Maine
What a rising number of homes for sale means for Maine’s housing market
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The variety of houses on the market nationwide climbed in Could over the earlier yr for the primary time since 2019, a nationwide development that will reverberate all through Maine’s housing market.
A typical day in Could noticed 516,000 houses on the market, 38,000 greater than in Could 2021, in keeping with a report launched this week by Realtor.com. That’s the first time any improve has occurred nationally from the identical month the earlier yr since June 2019.
The report attributed the rise in complete listings to slower purchaser demand attributable to a spike in rates of interest and more and more excessive itemizing costs. Nonetheless, the variety of houses obtainable, over 1 million nationally in January 2020, has dropped for the reason that onset of the COVID-19 pandemic.
A rise in stock on the nationwide degree could possibly be a harbinger of issues to come back in Maine, the place provide has been sparse and demand excessive. There are already indicators that the housing market within the state is cooling, together with falling gross sales and fewer competitors for listings.
The report is according to current market actions and statewide knowledge. There was a “slight uptick” in March and April listings, Maine Affiliation of Realtors President Madeleine Hill mentioned final month.
Even when stock goes up nationally, different developments paint a extra pessimistic image for consumers. The median asking value for a house rose to a brand new excessive of $447,000, whereas the standard time on market was at a brand new low of 31 days.
A few of the largest decreases in lively listings this month got here within the Miami, Virginia Seaside and Richmond metro areas. There have been will increase in lots of different areas, together with the metro areas of Austin, Phoenix and Sacramento.
The latest knowledge from late April on Zillow listed 895 houses on the market that month within the Portland metro space, 285 within the Bangor metro space, 140 within the Lewiston space and 213 within the Augusta space. Bangor had the best variety of complete listings that month per capita with 18.7 per 10,000 individuals, adopted by Augusta, Portland and Lewiston.