Real estate market home sales report for Maine.
What’s shaking, how’s the Maine real estate current market shaping up this spring? How are things in the market up in Maine real estate wise? Because knowing the market for anything helps in making the best decisions in life.
This blog post hits the highlights of the state of Maine real estate home listing sales statistics.
What the numbers say from the Maine Association of REALTORS group. But also reviewing Maine Listings MLS portal stats, the conveyor belt that homes, other real estate property listings ride on in “Vacationland”.
In a nutshell, the demand increases while the Maine real estate housing inventory supply does not.
Fewer homes available for sale today caused house prices to jump 6.21% in April. Simple supply and demand economics in play today for this Maine real estate market report.
What the public thought would happen with mortgage interest rates going up was that house prices would quickly go the other way. They did not because too short a supply of homes for sale, not enough houses to buy in Maine.
What messed up the real estate market prediction?
It was partly fueled by wishful thinking of renters wanting to buy. Existing home owners wanting to sell and move up that could not.
National media outlet talking heads did not help either.
When you read, hear, watch a talking head in a large city tout that high mortgage bank lending rates will make it a buyer’s market, it is easy to assume that applies to the nation at large. It does not. Most economic cycles happen slowly too remember?
If no supply, big demand, a few interest rate points increase is not going to turn the market upside down or around.
What I see in my rural Maine real estate market is home buyers already anxious to buy a home become even more hot to trot.
Before interest rates rise any further. The opposite of what the national news predicted is happening. The already on the edge of their seat scrambling home buyer in Maine is doing double time to intensify the search and jump on it quickly maneuver to get a set of house keys.
Why else is the Maine real estate market strong besides few new house listings for sale supply problem?
Because in small Maine rural real estate markets, everything is so much cheaper. Cash buyers happen, those purchasers don’t need a mortgage and are not concerned if bank interest mortgage lending rates go up or down.
What I am seeing is land sales in Maine are way up today.
Can’t find a house for sale, no problem. Let’s build. A property lot or acreage with a drilled well, concrete full modern septic, the driveway in, earthwork complete and a power pole planted.
Those ready made BYOB (Bring Your Own Building) Maine real estate listings are value added, ready to roll.
The Maine real estate listing sales market report results don’t tell the complete story in a quick sound bite.
The one sentence sum it up can not begin to explain how each unique Maine community or county real estate statistics stack up today.
I am also seeing property owners that don’t want to sell deciding maybe they will if the Maine real estate market is so handstand cranked up and robust.
When you read or hear the median house sale price in Maine today is reported at $367,500, you thing that number applies to the entire state.
It does not. What happens in Kingfield ME is very different from Kingman ME. Van Buren’s real estate market up in the St John River Valley is way way different than the activity and price structure in Ogunquit Maine.
The MSP, median house sale price for Aroostook County is $140,000, not $367,500! While the Cumberland County MSP is $550,000. Penobscot County has a MSP of $239,000, Washington County $207,500. $159,900 is the current MSP for Piscataquis County. Franklin County’s MSP is up over 23% to $265,000.
Home sale prices in Maine are up in 10 of the 16 counties today compared to a year ago.
So just like one weather forecast won’t cut it for the entire state, neither will a one size fits out Maine real estate market report. Maine has sixteen counties, no two real estate county, community markets percolate the same exact way.
Ask a local Maine real estate REALTOR what’s what in your market for the latest advice buying and selling property.
The local real estate professional knows his or her piece of Maine best.
Don’t rely on your second cousin down in Florida, Uncle Bob out west or your hairdresser or mailman. They mean well but you want accurate up to date real estate information where the property is right?
So where is the common ground sizing up the many corners of the Maine real estate market report?
Maine REALTORS can all agree that we need more housing inventory and that is why home sales are down.
New listings if we had them would sell, numbers would be up if there was inventory.
Apartment rental units in Maine are scarce too.
Sure, you may luck out and find an available two or three bedroom apartment rental unit but what’s that smell?
Some vacant units are from a recent eviction. Damage remains after the tenant is forced to go. Many you would not put a farm animal in them.
Where I live and list to sell Maine real estate, there are 620 rental units but less than 2% vacancy.
We need more quality affordable apartment rental housing units. Since COVID and the mass exodus from crowded city settings, Maine has grown, housing inventory has over sold and continues to shrink.
It used to be 8 out of 10 people had to pick up and move to a big city in southern Maine or out of state for employment.
But now, telecommuting working remotely online means pack up the job you already have else where to bring it to Maine. The flow from country to big city is reversed and suddenly Maine is looking pretty popular for many reasons.
Small, safe, spacious, simple living in friendly, neighborly Maine is extremely attractive. Wildlife, the waterfront, vast wooded tracts and low populations, nature. Living in Maine full time makes us so spoiled, very grateful.
Who would not want to relocate here to small town Maine home or a on a piece of land?
To raise a family, enjoy retirement, start a business, build a career. Especially if long and strong Internet connections are available in rural areas of Maine where you buy or build a home.
Thinking of buying or selling your Maine real estate property listing this year?
It’s a great solid market and here to help with the home or whatever type of property listing sale. Thank you for stopping by! This is the way the house listing sales wind is blowing.
Seller, not buyer’s market and still low inventory, multiple offer real estate contracts happening statewide in Maine.
That’s today’s real estate market home sales report for Maine.
I’m Maine REALTOR Andrew Mooers, ME Broker
207.532.6573 | info@mooersrealty.com |
MOOERS REALTY 69 North ST Houlton ME 04730 USA
