MAINE
Home Sales Up, Average Price Up
Home sales are up 12.7% year-over-year, with February 2024 at 957 compared to 849 last February. Sales are up across all categories.
- Single families: 713 (2023) | 795 (2024)
- Condominiums: 82 (2023) | 102 (2024)
- Multi-families: 54 (2023) | 60 (2024)
Average sale price increased 13.3% year-over-year, now at $457,131 compared to $403,443 in February 2023. Prices for single-family homes rose, whereas condos and multi-families decreased slightly.
- Single families: $396,523 (2023) | $461,297 (2024)
- Condominiums: $491,189 (2023) | $485,458 (2024)
- Multi-families: $361,568 (2023) | $353,782 (2024)
Homes Listed For Sale:
The number of homes listed is up by 32.3% when compared to February 2023.
- 2024: 1,205
- 2023: 911
- 2022: 1,214
Pending Home Sales:
The number of homes placed under contract is down by 7% when compared to February 2023.
- 2024: 916
- 2023: 985
- 2022: 1,166
Data provided by FlexMLS then compared to the prior year.
What’s Happening in the Market?
The Maine housing market saw an awakening of activity in February as home sales were up year over year as well as new listings, but pending sales were down. Average price also increased year over year. In the beginning of February, mortgage rates experienced the biggest one-day jump in over a year after the release of the January Jobs Report per Mortgage News Daily, landing at over 7%. Mortgage rates stayed close to or over 7% for the remainder of the month.
What does this mean for Buyers?
- Buyers, as you keep an eye on mortgage rates, remember there are other financing options available such as buydowns and assumptions that can help you achieve your buying goals.
- An increase in inventory and new listings is great news for buyers, especially as we head into the spring market, where activity and demand usually increase.
- With this in mind, if you are a serious buyer, make sure you are prepared and ready to strike in order to find success in the current market!
What does this mean for Sellers?
- We are seeing many want-to-be sellers getting off the sidelines mostly due to unavoidable lifestyle changes such as relocation, divorce, growing families, etc. As more and more of these sellers list their homes, more and more supply will be added to the market which will help satisfy the constant demand we are seeing.
- Sellers, there are many advantages to listing your home in the spring, so make sure you don’t miss out on the opportunity the new season has to offer!
- Most importantly, make sure you are pricing your home competitively to generate the most demand, especially as market activity picks up in the spring!
What’s next?
Spring brings warmer weather, longer days, and motivated buyers and sellers who are ready to ring in the new season by accomplishing their buying or selling goals. We typically see market activity kick into gear at this point in the year, but mortgage rates will play a critical role as the spring market unfolds given that they significantly impact consumer decision making.