Prices up, sales down continued to be the trend for Maine’s residential real estate market last month according to latest industry numbers.
The median sales price (MSP) for existing homes soared to 25.36% higher in April than the same month last year. Meantime, the number of homes sold dropped sharply by 20.90% when comparing last month with April of 2021.
The MSP in Maine is now $346,000 with half of homes sold for less and half for more than that figure.
The statistics are published in Maine Listings monthly report.
Commentators from within the industry indicate that demand for Maine real estate remains high and in part from those from “away” due to the state’s perceived quality of life. The work-from-home trend has helped unlock the opportunity to move or relocate back to Maine for a good number of people.
While down significantly year-on-year, home sales are actually up when compared to the same period pre-pandemic in 2019.
There is also a spark of light at the end of the tunnel for home buyers who have experienced limited to no choice in an under-supplied market in recent times with the suggestion of a slight upswing in the number of properties becoming available for sale.