Latest figures for home sales in Maine reavel an on-going trend in falling sales but increasing prices.
A lack of inventory continues to fuel the upward migration in sold prices with industry watchers predicting that prices will keep rising into the New Year albeit at a slower pace.
The most recent report from Maine Listings indicates a drop of almost 11% in the number of homes sold in October when compared to the same month last year. Conversely, prices paid for those properties was up 10% last month compared to October 2020.
The median sales price (MSP) stood at $308,000 statewide up $28,000 on the MSP of 12 months ago.
The MSP indicates half of homes sold for more and half sold for less.
The report also revealed 1.8 months of inventory currently available compared to 4.5 months pre-pandemic in October 2019. Six months available inventory is the benchmark for a “balanced” market between homes for sale and buyer demand.
