Maine real estate market report, how’s COVID19 shaking things up?
In lots of ways. Big time adjustments happening in the Maine real estate circles I roam wearing a mask, gloves, booties. All of our personal lives in Maine aren’t quite the same because of the coronavirus.
This blog post will cover the current Maine real estate market report numbers today.
We look under the lifted hood at Maine Listings to see how the property list and sale is going. But remember, “how’s the real estate market in Maine” question response depends. Do you want the entire state as a whole averaged together or are you asking for a county, just a local community print out of how the chips fell for a Maine real estate market report?
This blog post will also go deeper to expose what real estate professionals are seeing beyond the market numbers dealing with anxious pandemic buyers and sellers.
First the numbers, Maine real estate market report statistics gleaned and here’s what shakes down. The year to date from last May 2019 to May 2020 shows listings were hovering around 10,000 and now the supply closer to 6,000 units.
Maine real estate listing inventory of what’s for sale for Maine real estate is way down.
COVID19 making some property owners to think twice about selling and they are pulling listings. Or simply not listing at all. The absorption rate is off over 21 percent year to date from study of the real estate market numbers for Maine. In real estate, the absorption rate is calculated by taking the number of homes sold in a period of time and dividing that into the number of available homes.
From May 2019 to May 2020, the absorption rate in the Maine real estate market was off 26.71%.
The May 2020 absorption rate according to Maine Listings data was 3.54%. Sold listings for this period were off 6.3 percent. Pending listing volume is down 8.percent and active listings are off 19 percent. New listing volume is off the mark over 20 percent from May 2019 to same month in 2020 side to side comparison.
The average list price for homes in Maine is up 8.7 percent for the same month of May, our latest figures that always run a couple months behind before everything is tabulated.
The days on market 79 down from 85 a year ago in May 2019. The market is fast, the supply of listings is down, prices for Maine real estate properties are up. Also, the average sale price is off a little under 1 percent. That’s the long and short of it.
In Maine, here’s the graph that shows the curve of activity for May 2020 real estate market activity results.
I know, I know, sometimes when I hear a lot of numbers or see too many pie or linear charts or bar graphs coming at me, my eyes gloss over. The ears start to take in same old statistical sound. Hard to understand like Charlie Brown’s teacher and her Blob Blob muted trombone or French horn monitone voice.
Maine is a big state.
You don’t sum up the Maine real estate market report in a few numbers or a couple sentences. The real estate market for Maine can seem skewed when you try to size it up whole.
Like ordering a steak and the waitress wheels in the whole cow.
A handful of cities and what happens for prices and the listing / sale real estate volume in those does not match up with small Maine town locations. The prices swing wildly up or down depending where on the Maine map you zero in on for real estate sale information. They all behave so differently.
Real estate is specific to an area and there are different types of property listings.
Prices spike up and down depending on local supply and demand, other economic factors.
Like Maine weather forecasts, one size does not fit the entire state and each region changes quickly. The information today can be all wrong tomorrow and give the wrong impression on very important market real estate market report news used to buy and sell.
Agents, brokers, REALTORS don’t just list and sell Maine land acreage and empty buildings.
People are connected to the real estate listings in Maine. Folks very much alive and verbal with high emotions, low feelings, big fears, high hopes and dreams. All attached to buying and selling that calls for lots of empathy and understanding. Markets change in real estate depends on events in those communities, county, state, the nation.
Everyone is testing positive for showing signs of fatigue.
Major events effect the routine you already had established and didn’t have to think about daily. COVID19 is one of those big uncertainty game changers to life as we knew it. The buyers and sellers we deal with during the COVID19 pandemic have more on their minds.
Not sleeping so soundly. They may not have the virus but stress builds as you try to protect the spread or getting it yourself. When your pocket book is effected too that riles up a person too. If freedom of movement is restricted, cut off from loved ones, not able to shake hands or give or receive a hug.
The future is not clear as a bell simple. COVID19 stays front and center in our daily life decisions and all you hear about in the news. Real estate is effected and no exception as the market results show the virus effect ripple.
No matter what happens in your life, somehow real estate is involved.
Underneath all is the land. Shelter, whether a mortgaged home or rented apartment space, the roof over your head is pretty dang important. Right up there with air, water, food, love, safety.
Maine has the highest percentage of second homes in all fifty states.
Those vacation spots around Maine are now being re-purposed for more than a long weekend or seven day vacation. In groves, the owners are flocking to Maine to leave the city settings.The big bonus is if Internet connectivity is loud and long strong so telecommuting to the remote online job continues uninterrupted.
Have a little red log lake camp totally overhauled with gusto. To create the nest for a new grandson and his parents who can continue life for a spell in Maine. Far away from a restricted, crowded city location they are in now.
We stock the real estate for sale shelves like a big box store open day and night serving up the big buffet all you can eat.
Small Maine towns rally together, in the beginning making sure everyone had basics like toilet paper.
