While it might be hard to imagine looking at prices alone, Maine home sales increased strongly for the third consecutive month in April.
This is the first time Maine has seen such an increase since early 2021, which is likely due to increased inventory.
Current listing information shows single-family home sales statewide are up more than 17 percent.
The average sales price of these homes reached $382,000, an increase of about 4 percent from April 2023.
In April, there were more than 3,000 active listings.
The supply of single-family homes was about 3.3 months’ worth, up from 2.9 months’ worth last year.
“Unfortunately, a buyer’s market has a seven-month supply and a balanced market has a six-month supply. So with 3.3 months of supply, it’s still a strong seller’s market,” said Paul McKee, president of the Maine Association of Realtors.
Nationwide, sales of existing single-family homes in April 2024 were down 1.3% from April 2023, according to the National Association of Realtors.
Qualified buyers are actively searching for properties and are ready to purchase homes when they come on the market.
The association said Maine is on the brink of its most active month for real estate transactions, and any surge in people selling their homes will be reflected in statistics over the coming months.
