Stunning Gains in September - Number of Maine Homes Sold Was Up 22.78%, Home Values Up 19.56%! (Saco: real estate market, mortgage)

[WhoFanMe]

September Update - Sales in Maine were down 9.7% over 2020. The median sales price statewide reached $320,000, up 16.9% from September 2020. In Cumberland County, the median sales price held steady $449,950 20% higher than September 2020. York County came in at $400,000. Aroostook County continues to be the state's most affordable, the median sales price was $121,250, up from 110,000 in September 2020.

[mainebrokerman]

Still many good deals
Download the realtor.com app
And create a few searches
The new listings will be sent to you

[New place]

Do you really think prices will continue to increase into 2022 . . .and when will "what goes up must come down?"


Thanks for your thoughts on this!

[OutdoorLover]

Originally Posted by New place

Do you really think prices will continue to increase into 2022 . . .and when will "what goes up must come down?"


Thanks for your thoughts on this!

I've got no crystal ball to predict the future with great clarity, especially when it comes to timing; far more knowledgeable people than I regularly make fools of themselves with their professional predictions.

But the economy more generally experiences cycles - stock market, job market, housing market, and often tied together - that's what it does. So I think it's safe to say there *will* be a significant economic downturn, there always is. Job security will be thin, and consumers will get nervous and huge layouts on home purchases will in turn slow considerably and asking prices will have to fall to drive sales. This is in my opinion a question of when, not if.

But in the end, like the stock market and the job market, the housing market always recovers and prices will recover and exceed earlier highs after getting knocked down for a spell.

[WhoFanMe]

Originally Posted by New place

Do you really think prices will continue to increase into 2022 . . .and when will "what goes up must come down?"


Thanks for your thoughts on this!

Yes I do, but not 20% year over year. I believe that we've hit a new baseline and those who bought in 2021 will be happy with their prices 5-10 years out. There is just too much demand and too little supply and that's not changing anytime soon. Should interest rates rise considerably and not modestly, that could slow demand, but I don't see that happening.

[svband76]

Originally Posted by mainebrokerman

Still many good deals
Download the realtor.com app
And create a few searches
The new listings will be sent to you

I agree. The touristy hotspots will be wildly overinflated and get it, but out of the way places in the rural areas away from the coast will still be affordable to the common folk.

[Jellybean50]

I would love to know the Washington County statistics.

To me, the prices are up "a bit," but nothing stays on the market long enough to even think about if you want to buy it!

We moved up here in 2018 and want to downsize - and i save homes on Realtor. com. Usually in a day or two they are Pending. It's crazy.

This is especially true for anything small and one-story. Slim pickins. I hate to have to leave this county but we really don't want or need a second story.

[WhoFanMe]

For Washington County, in the quarter ended October 31st 176 single family homes were sold vs. 200 in the year ago quarter, a decrease of 12%. The median sales prices for those homes was $181,500 vs. $168,500 a year ago, an increase of 7.7%.

[WhoFanMe]

Final Numbers for 2021 - Existing Single Family Homes Sales Up 2.4% Over 2020, Median Prices Up 16.8%. Median Sales Price for Maine - $299,000, Cumberland County - $434,900, a 19% Increase over 2020. https://www.mainerealtors.com/wp-con...December21.pdf

[WhoFanMe]

For January - the median sales price statewide was $292,250 - a 14.5% increase over January 2021. Number of home sales dropped 7.2% from January of 2021, reflecting the shortage of homes available for purchase.