MAINE
Home Sales Up, Average Price Up
Home sales are up 2.7% year-over-year, with August 2024 at 1,834 compared to 1,786 last August. Sales are up across all categories.
- Single families: 1,517 (2023) | 1,552 (2024)
- Condominiums: 188 (2023) | 199 (2024)
- Multi-families: 81 (2023) | 83 (2024)
Average sale price increased 2.0% year-over-year, now at $496,483 compared to $486,903 in August 2023. Prices increased for single-family homes and decreased for multi-family homes and condos.
- Single families: $481,694 (2023) | $498,107 (2024)
- Condominiums: $520,070 (2023) | $508,628 (2024)
- Multi-families: $507,495 (2023) | $437,002 (2024)
Homes Listed For Sale:
The number of homes listed is up by 2.2% when compared to August 2023.
- 2024: 2,551
- 2023: 2,495
- 2022: 2,428
Pending Home Sales:
The number of homes placed under contract is down by 20.8% when compared to August 2023.
- 2024: 1,416
- 2023: 1,788
- 2022: 2,167
Data provided by FlexMLS then compared to the prior year.
What’s Happening in the Market?
- Despite the national housing market trends having a slight decline in home sales, Maine still saw an increase when compared to August last year.
- Maine experienced an increase in sales across all categories, along with an increase in new listings. Pending sales are down considerably in August, which will lead to lower sales in the next couple of months.
- Buyers, as we enter the fall market, it is expected that buyer competition will decrease, making now the best time to purchase a home. Anthony explains why in this video here!
- There were minimal fluctuations in mortgage rates in the month of August. According to Mortgage Daily News, rates remained within the 4% to 6.6% range. Then, in early September, we saw them drop to the lowest rate since February 2023 at 6.1%. Due to the Federal Reserve’s recent 0.5% rate cut, we can anticipate a potential further decline as the year progresses.
- Sellers, with the trends of mortgage rates and new inventory on the decline, now is a great time to list. There will be motivated buyers looking to settle before the holidays.