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Dava Davin's eyebrows raised when she looked at house listings in the Portland area on Thursday. There were just nine single-family houses for sale in Portland and 5 in South Portland, the founder of Portside Property Group told a property conference. "And if you like Yarmouth, well, think what?" Davin stated.
The average list prices of a house in Maine rose to practically $300,000 in 2015, a 21-year high, according to information launched by the Maine Association of Realtors on Thursday. The variety of homes sold statewide rose about 2 percent for the year compared to 2020, however in December sales dipped by 12.
This year is off to a rough start in regards to stock. Listings in southern Maine, which consists of Cumberland and York counties, were down more than 15 percent in early January. "It's going to get worse prior to it improves," Davin stated, adding the tight market needs to alleviate toward the middle to end of this year.
Land sales were up 85 percent because 2019. Some 81 percent of condominiums cost over asking rate, while 76 percent of single-family houses did in 2015. The high-end home market provided surprising statistics, with 760 houses throughout Maine costing more than $1 million, triple the number in 2019.
Davin anticipates prices to keep increasing this year, however they will be in the single digits at around 7 percent rather than the double-digit rates of the past year. Rate of interest might increase to about 3. 7 percent and moisten sales. Out-of-state purchasers will continue to pertain to Maine, and there will be development in rural genuine estate, she forecasted.
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