April saw a healthy rise in the number of sales of existing single family homes in Maine according to latest industry figures.
Maine Listings reported a 17.51% increase in units sold last month when compared to the same month last year. It’s the third month straight to see a hike on home sales data.
A total of 933 properties were sold statewide in April. The median sales price (MSP) was also up year on year by 3.95% to stand at $382,000. The MSP indicates that half of homes sold for more and half for less.
Inventory in a local market that has been squeezed in recent times is also showing signs of easing. The number of available homes for sale was up 35% last month when compared to April 2023 and up by 17% on the March statistics.
With 3,114 active listings in April, supply is calculated at 3.3 months which is up over last year’s number of 2.9 months. A balanced market is seen as being 6 months availability so sellers are still seen as holding the balance.
Industry watchers predict with the seasonal nature of the local market the spring will further provide an uplift to the rising sales numbers trend in the short term.
According to the National Association of Realtors (NAR), sales of single-family existing homes across the country in April 2024 decreased 1.3% compared to April 2023. The national MSP of $412,100 represents a 5.6% increase.
Regionally, sales in the Northeast eased 4.0%, while the regional MSP increased 8.5% to $458,500 comparing April 2024 to April 2023.
