The May 2023 market update released by the Maine Association of Realtors is still showing that there is a strong need for more listings and the number of units sold remains significantly lower than pre-pandemic levels. From April 2022 to April 2023 we’ve seen a decrease in number of units sold by 30.53% state-wide. With the imbalance of supply and demand, we’re also seeing prices continue to increase with the April 2022 – April 2023 increase of 6.21% statewide. Looking at a rolling chart for the quarter which shows single family home sales for February, March, and April; units sold in Cumberland County are down almost 18% while prices are up 5.7%.
For more information on what’s happening in the market or in your specific county, reach out to your Realtor or call us for more information.