2024
Fall Update
Following the descent of an imaginary rock down the steep slope of the chart below, you can visualize points when the rock would take flight as it encountered a sharp spike only to continue its path downward. This chart focuses on the national trendline and helps to answer many questions, the most pressing being: why have prices not fallen?
The lack of sales does not correlate to a lack of demand. It’s not as nutty as it was during the pandemic, but it is not “normal” either as multiple offers are still common, especially for entry level homes. What is even more interesting is that in Maine the number of sales across the state in August has declined steadily for the past four years- an overall drop of 24% but not as steep a decline as the country as a whole- which saw a decline of 42%.
Unlike other parts of the country, Maine’s prices continue to rise, albeit at a slower pace. As shown in the following pages of the report, prices in southern Maine increased by single digits year-over-year. For sellers, it remains an excellent time to cash in on equity.
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THIRD QUARTER: 2023 vs 2024
The average appreciation of homes over the last century has been 4%, with spikes and dips along the way. Looking at the charts on the opposite page, you can see that the median sales price across Cumberland, York, and Androscoggin counties adhered more closely to that trend, while Sagadahoc saw a significant jump in its median price due to a couple of multi-million dollar sales in Georgetown.
High-end prices also drove up the sales volume in Cumberland and York counties. In York County, there were three sales over $5 million, including one contemporary compound in Kennebunkport with a main house and a “beach pavilion” that sold for $8.4 million!
Prices are a bit different in Androscoggin County, but they are rising as buyers priced out of the more southern counties move north and inland. The highest-priced sale there was $1.9 million for a lakefront house on Thompson Lake, where properties often trade off-market. Prices are also increasing in Auburn and Lewiston, where 15 homes sold for over $500,000. In the same period in 2019, there were only three sales, and those homes were waterfront.
The increasing days on market have provided some breathing and thinking space for buyers, who, during the pandemic, often felt compelled to write offers immediately after viewing a property. Anecdotally, home inspections are now more common, giving buyers a chance to discover unknown defects before purchasing a property and negotiate repairs.
COUNTY STATISTICS
THIRD QUARTER 2023 VS 2024
ABODE Group Sales
Year to Date
84 Homes Closed and Pending $43 Million in Volume