Maine homebuyers took advantage of a rise in listings, driving up home sales despite elevated prices.
According to new data from the Maine Association of Realtors, a total of 933 single-family homes were sold last month, up 17.5% from the 794 sold in April 2023. The state’s median sales price was $382,000 in April, up by 3.95% from the $367,500 one year earlier.
“For the third consecutive month, the number of sales, year-over-year, has increased,” said Paul McKee, 2024 president of the realtors group and a broker affiliated with Keller Williams Realty in Portland, “This is the first time we’ve seen this since early 2021, and is likely due to availability. For-sale inventory was up 36% in April 2024 compared to a year ago and up 17% percent compared to a month ago. Qualified buyers are actively searching and are ready to purchase when homes are listed for sale. As we head into Maine’s busiest months for real estate activity, if we experience a spring surge of sellers listing their homes, the statistics will likely show an increase of sales over the coming months. With 3,114 active listings in April, there is about a 3.3-month supply of for-sale single-family properties—an improvement over last year’s 2.9-month supply.”