Maine Housing Market: September 2024 Analysis
The Maine housing market in September 2024 presents a complex landscape characterized by rising prices and increased inventory. The Median Sales Price for homes in Maine reached $415,100, marking a modest year-over-year increase of 0.3%. In contrast, the Median List Price saw a more significant rise of 7.0%, reaching $438,800. This disparity suggests a growing gap between seller expectations and buyer willingness, potentially leading to longer negotiation periods.
Price Per Square Foot metrics further illustrate the upward trend in property values. The median Price Per Square Foot increased by 7.6% to $258, while the Median List Price per square foot rose by 10.9% to $271. These figures indicate a robust demand for space, despite the overall increase in property prices.
Sales activity in Maine has shown positive momentum, with 1,747 Homes Sold, reflecting a 4.0% increase from the previous year. Pending Sales also experienced a notable rise of 9.9%, totaling 2,050. This uptick in sales activity is supported by a significant influx of New Listings, which increased by 16.3% to 2,175. The Inventory of Homes Available for sale surged by 40.9% to 5,276, providing buyers with more options and potentially easing some of the competitive pressures seen in previous months.
The Months of Supply, a critical indicator of market balance, increased dramatically by 80.0% to 3.0 months. This shift suggests a move towards a more balanced market, where supply is beginning to catch up with demand. However, the Median Days on Market rose by 10.0% to 37 days, indicating that homes are taking longer to sell, possibly due to the increased inventory and higher list prices.
In terms of pricing dynamics, the average sale to list ratio decreased by 1.5% to 98.6%, suggesting that buyers are negotiating more aggressively. The percentage of Homes Sold above list price dropped by 9.4% to 32.7%, further indicating a shift in bargaining power towards buyers. Additionally, the proportion of Price Drops decreased slightly by 1.5% to 27.9%, while the percentage of homes going off the market within two weeks fell by 6.2% to 40.2%.
Overall, the Maine housing market in September 2024 is characterized by rising prices and increased inventory, with a shift towards a more balanced market. While sellers continue to benefit from higher list prices, buyers are gaining leverage through increased inventory and longer negotiation periods. This evolving dynamic suggests a market in transition, with potential opportunities for both buyers and sellers in the coming months.
