An increase in the supply of homes for sale including more new construction is what’s needed to balance the market in Maine.

That’s the view of current President of the Maine Association of Realtors (MAR) Carmen McPhail: “The April numbers reflect the need for supply”.

The latest monthly home sales data reveals a continuation in the prices up, sales down trend. 

Figures from Maine Listings reveal a sharp 30.53% drop in sales in April when compared to the same month last year. Meanwhile, the median sales prices (MSP) statewide rose by 6.1% to stand at $367,500.

The MSP indicates that half of homes for more and half for less.

McPhail said: “The number of Maine homes available for sale in April increased nearly 10% from March. However, that number is significantly lower than pre-pandemic levels.

“Both additional ‘for sale’ inventory, and more new home construction, is needed in Maine to create a more balanced market.”

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