The Maine housing market has shown signs of cooling in 2022, with far fewer single-family homes for sale in October compared with the previous year and some big wins for sellers.
Here are five figures showing the ups and downs of the housing market.
That is 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 figure is down 14 percentage points, compared with the same 10 months last year, when 16,873 homes were sold. It is also down 29 percent, compared with the full year in 2021, when 20,401 homes were sold. The 2021 number was up only 2.4 percent from 2020 sales, reflecting a cooling market trend despite ongoing high prices.
This is the five-year price appreciation percentage in a home located near Trader Joe’s in Portland. Homes near markets including Trader Joe’s and Whole Foods tend to provide high returns on investment for homebuyers, according to a new study by real estate information company ATTOM Data Solutions.
Average home values near the Portland location are $530,832, with owners who sold in the third quarter of this year seeing $281,250 on average in profits. The Trader Joe’s in Portland’s Bayside area is the only store in Maine.
A seafront mansion in Seal Harbor on Cooksey Drive, a road known for its million-dollar properties, might be the most expensive home ever to be sold in Maine. It originally went on the market for $25 million in August, but even at the reduced price it is more expensive than the $19 million that David Rockefeller’s former Mount Desert Island estate, on the same road, sold for in early 2018.
That is the median sales price rise statewide for a single-family home in Maine this year. Low inventory kept prices higher, with the median sales price rising almost 14 percent to $332,000 from January to October, according to the Maine Association of Realtors.
The $292,250 median price in January was up 14 percent from the previous year and the price in October was up almost 8 percent. So while prices are rising more slowly, they remain at record highs.
The percentage of fewer homes for sale in Maine in October, compared with the previous year, a number that has been declining as Federal Reserve Bank rate hikes aimed at stemming inflation have caused mortgage interest rates to double from the beginning of the year to almost 7 percent. That, coupled with high inflation, caused more homeowners to stay put.
Redfin said there were 1,754 Maine homes for sale in October. At the same time, the number of days a home is on the market, also an indicator of a cooling market, rose to 36, up 20 percentage points, compared with last year. Almost 31 percent of homes for sale saw price decreases in October, up 4 percentage points, compared with last year.