Maine Housing Market: November 2024 Analysis
The Maine housing market in November 2024 presents a complex landscape, characterized by a mix of declining prices and increasing sales activity. The Median Sales Price for homes in Maine stands at $403,100, reflecting a year-over-year decrease of 2.8%. This decline in sales price is mirrored by the Median List Price, which has dropped by 5.8% to $394,200. Despite these decreases, the market shows resilience in other areas.
One notable trend is the increase in the median Price Per Square Foot, which has risen by 7.2% to $250. This suggests that while overall prices are down, the value of space is appreciating. Similarly, the Median List Price per square foot has increased by 9.7% to $255, indicating a strong demand for quality space despite the broader price reductions.
Sales activity in Maine is robust, with 1,496 Homes Sold, marking a 3.0% increase from the previous year. Pending Sales have surged by 12.6% to 1,531, suggesting continued momentum in the market. New Listings have also increased by 10.1% to 1,362, providing more options for buyers and contributing to the overall inventory growth.
The Inventory of Homes Available for sale has expanded significantly, up 39.8% year-over-year to 4,603 units. This increase in inventory has led to a substantial rise in the Months of Supply, which now stands at 3.10 months, an 80.0% increase from last year. This indicates a shift towards a more balanced market, with more choices available for prospective buyers.
Homes in Maine are spending more time on the market, with the Median Days on Market increasing by 14.0% to 44 days. This extended time on the market may be a result of the increased inventory and the adjustments in pricing strategies by sellers.
The average sale to list ratio has decreased slightly to 98.1%, down 1.3% from last year, indicating that homes are selling closer to their list prices. The percentage of Homes Sold above list price has also declined by 6.5% to 30.6%, reflecting a cooling in competitive bidding situations.
Price Drops are occurring in 20.1% of listings, a decrease of 5.5% from the previous year, suggesting that sellers are adjusting their expectations in response to market conditions. Additionally, the percentage of homes going off the market within two weeks has decreased by 3.3% to 36.5%, indicating a slower pace of transactions.
Overall, the Maine housing market in November 2024 is characterized by declining prices but increased sales activity and inventory. This dynamic suggests a market in transition, with opportunities for both buyers and sellers to navigate the changing landscape effectively.
