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Dava Davin's eyebrows raised when she took a look at home listings in the Portland location on Thursday. There were only nine single-family houses for sale in Portland and 5 in South Portland, the founder of Portside Real Estate Group told a property conference. "And if you like Yarmouth, well, think what?" Davin said.
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The average sales cost of a house in Maine increased to nearly $300,000 last year, a 21-year high, according to information released by the Maine Association of Realtors on Thursday. The number of homes sold statewide increased about 2 percent for the year compared to 2020, but in December sales dipped by 12.
This year is off to a rough start in regards to inventory. Listings in southern Maine, which includes Cumberland and York counties, were down more than 15 percent in early January. "It's going to get even worse before it improves," Davin said, adding the tight market needs to reduce towards the middle to end of this year.
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Land sales were up 85 percent given that 2019. Some 81 percent of apartments sold for over asking cost, while 76 percent of single-family houses did last year. The high-end home market provided unexpected data, with 760 homes throughout Maine offering for more than $1 million, triple the number in 2019.
Davin expects rates to keep rising this year, but they will remain in the single digits at around 7 percent instead of the double-digit rates of the previous year. Rates of interest might rise to about 3. 7 percent and moisten sales. Out-of- eXp Realty Canada