Local Maine real estate market report, what the property listings and sales numbers show for a trend.
This blog post is about the current Maine housing market. New listings, sold data, how long a typical house sale is taking in Maine today. How individual areas of Maine's real estate market are percolating and why they are behaving that way. Too early yet, it remains to be seen what the Coronavirus COVID-19 will do to the next Maine real estate market report.
The average list price for Maine real estate residential listings is year to date up 7.32%. The supply of inventory was 4.8 months worth on the statewide MLS conveyor belt a year ago. Today that cookie jar is down to 3.71 months of real estate residential listings. The sales price for Maine houses is up 3.82% for single family residences. But stay tuned for how the Coronavirus and counter measures impact those numbers we report on in the next blog post installment.
Today looking back over our shoulder the last twelve months, statewide residential housing listing numbers show the DOM (days on market) is down 17.35%. The home listings are taking less time to slide over from the pick me please, I'm available into the SOLD column.
Maine has lots of affordable housing inventory but local jobs for people to make the payments is always part of the two step dance music that is happy, sad or "meh" in between.
Employment opportunities, the local pay scale and hourly wage play a huge part in keepinng the lid on the single family housing market. How things shake, rattle and roll in just the residential category of Maine real estate listing sales today is what you will get in this market report blog post. That kind of news is very important to home buyers, house sellers, investors, bank appraisers, government officials, the agents and brokers working hard day and night down in the trenches.
The strength or weakness of the local Maine real estate market affects a person's life and financial health.
Serious stuff. It is not like just small talk banter to fill time about the weather in conversations either. How long is it taking to sell a house in Maine? What are Maine homes selling for today? Everywhere the real estate professional goes in their travels, the same important question gets asked over and over. How's the Maine real estate market today? People want to know. The local media tries to give it attention but a clever sound bite, a less than 30 second synopsis does not do it justice.
The real estate market report is pertinent to where you live and the same forecast in the greater Portland metro does not play out so well in St Agatha or Vanceboro or Greenville Maine housing market.
Active, under contract, an increase or decrease in supply of real estate housing listings is used like a doctor or nurse monitors a patient. Your real estate home listing lives and breathes in a unique set of market conditions wherever it is in Maine and this market report information is vital.
To know when you the seller should make a price reduction to help the process and not wait for one brave soul to make an offer to get you to consider taking less to get to a real estate closing for a sale. The real estate market absorption rate, when there is a healthy six month supply of inventory you look at pricing one way. When the absorption rate shows a shortage or glut of listings. That important statistic signals what to expect ahead and dictates what needs to be done with the property pricing to cause it to sell when others do not.
Real estate market report statisitics always fill columns county by county in Maine with the actual sold price compared to the listing figure.
The one tacked on to the home in the beginning of the process and that proactive sellers and agents / broker hopefully adjust a tad along the way. That ratio number also is all important to know what the current Maine real estate market is looking like and what your buyer or seller should know to make moves in it. When home listings are flying off the shelf, when multiple offer situations and bidding wars occur, that behavior says something about the current housing market in Maine.