April Update 2024

Dated: April 7 2024

Views: 16


Hot Topic

You may have heard about the Federal Antitrust Settlement that is impacting the real estate industry.  Check out this video for information about how it applies to buyers and sellers in Maine.
Impact in Maine from the Federal Antitrust Settlement

First Quarter by the Numbers

Pricing:
The median sales price reached $500,000 in Q1 2024, reflecting an 11.1% year-over-year increase from Q1 2023. This significant double-digit price appreciation underscores the strong upward pricing pressure persistent in the market.

Inventory Levels:  
Active inventory rose 4.7% compared to Q1 2023 levels, with 916 listings available at the end of the quarter. While inventory remains constrained by historical standards, the modest uptick provides slightly improved options for buyers.

Sales Volume:
Closed sales volume of 733 transactions represented a 1.4% year-over-year gain. Despite the increase, sales activity continues to be dampened by multi-year low inventory levels of available homes.

Cash Buyers:
A notable trend in Q1 2024 was the high percentage of all-cash buyers at 39.6% of closed sales. The prevalence of cash transactions is supporting resilient pricing amid higher mortgage rates, though data on post-purchase financing is limited.

Outlook:
Given the persistent supply-demand imbalance, with robust buyer demand outpacing the constrained housing supply, continued price appreciation is anticipated.
A potential easing of interest rates could drive increased buyer participation in the market.

Planning for the eclipse... 

Do you have a plan for Monday's eclipse?  We have front row seats in Maine and the forecast is looking good!  If you haven't yet - check out the info on NASA's site! 
We would also love to see your photos.  Send them our way and we will feature them on social and in future communication.  Have fun! 😎

Latest Listings

Check out available properties throughout our market area in Maine!  Interested in keeping track of a specific area for a search?  Let us know and we'll set it up for you!  
Interested in keeping track of values as they impact your investment?  Receive a Market Report for relevant sales in your town.  
Check your home's value now!

BUCKSPAN DEERING TEAM

Phone: 207-956-0295
Email: derrick@mainepropertysource.com
Website: mainepropertysource.com
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Derrick Buckspan

With over 20 years of experience in real estate and a background in building teams, Derrick and his team continue to achieve award-winning success for each and every client. In the wake of the pande....

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