An increase in the number of single family homes for sale coupled with strong buyer demand prompted a spike in sales figures and home prices in Maine last month.
Homes sales across the state jumped by 11.44% in February over the same month a year ago – that follows 31 consecutive months of year-over-year declines in units sold. The data is contained in the Maine Listings monthly report.
Industry watchers point to an easing in tight inventory as contributing to the trend, although with the current supply of available homes sitting at 3.2 months the market is still seen as one favoring sellers. A balanced market is determinded by 6 months supply of homes for sale.
A further indicator that demand still out paces supply is another hike in the median sales price (MSP), up by 7.52% last month when compared to February 2023. The MSP, which is the midway price of half of homes selling for more and half for less, now stands at $354,000 statewide.
Nationwide sales of single-family existing homes dipped 2.7% in February compared to 12 months ago. The National Association of Realtors (NAR) reported a national MSP of $388,700, up 5.6%.
Regionally, sales in the Northeast eased 7.7%, while the regional MSP reached $420,600—an increase of 11.5% since last February.