When schools closed, buses without kids were loaded up for home lunch deliveries that still continues. We worked on the areas most important to make sure basic needs were met for all the local population. Then lots of creative work arounds to protect the population from COVID19 all shared on local social media channels.
Living in Maine, we all have real life training for surprises and set backs.
We know this is not a practice drill. The weather is always unpredictable so we prepare for the worst, hoping for the best. We deal with it, not whine about it. Everyone is more connected in small Maine towns.
There is less feeling sorry for yourself because you are well aware some have it much tougher. Those are the ones we rally around to help. Being supportive of others takes away the time to worry about yourself. Together everyone’s needs are met and every resident is front line and needed when your population numbers are low.
It helps if you have parents that have told you stories about rationing during World War II, that remember big events that shaped their lives. The Cuban missile crisis, JFK’s assassination, the Vietnam event, Sputnik being released to orbit the Earth.
Most remember 911 not so long ago and what that load felt like to deal with daily. On top of whatever else a person was struggling with at the time. COVID19 is something extra that you think about and no one has all the answers. It teaches patience, it shows who in the country cares about others or more about just themselves.
But look at the anger just over the topic of wearing a face mask or not. Mask it or casket. Wear the mask, wash your hands, limit your trips to public places.
COVID19 shows how do you deal with boredom, solitude, impatience and financial uncertainty.
If anger increases, what’s the source? Wished you had relocated, moved to Maine early? Are you worried about burning through hard earned savings or resentful of those getting a check for free while you work like a dog?
Lots being examined in the soul searching and serious consideration of just what is most important in your life during coronavirus event.
Our job as a Maine real estate broker is more than just list and selling properties. More personal attention and snappier buyers, testier sellers with the pressure of COVID19 adjustment to the new way of life. The stress cracks on everyone are showing. Lashing out and being angry when the situation is nothing you can snap your fingers to change. It means patience, empathy, work on solutions not attacking or blaming people works best.
Priorities, where you want to live now that COVID19 is with us for a long spell.
Short or long term goals when no one has all the answers yet. Those tests are the real lessons in life and some are dealing with the struggle better that others. One thing is for certain. Attitude is everything. Caring for your local community and family first leaves little time to lament about personal needs only.
What I hear and see living as a local in a small Maine town is gratitude.
As locals reconsider what life is like in a city, how much harder and more expensive it is. Maine looks pretty darn good. In Maine we don’t have gangs, drive by shootings, highly charged crowd unrest. Traffic is nil, crime is the 4th lowest of all the states in the USA. Real estate is lower priced and there is plenty of affordable housing. You don’t have to make a ton of money to live very well in Maine.
Look around, the state of Maine is drop dead gorgeous.
Needs no make up or cosmetic surgery. Pure, natural, wholesome and unspoiled. Fresh air, clean water, lots of wildlife, less people. The need for layers of players and restrictive regulation goes away when the population is lower and the money to fund everything is removed. More than ever, COVID19 just proves the point. Maine, the simple way life should be.
When you see how Mainers help each other, when we already live socially distant.
If you consider our fun is outdoors year round and without lots of people and costing nothing but a few gallons of gas, a home made picnic lunch. We have it made. Heating with wood, heading up to camp for some recreation or relaxation. We already live like we have more than enough of what we really need. We do.
How else is COVID19 affecting real estate in Maine?
The local banks for mortgage lending are always the best option because Maine like the rest of the nation has a shortage of real estate appraisers. Local banks are slammed making lots of PPP loans. The low priced properties and tiny interest rates are very attractive to those moving here used to very high property tags. Banks are beyond busy.
Bankers, local attorneys and their staffs, insurance agents, handymen and trades people when repairs are needed.
Everyone involved in the real estate transaction from the agent, buyer, seller on down hold up differently. COVID19 affects everyone many ways. If you lost a family member or they are where you can not visit them. Like across the closed border with Canada or just too far to get to with restricted travel out of state. Or if highly protective because you are in the high risk category or someone you love is. Then all those factors churn and burn inside a person who feels helpless.
The need but lack of a quick fix to COVID19 shows you are human.
That we need each other more than ever and shows clearly just who the helpers, leaders are to get through to the other side. But changed, new and improved if you live in Maine. That’s our attitude, how we make it work and not just survive coronovirus but like every other hardship that comes at you, come out the other side somehow better for it.
Making something good requires hope, faith, dogged determination to not let anything get the best of you.
Small town Mainers know everyone has a role. Even if it is hold your tongue, be positive and don’t tear down a person, attack instead the problems. Be a resource, pitch in and help and offer solutions rather than criticism. At times like these, fighting, self centered toxic people only add to the problems. They rob the passion needed to seek the best quality of lif possible no matter what is happening.
That’s you Maine real estate market report and how COVID19 is shaking things up in Vacationland.
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MOOERS REALTY 69 North ST Houlton ME 04730 USA