Maine’s housing market isn’t getting any better, and new numbers prove it.

The Portland Press Herald reported that the demand for single-family homes is still very high in Maine. That demand has pushed the average price up over seven percent to just under $400,000. People are paying that and more as closings are up for the fourth straight month in Maine.

The last record was set last year at $385,000 for the median price of a single-family home. The Portland Press Herald quotes Paul McKee, the association president and a broker with Keller Williams Realty in Portland,

Sellers have become more active in 2024. The 3,896 homes for sale in May were the highest number since August 2022 – 21 months ago – and the second-highest in 32-months – since September 2021. With more homes for sale, more transactions are happening.

Mainers are in a catch-22

Maine is a big state and there are many different real estate markets. In some markets in Maine, you might have some wiggle room to negotiate. But in many others, there simply aren’t enough homes on the market, and that puts bidding wars in place and it raises the median price. The average price for a home nationally (all housing types) was $419, 300, a new record and almost six percent higher than last year’s record price of $396,500.

There are Mainers who are trapped in the home they own right now. For reasons like expanding the family, or a new job at a different location – some Mainers simply can’t move. Sure, you may be able to get top dollar for your home, but you can’t move, because you can’t afford anything. Lawrence Yun, chief economist with the National Association of Realtors said this about mortgages,

The mortgage payment for a typical home today is more than double that of homes purchased before 2020. Still, first-time buyers in the market understand the long-term benefits of owning.

Everybody understands the benefits of owning! But if mortgages have ‘more than doubled’ and your salary hasn’t, that math does NOT add to being a homeowner. He did say that prices should calm down when more homes get on the market, but we continue to see an unfriendly housing market if you don’t have a lot of cash.

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A rare tornado watch was issued Sunday by the National Weather Service’s Storm Prediction Center, with the highest risk in Oxford County and parts of western Cumberland and York counties.

Unstable weather patterns marked by warm, humid air have created conditions where tornados could touch down throughout much of northern New England, although the risk was about 10%, according to the prediction center. The watch has been issued through 8 p.m. Sunday.

“Tonight’s severe weather is the most hazardous we’ve forecasted this year,” said Jon Palmer, a meteorologist with the NWS office in Gray. “We haven’t seen a setup like this in a while. This is rare for Maine, certainly.”

A tornado watch has been issued for parts of Maine, Massachusetts, New Hampshire, New York and Vermont until 8 PM EDT pic.twitter.com/g2rYnUKydz

— NWS Gray (@NWSGray) June 23, 2024

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Parts of Maine already were flooded with heavy rains earlier in the day, but more severe weather was forecasted for the afternoon and early evening hours and storms approached from the west.

A tornado watch only means that weather conditions can produce tornadoes, not that one will occur. If the watch is upgraded to a warning, those in the path are advised to seek shelter in the lowest level of a home, such as a basement.

Damaging wind gusts could persist even without tornadoes, and some areas could see hail. Conditions also could produce torrential rain for brief periods.

Palmer said humidity in the atmosphere, combined with wind shear, is creating powerful conditions. As of 4 p.m., the tornado watch had not been upgraded to a warning in any specific areas of Maine.

More than 6,000 customers in Brunswick and another 1,700 in nearby Harpswell lost power late Sunday morning, according to Central Maine Power, although that wasn’t related to the weather. According to information provided by CMP, that outage was caused when an osprey next came into contact with equipment on a transmission line in Brunswick.

“Our crews are bringing in specialized equipment to make the necessary repairs, and are working on switching circuits to restore some customers,” CMP said in a statement.

Once the storms move through Maine on Sunday, drier air is expected to settle on Monday.

This story will be updated

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