MAINE
Home Sales Up, Average Price Up
Home sales are up 2.5% year-over-year, with October 2024 at 1,750 compared to 1,707 last October. Sales are up for single- and multi-family homes and decreased for condos.
- Single families: 1,459 (2023) | 1,489 (2024)
- Condominiums: 170 (2023) | 169 (2024)
- Multi-families: 78 (2023) | 92 (2024)
Average sale price increased 10.3% year-over-year, now at $530,597 compared to $481,152 in October 2023. Prices increased across all categories.
- Single families: $479,226 (2023) | $530,697 (2024)
- Condominiums: $527,689 (2023) | $528,608 (2024)
- Multi-families: $415,757 (2023) | $532,634 (2024)
Homes Listed For Sale:
The number of homes listed is up by 10.1% when compared to October 2023.
- 2024: 2,083
- 2023: 1,892
- 2022: 1,626
Pending Home Sales:
The number of homes placed under contract is down by 13.5% when compared to October 2023.
- 2024: 1,278
- 2023: 1,478
- 2022: 1,534
Data provided by FlexMLS then compared to the prior year.
What’s Happening in the Market?
- Nationally, existing home sales rose 3.4% in October to an annual rate of 3.96 million, marking the first year-over-year increase in 37 months since July 2021. Similar to the national trend, Maine saw increases in both home sales and prices compared to last year
- Home sales increased both before and after the election, most likely due to strong local demand and steady market conditions. Unlike areas affected by election uncertainty, buyers and sellers in Maine stayed active. Factors like stable mortgage rates, low inventory, and motivated buyers helped keep the market busy during this time.
- In Maine, while home sales and listings are up, the drop in pending sales suggests that buyers may be taking longer to make decisions, possibly due to rising mortgage rates or economic uncertainty. This shift could indicate that the market is moving away from a strong seller’s market and toward a more balanced one. With more homes becoming available, supply is starting to catch up with demand, giving buyers more options and reducing competition.
- According to Mortgage Daily News, mortgage rates in October began at approximately 6.2% and steadily rose to around 7% by month’s end. Despite the rise, rates are still lower than the 7.9% recorded during the same time last year, showing some year-over-year improvement.
- Sellers, It is important to remember that homes do sell during the holidays, often to highly motivated buyers. Listing your home now can provide a competitive edge with less inventory and greater visibility for your property.
- Sellers and buyers, navigating the process of selling and buying at the same time can be overwhelming, especially during the holiday season. However, with the current market presenting a great opportunity for buyers and sellers, it’s worth considering. Taking the right steps now could help you make a smooth transition, balancing both the sale of your current home and the purchase of your new one.