Real estate figures for the first month of 2023 reveal a continuation of the up, down home price and sales trends into the New Year.
The statistics published by Maine Listings show that the median sales price (MSP) for existing homes rose by 11.21% to $325,000 when comparing January 2023 to January 2022. The MSP indicates half of homes sold for more and half for less.
Sales of existing homes meanwhile dipped sharply over the same period – down a huge 34.99% year-on-year.
The National Association of Realtors (NAR) reports that sales were down and prices up also both nationally and in the northeast region.
Local commentators point again to an acute lack of inventory and an uptick in mortgage interest rates as contributory factors in the trends.
The current number of listings statewide totals 2,100, which represents 3,500 fewer when compared with the pre-pandemic month of January 2020.
There is plenty of evidence there is a healthy pool of buyers are currently looking for properties providing for an opportunity for sellers to take advantage of the advancing prices.
