The Maine housing market showed signs of cooling in 2022, with far fewer single-family homes for sale in October than a year earlier and some big gains for sellers.
Here are five figures that show the ups and downs of the housing market.
That’s the number of single-family homes sold in Maine this year through October, according to data compiled by the Bangor Daily News from the Maine Association of Realtors.
The number is down 14 percentage points, compared to the same 10 months last year, when 16,873 homes were sold. It’s also down 29 percent, compared to the full year in 2021, when 20,401 homes were sold. The 2021 number is up just 2.4 percent from 2020 sales, reflecting a cool market trend despite persistently high prices.
This is the percentage price increase for five years on a home located near Trader Joe’s in Portland. Homes near markets including Trader Joe’s and Whole Foods tend to offer homebuyers high returns on investment, according to a new study from real estate information firm ATTOM Data Solutions.
The median value of homes near the Portland location is $530,832, with owners who sold in the third quarter of this year seeing profits of $281,250 on average. The Trader Joe’s in Portland’s Bayside district is Maine’s only convenience store.
The seaside mansion in Seal Harbor on Coxie Drive, a thoroughfare known for its multimillion-dollar properties, may be the most expensive home ever sold in Maine. It originally went on the market for $25 million in August, but even at a discount, it’s more expensive than the $19 million David Rockefeller previously sold on Mount Desert Island, just down the road, in early 2018.
This is the average sales price increase statewide for a single-family home in Maine this year. Less inventory has pushed up prices, with the median sale price rising nearly 14 percent to $332,000 from January to October, according to the Maine Association of Realtors.
The average price of $292,250 in January was up 14 percent from a year earlier and the price in October was up nearly 8 percent. So while prices are rising more slowly, they are still at record levels.
The percentage of fewer homes for sale in Maine in October than a year earlier, a number that had been declining as the Fed raised interest rates to stem inflation, causing mortgage rates to double from the start of the year to nearly 7. percent. This, along with high inflation, has caused more homeowners to stay.
Redvine said there were 1,754 homes in Maine for sale in October. At the same time, the number of days a home is on the market, which is also an indicator of market coolness, has increased to 36 days, up 20 percentage points, compared to last year. Nearly 31 percent of homes for sale saw a price drop in October, up 4 percentage points, from a year ago.