PORTLAND, ME (October 22, 2022) – Legacy Properties Sotheby’s International Realty, Maine’s leading luxury property company, with offices in Portland, Kennebunk, Brunswick, Damariscotta, Camden, and Northeast Harbor, announces that home prices may be stabilizing, according to the Maine Association of Realtors. Sales remain strong; Maine Listings today reported a median sales price (MSP) of $330,000 for the 1,890 single-family existing homes sold in September. The MSP indicates that half of the homes were sold for more and half sold for less. Comparing September 2022 to September 2021, sales did ease 8.56, through demand for homes resulted in a price increase of 3.13 percent.
“Nearly 1,900 homes were sold during September, the third best September in the 20 years since we’ve been keeping records” says Madeleine Hill, 2022 President of the Maine Association of REALTORS® and Designated Broker at Roxanne York Real Estate in Harpswell.
“For-sale inventory had been trending upward, but strong September sales slowed that momentum,” added Hill, “and demand remains active.”
The National Association of Realtors reported a 23 percent decline in sales nationally in September 2022 compared to September 2021. The national MSP rose 8.1 percent to $391,000. Regionally, sales dipped 18.7 percent and the regional MSP of $418,500 represents an increase of 8.3 percent comparing September 2022 to September a year ago.
“As we move into the 4th quarter, the silver lining of rising mortgage interest rates and the inflation-driven volatility of financial markets may be the stabilization of home sales prices,” says Hill. After 25 consecutive months of double-digit pricing increases, both August and September 2022 came in with single-digit price appreciation. Overall, REALTORS® across Maine are feeling a leveling in the marketplace.”
Below are two charts showing statistics for Maine and its 16 counties. The first chart lists statistics for the month of September 2021 and 2022 only, statewide. The second chart compares the number of existing, single-family homes sold (units) and volume (MSP) during the rolling three months of July, August and September (2021/2022).
Legacy Properties Sotheby’s International Realty can be reached at 207-780-8900 and [email protected]. Legacy Properties Sotheby’s International Realty, with offices in Portland, Kennebunk, Brunswick, Damariscotta, Camden, and Northeast Harbor, is Maine’s leading luxury and lifestyle property company with more than 90 agents and six offices serving Maine coastal communities from York County to Hancock County as well as Seacoast New Hampshire.
Offices Located at:
- 2 City Center, Portland, ME 04101 // 207.780.8900 (Greater Portland Maine Real Estate)
- 150 Port Road, Kennebunk, ME 04043 // 207.967.0934 (Southern Maine and Seacoast New Hampshire Real Estate)
- 141 Maine Street, Brunswick, ME 04011 // 207.729.2820 (Mid Coast Maine Real Estate)
- 170 Main Street, Damariscotta 04543 // 207.563.2775 (Boothbay Harbor, Damariscotta and Bristol Regions Real Estate)
- 46 Bay View Street, Camden, ME 04843 // 207.230.1003 (Camden, Rockport, and Knox and Waldo County Real Estate)
- 6 Neighborhood Road, Northeast Harbor, ME 04662 // 207.780.8900 (Mount Desert Island, Hancock and Washington County Real Estate)
