Maine real estate market. How’s the market today in Maine?
Buying, selling, trading Maine real estate is a fast paced process. Knowing what is going on in the market when it comes time to buy or sell a Maine home, any property listing is critical. So what’s the temperature of the Maine real estate market?
This blog post zeroes in on today’s real estate listing sales activity in the great state of Maine.
To sum it up, too many buyers, not enough real estate listings. Prices up due to the shortage and house sales down a tad because of no inventory. Supply and demand keeps everything high and tight. Rental apartment units are hard to come by as well. Community leaders statewide are scrambling to figure out ways to create more affordable housing options quick like a bunny.
Every time the national media spreads the word of a Federal Reserve Bank interest rate hike, wishful thinking Maine house buyers think here it comes.
Finally. A flood of new Maine housing inventory to consider buying to stop renting.
Or it’s now the right time to move up to something bigger and better or to downsize to housing that is smaller, more economical and say on one floor. But when the housing level cupboard is so bare and new listings across the board for size, location and price range are so scarce.
That’s the sad reality of how the market for real estate property listings in Maine works.
The shift from a seller’s to a buyer’s Maine real estate market will take a long time to happen when the inventory is missing.
Like a well that runs out of water, it takes time to recharge and refresh. The Fed’s latest benchmark interest rate brings it into a range of 5.25% to 5.50%. Since March 2022, the interest rates cost of lending increase 11 times. For buyers in the Maine real estate audience, it was wishful thinking. That higher interest rates would instantly create as endless supply of house listings to consider.
I just back from this year’s Maine REALTOR Association annual meeting in Rockland ME.
Had a chance for more than continuing education credits for my Maine real estate license renewal in two years. Networking with other Maine agents and brokers in different real estate markets.
The try to sum up the Maine real estate market for statewide to apply to every nook, corner, cranny of Vacationland is impossible.
Because being an hour away from Boston, is a different real estate dynamic than up in Northern Maine. Or to the east or west section of Maine where everything rock and rolls differently.
And in Maine, it is not just homes, houses, condos we are analyzing up to the moment.
Land, just land listing sales happen in rural areas of Maine especially. So the price of what is listed and selling varies greatly. So does the type of real estate being peddled and purchased.
So how is the current Maine real estate market?
In a nutshell “demand for housing of all types in Maine remains strong. Real estate estate prices are up 9.41 percent and housing sales slowed 18.77 percent over the last August to August time period.
The Maine Association of REALTORS latest numbers reveal 1,510 Maine homes changed hands across the sixteen counties. The median sale price was $372,0oo indicates half the homes sold for more, the other half sold for less.
The problem with a short and street Maine real estate housing market report statement like above is the values across a state as large as Maine.
No, the median sale price of a typical home in say Aroostook, Washington or Piscataquis counties is not that $372,000. Depending on the region of Maine you are search for current accurate numbers, the figures vary greatly.
Nationwide, the National Associaton of REALTORS is reporting house sale volume was 15.3 percent lower for the same time period.
Prices across the USA climbed 3.7 percent for a national MSP of $413,500 during the period. Sales in the Northeast section of the country slowed 22.6%. Read more about the latest Maine real estate market housing market number statistics.
Which segment, what area of Maine and the supply and demand dictate price increases and declines.
So do interest rates but not as much as the media leads you to believe when the price is so low cash is used, not credit to purchase. Rural Maine small town real estate markets are so different than something for sale in a city market location.
This week at the latest Maine REALTOR Association convention at Rockland Maine’s Samoset Resort. You get a true sense how wide and diverse the real estate market really is.
I’m at a dinner table or leaning on the railing at an after class hospitality suite talking with other Maine REALTORS.
This agent or broker lists property on Ocean Avenue in Kennbunkport Maine. The number of listing sales that agent has and the price point is so different than my real estate area of expertise in Aroostook County. Get closer to the ocean front and to a population center like Boston. Find more expensive happens. Remember, the closer to urban area, t6he higher the number of property sale price zero places.
The online marketing an area of Maine does can help the flow of tourists to a region big time.
Not just the lower priced property listings are the honey to use attract folks to consider why not take a trip to my corner of the big state of Maine. The friendly, hardworking, helpful nature of true Mainers who welcome you to their region of the state is well known around the World.
Remember, the higher the price, the thinner the buyers applies to Maine real estate property listing sales.
And when you hear real estate sales are down, it does not mean there are lots available and the market has cooled. Inventory is very tight, a new listing does not stay active long in the strong Maine
Swapping Loonies And Dollar Living In A Border Town Happens A Lot.real estate sellers market.
Building starts are up and if a piece of Maine land acreage already has a water well, septic, power and driveway or building pad all established, that is a buyer bonus.
Getting a Maine home framed in and weather tight for the winter is what some local real estate buyers are scrambling to do.
Where I live, the strong US vs Canadian dollar also spurs cross border trade of building materials.
Lumber especially to build the new Maine home is in strong demand. Maine itself is 91 percent wooded so this fact coupled with lower cost of living in Vacationland is a big shot in the wallet or purse.
Lucky to live in Maine where simple living is the way we all roll. With all this natural beauty, with less population and more wildlife and low crime, no traffic, Maine is the way life should be.
I’m Maine REALTOR Andrew Mooers, ME Broker
207.532.6573 | info@mooersrealty.com |
MOOERS REALTY 69 North ST Houlton ME 04730 USA