Maine’s housing market is showing signs of cooling in 2022, with far fewer single-family homes for sale in October than in previous years, a big win for sellers.
Here are five charts showing the ups and downs of the housing market.
That’s the number of single-family homes sold in Maine through October this year. Maine Real Estate Association.
The figure is down 14 percentage points from the same 10 months last year, when 16,873 homes were sold. It’s also down 29% compared to 20,401 homes sold for the full year 2021. 2021 sales are up only 2.4% from 2020 sales, reflecting cooling market trends despite continued high prices.
This is the 5-year rate of increase in the price of a house near Trader Joe’s in Portland. Homes closer to markets like Trader Joe’s and Whole Foods tend to offer homebuyers a higher return on investment, says one research firm. new research According to Atum Data Solutions, a real estate information company.
The average price of a home in the Portland area is $530,832, and the average profit for owners selling in the third quarter of this year is $281,250. Located in Portland’s Bayside area, Trader Joe’s is the only location in Maine.
Seaside mansion in Seal Harbor on Cooksy Drive, a road known for its million dollar fortunes, most expensive house Never sold in Maine. Originally put on the market in August for $25 million, even with the price cut, David Rockefeller’s former Mount Desert Island estate on the same road sold in early 2018 for $19 million. higher than
That’s the median statewide sales price increase for single-family homes in Maine this year. The price was higher due to low stock. median selling price It rose nearly 14% from January to October to $332,000, according to the Maine Real Estate Association.
The January median price of $292,250 was up 14% year-over-year, and the October price was up almost 8%. As such, prices are slowly rising, but still at record highs.
The percentage of homes sold in Maine in October was down year-on-year, due to the Federal Reserve’s interest rate hikes aimed at stemming inflation. Mortgage interest rates double to almost 7 percent since the beginning of the year. That, combined with high inflation, has caused more homeowners to stay in their homes.
redfin 1,754 Maine homes were put up for sale in October, he said. At the same time, the number of days homes are on the market, an indicator of a market cooling, has risen by 20 percentage points to 36 days compared to last year. Nearly 31% of homes for sale experienced price declines in October, up 4 percentage points from last year.