Time flies over us, but leaves its shadow behind – Nathaniel Hawthorne
Somehow September just came to a close. For those who like details, below are two charts that provide a quick snapshot of what is happening in Maine real estate so far this year. As we have reported consistently each month of 2023, single family home sales trend considerably below last year while prices are up in nearly every community we track.
Of note, prices spiked up considerably in September after several months of decline and inventory levels have continued to move upwards and are up 6% compared to a year ago and 21% from the prior period. Overall, high interest rates continue to restrict sales activity and eliminate some buyers from the market.
According to the National Association of Realtors home sales across the country eased 15.8% compared to over 20% in Maine in the past year, while prices increased 2.5% to a national MSP of$399,200. Regionally sales in the Northeast eased 16.7% and the regional MSP rose 5.2% to $439,900.
