Maine Housing Market Analysis - August 2024
The Maine housing market in August 2024 presents a nuanced landscape with several key indicators showing varied trends. Below is a detailed analysis of the current market conditions.
Median Sales and List Prices
The Median Sales Price for homes in Maine stands at $414,000, reflecting a slight decrease of 0.6% year-over-year (YoY). Similarly, the Median List Price has dropped by 4.6% YoY, now at $412,600. This decline in listing prices suggests a potential softening in seller expectations or a response to market conditions.
Price Per Square Foot
Despite the overall decrease in median prices, the median Price Per Square Foot has increased by 6.4% YoY to $258. The Median List Price per square foot has also risen by 7.6% YoY, reaching $262. These increases indicate that while overall prices may be slightly down, the value attributed to the space within homes is appreciating.
Sales and Inventory
The number of Homes Sold in August 2024 is 1,787, marking a modest increase of 1.4% YoY. However, Pending Sales have decreased by 3.0% YoY, totaling 2,075. New Listings have surged by 14.8% YoY, with 2,526 new properties entering the market. Inventory levels have seen a significant rise of 43.6% YoY, now at 5,190 homes. This increase in inventory is further reflected in the Months of Supply, which has grown by 80.0% YoY to 2.9 months, indicating a shift towards a more balanced market.
Market Dynamics
The Median Days on Market for homes in Maine is 33 days, up by 9.0% YoY. This suggests that homes are taking slightly longer to sell compared to the previous year. The average sale to list ratio has decreased by 1.7% YoY to 99.2%, indicating that homes are selling closer to their list prices but with a slight reduction. The percentage of Homes Sold above list price has dropped by 10.7% YoY to 35.5%, highlighting a decrease in competitive bidding.
Price Adjustments and Off-Market Trends
The percentage of Price Drops has seen a minor increase of 0.3% YoY, now at 30.1%. This suggests that sellers are making more price adjustments to attract buyers. Additionally, the percentage of homes going off-market within two weeks has decreased by 5.7% YoY to 45.6%, indicating a slower pace in the market.
In summary, the Maine housing market in August 2024 shows a mix of declining median prices and increasing Price Per Square Foot, coupled with rising inventory and New Listings. These trends suggest a market that is adjusting to changing conditions, with potential opportunities for both buyers and sellers.
