Stunning Gains in September - Number of Maine Homes Sold Was Up 22.78%, Home Values Up 19.56%!

[WhoFanMe]

Time to update this thread with August 2023 numbers: Sales of Existing Family Homes fell by nearly 19% from August of 2022, median sales price was up to $372,000, a increase of 9.4%. Highest Median Sales price was in Cumberland County at $550,000 and Aroostook County came in the lowest at $151,000.

[katharsis]

Originally Posted by WhoFanMe

Time to update this thread with August 2023 numbers: Sales of Existing Family Homes fell by nearly 19% from August of 2022, median sales price was up to $372,000, a increase of 9.4%. Highest Median Sales price was in Cumberland County at $550,000 and Aroostook County came in the lowest at $151,000.

Those are very interesting numbers. Thanks for posting.

So I would take that to mean that higher priced homes are selling but more modest homes are not -- or are people in lower-priced homes just staying put and not even trying to sell?

I am also wondering if more people from other states are moving to Maine, meaning that they might have more equity from selling their homes in other states to buy more expensive homes in Maine. (?)

[WhoFanMe]

Originally Posted by katharsis

Those are very interesting numbers. Thanks for posting.

So I would take that to mean that higher priced homes are selling but more modest homes are not -- or are people in lower-priced homes just staying put and not even trying to sell?

I am also wondering if more people from other states are moving to Maine, meaning that they might have more equity from selling their homes in other states to buy more expensive homes in Maine. (?)

Not necessarily. A house in Cumberland or York Counties in good condition and a good location priced below $700,000 will have multiple offers with contingencies waived and go under contract in days. Cash or conventional loans have preference with sellers as the appraisal standards are looser than for loans backed by the government (VA/RD/FHA, etc.). This week I had a buyer offer $30,000 over list price on a 28 year old, one owner home with contingencies for conventional financing and building inspection and lose to another offer; theirs was one of four and not forty as was the case during covid. The house is priced competitively in the neighborhood, and will pull up values for all of its peers as a new baseline. This is something that hasn't changed since before covid and I don't see an end in sight until supply become more in line with demand. I do see a cooling in buyer demand at the entry level as many can't afford $3500 monthly mortgages with Maine salaries, which might dampen price appreciation as we move through the winter months.

Those who are holding mortgages below 4% or 3% or own their homes outright are reluctant to trade those in for 7% or higher mortgages unless they absolutely need to move. And yes there are many from other states moving to Maine, attracted by the ability to work from home and our quality of life.

[WhoFanMe]

Final 2023 numbers: Sales of Existing Family Homes fell 19.1% from 2022, median sales price was up to $360,000, a increase of 7.5%. Highest Median Sales price was in Cumberland County at $531,111 and Aroostook County came in the lowest at $150,000.

Source: Maine Real Estate Information System, Inc. (d/b/a Maine Listings).

[svband76]

Originally Posted by WhoFanMe

Final 2023 numbers: Sales of Existing Family Homes fell 19.1% from 2022, median sales price was up to $360,000, a increase of 7.5%. Highest Median Sales price was in Cumberland County at $531,111 and Aroostook County came in the lowest at $150,000.

Source: Maine Real Estate Information System, Inc. (d/b/a Maine Listings).

So, people buying more land, less existing houses? More people from away hoping to build?

[WhoFanMe]

Originally Posted by svband76

So, people buying more land, less existing houses? More people from away hoping to build?

Not necessarily. The issue, and not limited to Maine, is that most homeowners have mortgages below 4% and aren't excited about trading up for 6%-7%.