Maine home sales fall due to shrinking inventory, but prices rise 12%
File photo / Laurie Schreiber
Activity over the summer remains steady as sellers and buyers adjust to higher mortgage interest rates.
Continued strong demand for Maine homes drove up their sale prices in July. But lower than normal for-sale inventory is affecting the market, according to the latest report from the Maine Association of Realtors.
Data from Maine Listings shows that 1,691 homes sold statewide in July, a decrease of 15.28% from the number in July 2021.
The median sales price reached $354,000 in July 2022, an increase of 12.38% over the July 2021 price. The MSP is the amount at which half of the homes sold for more and half sold for less.
“Nearly 1,700 households bought homes in Maine during July,” said Madeleine Hill, the association’s 2022 president and designated broker at Roxanne York Real Estate in Harpswell. “Activity over the summer remains steady but impacted by low for-sale inventory; 30% fewer single-family homes are for sale than in July 2021 and 66% fewer than pre-pandemic July 2019."
Sellers and buyers were also adjusting to higher mortgage interest rates, she added.
“Rate-sensitive buyers are more discerning, and we are beginning to see sellers respond,” said Hill. “Overall, in Maine, it’s still a seller’s market, though we’re beginning to see a leveling in some areas, as evidenced by higher days on market and downward pricing adjustments.”
Nationwide, the National Association of Realtors reported a 19% drop in July 2022 sales compared to sales during July 2021.
The national MSP of $410,600 last month represented a 10.6% rise in home values.
Regionally, sales in the Northeast fell 16.2% and the MSP increased 8.1% to $444,000 compared to July a year ago.
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