MAINE HOME VALUES ARE UP, SALES VOLUME IS DOWN AS LOW INVENTORY SLOWS SALES
AUGUSTA (April 20, 2022) —Single-family existing homes are gradually entering
the market in more stable numbers. According to statistics released by Maine
Listings, home sales declined 21.48 percent in March 2022 compared to March
2021, due to recent lack of for-sale inventory and pent-up buyer demand. Prices
continue to increase, however. Realtors across the state sold 1,031 homes last
month, and the median sales price (MSP) increased 21.04 percent to $325,000
compared to March 2021. The MSP indicates that half of the homes were sold for
more and half sold for less.
“Maine’s real estate markets continue to be fast-paced,” says Madeleine Hill,
2022 President of the Maine Association of REALTORS® and Designated Broker
at Roxanne York Real Estate in Harpswell. “Across Maine, as quality homes
become available for sale, potential buyers are ready and able to put homes under
contract to purchase.”
“The statewide median days on market in March of 2022 was nine days,
compared to 11 days on market one year ago, and 70 days in pre-pandemic March
of 2019. After seven consecutive months of declining for-sale inventory, March
2022 statistics showed a 5.2 percent increase in single family homes for sale
(2,013 listings) from the prior month (1,913 listings).”
The National Association of Realtors reported a nationwide decline of 3.8 percent
for the sales of single-family existing homes in March 2022 compared to March
2021. The national MSP increased 15.2 percent to $382,000. Regionally, March
2022 sales in the Northeast eased 11.8 percent while the regional MSP rose 6.8
percent t0 $390,200 compared to March 2021.
“Traditionally, we see more homes enter the for-sale market during the
2nd quarter, which will help meet the pent-up demand and work to balance the
market,” says Hill.
Source: Maine Real Estate Information System, Inc. (d/b/a Maine Listings). Note: Maine Listings, a subsidiary of the Maine Association of
REALTORS, is a statewide Multiple Listing Service with over 6,200 licensees inputting active and sold property listing data. Statistics reflect
properties reported as sold in the system within the time periods indicated. Contacts: Maine Association of
REALTORS®
