Advisors Living presents the Residential Market Reports for Q1 and Q2 2023 vs. 2022. This comprehensive study encompasses Southern Maine. The Advisors Living dedicated research team used data that we deem reliable from sources such as MREIS, Maine Listings, MAR, NAR, and public sales records through the Registry of Deeds.
Inventory remains low and buyer demand continues to be high, conditions favorable to Maine sellers. Buyers seeking to purchase single-family existing homes in Maine continue to encounter fewer properties for sale. The number of properties listed throughout Maine is down 19% year over year through June 30th. The statewide median sales price rose 5% to $350,000. Meanwhile, large numbers of potential Sellers who currently enjoy historically low interest rates seem to have chosen to remain in their current homes. There were 19% fewer single-family homes listed for sale across the state of Maine in through June 30th 2023 when compared to the same time period in 2022. This shortage of available inventory led to an increase in the Median Sale Price throughout most of Maine’s cities and towns.
Most of Southern Maine’s communities experienced a decline in units listed and closed, and an increase in selling prices.
Cumberland and York counties show a 22% and 21% decline respectively in units listed year over year through June 30th. Consequently, median sales price is up 6% and closed sales were down 20% in Cumberland County . Similar in York County with sale prices up 6% and closed units down 27% Another indicator of a competitive market for buyers is that homes sold on average for 103.3% of their original asking price for both counties.
In Portland, Maines largest city, the median sold price of $525,000 remained high, up 11% year over year. Property closings were down 33%, far more than the statewide sales which were down 23%. Additionally, new listings were also down 33% making for a challenging buyer market.
In summary, most of the stats for in Southern Maine are lower than last year with the lack of inventory remaining the biggest challenge. But, the fundamentals such as income, and unemployment are positive. Therefore, we remain optimistic moving forward. The 2023 Real Estate climate promises to be dynamic. Our Residential Advisors are experts in their local markets and will help you achieve your Real Estate goals. From the city to the surrounding communities, and from Nantucket to Maine – our team of respected advisors and our leadership team look forward to collaborating and advising on your next transaction.
