AUGUSTA — Buyers of single-family existing homes across Maine are still encountering a lower-than-normal inventory of homes available for purchase. According to Maine Listings, 1,289 homes changed hands in November, a decline of 28.7 percent from November one year ago. The median sales price for homes sold reached $325,000 — up 8.3 percent from November 2021. The MSP indicates that half of the homes were sold for more and half sold for less.

“While demand remains steady for Maine’s tight for-sale inventory, increased mortgage interest rates, coupled with the typical holiday slowdown, have impacted the market,” says Madeleine Hill, 2022 president of the Maine Association of REALTORS and designated broker at Roxanne York Real Estate in Harpswell. “For-sale inventory remains historically low with 13 percent fewer homes on the market in November 2022 compared to last month – and 58 percent fewer homes for sale than pre-pandemic November 2019.”

Nationally, sales are down 35.2 percent in November 2022 compared to November 2021. The National Association of Realtors has also reported that the national MSP reached $376,700 in November, an increase of 3.2 percent in a year. Sales in the regional Northeast dipped 28.4 percent and the regional MSP of $394,700 represents a rise of 3.5 percent comparing November 2022 to November 2021.

“REALTORS continues to educate sellers and buyers about their local market conditions in terms of the availability of for-sale inventory, housing values, financing costs, and the long-term advantages of home ownership,” adds Hill. “For qualified buyers, home ownership remains a solid financial and quality of life investment. With nearly 1,300 sales, November 2022 was the 7th best November in the 22 years of available records.”