Maine house costs continued to rise in March whereas the variety of houses bought continued to say no, in response to a statistics compiled by an actual property group.
Maine Listings mentioned the variety of March house gross sales fell from 1,313 items a yr in the past to 1,031 this yr, a decline of almost 21.5 %. The median gross sales worth within the state rose from $268,500 final yr to $325,000 in March of this yr, a rise of 21 %. Median implies that half of the houses bought for greater than that quantity and half bought for much less.
Market analysts mentioned the tight provide of houses in the marketplace is behind declining gross sales in addition to the rising costs.
The median variety of days a house was in the marketplace was 9 in March, Madeleine Hill, president of the Maine Affiliation of Realtors, mentioned. In March of 2021, the median days in the marketplace was 11 and it was 70 days in March 2019, earlier than the pandemic hit and upended the true property market.
Nevertheless, Hill mentioned there was a 5 % improve within the variety of houses on the market in March in comparison with February. The second quarter is the time when, historically, extra houses are put up on the market and Hill mentioned if this yr follows that sample, it could assist ease pent-up demand and steadiness the market.
Nationally, house gross sales declined 3.3 % in March in comparison with a yr earlier, whereas the median gross sales worth rose 15.2 % to $382,000. Within the Northeast, the variety of gross sales fell almost 12 % in comparison with March 2021 and the regional median gross sales worth rose 6.8 % to $390,200.
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