The latest Maine Listings real estate report provides further evidence that the state’s housing market is in shift mode.
Data for September revealed a year-over-year drop in prices paid, underlining that the market is moving to a more balanced situation following an elongated period in which sellers held the upper hand.
The good news for buyers is that more homes on the market have increased competition among sellers, who are seeing time on market go up. The shift in supply and demand has placed downward pressure on pricing. Buyers, who are further buoyed up by more favorable interest rates, now have more choice and time to consider their options.
The median sales price, or MSP, of $402,500 for September was down 1.35% from 12 months ago. It is the second time this year that year-over-year prices have dipped, and only the second time since March 2019, according to the Maine Listings report.
The number of home sales for September compared to September of last year was actually up statewide by 5.12% – an indication, though, that while shifting, the market remains fluid.
The National Association of Realtors, NAR, reported a 4.5% uptick in sales across the country and a price increase of 2.3%. The national MSP now stands at $420,700.
Regionally in the northeast, sales were up 4.3% and the regional MSP rose 4.1% year-over-year to $500,300.
