Home sales and pricing data for February revealed it was another month of rising prices and tumbling sales as a shortage of available property continues to shape the real estate market in Maine.

The latest figures published by Maine Listings indicate a year-on-year decline of19.4% in the number of existing single-family homes sold. The median sale price (MSP) for those homes that did sell meanwhile was up 10.7% when comparing last month with February of last year. 

The MSP statewide now stands at $329,250.

Those on the inside continue to point to the shortage in inventory as the driving force behind the long-term trends. New build starts lagging behind demand has contributed to the lack of available homes for sale, also homeowners who locked into record-low interest rates when purchasing in recent years are now reluctant move.

Demand for housing despite rising rates has continued to remain “steady” according to industry watchers. There was, however, suggestions that prices maybe softening a touch in certain areas of Maine offering some green shoots of hope to buyers entering the spring market.

Elsewhere too, prices show signs of cooling a little. 

Nationally, home sales declined 21.4% last month compared to February 2022. The National Association of Realtors (NRA) reported that the national MSP eased nationwide 0.7% to $367,500.

Sales in the regional Northeast decreased 25.7% and the regional MSP declined 4.5% to $366,100 year-on-year.

**What do rising home prices, a shortage of available homes for sale and increasing interest rates mean for you? Whether considering buying or thinking of selling contact us today to discuss the challenges AND the opportunities in today’s real estate market. You can Trust in the Tru Brits for “Advice and counsel you can bank on!”

Full Press Release and County by County Home Sale Stats