Mooers Realty Maine Real Estate Blog
Residential Maine Real Estate Market Report
The residential real estate market report for Maine in May, what is happening on the property listing buying and selling scene today?
Like the weather, it is not quite wait twenty minutes for conditions in the local and statewide real estate market to shift radically. Aroostook County is the top "crown of Maine"' and a smaller rural real estate market that does not just deal in residential listings. Being a little ways up Interstate 95 insulates our corner of the World.
Maine land sales are a big component in our local real estate market numbers. It is not just homes or houses that are bought and sold. Marketing time extends. But prices do not spike wildly up and down in small rural Maine real estate markets. The only exception can be waterfront... because there is never enough. Only so much made of the Maine waterfront real estate flavor.
Houlton Maine is the cross roads for US RT 1, 2, 2A. Aroostook's County seat and oldest town is where I-95 connects to the Trans Canadian highway to the Atlantic Maritimes.
Small rural markets off the beaten path behave differently than the hustle bustle fast paced ones more populated areas experience. And what is listed and sold is not just homes and houses. Large population areas are colder, more impersonal and not everyone makes eye contact. We hear that observation a lot from folks relocating to small town, home grown friendly Maine communities.
So the residential real estate market report for the state of Maine as of today's sneak a peek at the numbers.
But please note, when talking the Maine real estate market report, remember there is a way of difference between say Portland and Houlton Maine. Apples to apples in the sizing up a pair of properties shows the following contrast.
The average house price of say $71,000 in Houlton residential market translates into over $212,000 for the same house in Portland Maine. Interesting huh? When someone says they have been to Maine, I always ask where abouts. The response can make an inner smile form because what's coming is already known.
Just ventuing up to Kittery or spending one long weekend in the Wells or York Beach area of the coastline is not really sampling all of what Maine offers. My advice is to wander deeper, to leave a little earlier. To build more time to sample more of real, pure Maine after the little longer travel time is logged behind the wheel. To access this neat unspoiled state dubbed Vacationland.
Being closer to population centers is a big part of the real estate market value difference. The further north you travel up into Maine, the price tags lose weight and lighten up proportionately.
In Maine today, for the month of May there are 1293 active properties on the market. This number compares to 1943 real estate listings a year ago at the same time. That market inventory figure represents a 33.5% change in volume. This month of May 2019, there are 294 new listings on the Maine real market.
Last year for the same month, Maine had 329 new properties put up for sale in the online inventory.
This shift represents 10.6% less new real estate listings at the hunt and peck of this Maine real estate blog post. For a future blog post update on the real estate market, the focus will be land, waterfront, owner financed listing sales, etc segments of what is bought and sold. Stay tuned.
Sold properties for the month of May 2019 total 239 units. Last year, 249 sold real estate listings is what the numbers showed. The comparison shows 4% less activity for sold properties. Sale pendings for this year log in at 250 under contract real estate listings in Maine.
Which is off 3.8% looking back at the 260 listings put under contract for this same calendar period.
Both sold and sale pending property listings are down 7% comparing this year looking back to 2018's real estate market statistics.
The average state of Maine list price this year of $326,038 is up. Comparing to $300,681 ahead of last year which is an increase of 8.43%. The average Maine real estate listing sale price for 2018 and same period in 2019 is very close. $251,832 this year compares to the average sale price figure of $251,339 for back in May of 2018.
Squinting at the real estate buy and sell property numbers cranked out by Maine Listings people.
The median days on the real estate market for a new listing is 57 days for 2019 and the calculations for 2018 show 59 days to close. That's a quick peek at the state of Maine real estate market for May of 2019. Maine is a small rural state with less numbers of people and more miles to cover all of Vacationland.
Residential Maine real estate market reports. They are pretty plain jane simple and not so up or down in small rural markets of Maine. Less people, less problems and no traffic, no crime is what you find in this beautiful four seasons New England state on the Canadian border.
When you are in the market to buy or sell, it is smart to know what is happening around you property wise.
Market conditions affect the listing sales process. That's a quick look at the current Maine real estate property listings numbers for today to show what's up and how things compare from 2018 t 2019.
Thinking of buying, selling, trading your Maine property? Here to help and we start by listening to what your real estate needs are today to advise and direct best.
MOOERS REALTY 69 North ST Houlton ME 04730 USA