Maine has been experiencing a prolonged shortage of inventory. Portions of this can be attributed to COVID-19; however, limited supply has been an ongoing issue and precedes the limitations on public life caused by COVID-19. The 2020 selling season saw a marked decrease in supply as compared to previous years, which already had a lower supply. This has created rapid increases in sale prices, a large number of homes going under contract for significantly over list price, and a noticeable increase of contracts with clauses that require buyers to pay the difference between appraised value & contract price. The heightened level of demand & contracted supply has continued into 2021 & 2022.

Examining data from an annualized perspective can provide insight into local real estate markets; however, in times of rapid changes, other approaches can be helpful. Below is an analysis of local sales data from the last 90 and 180 days as compared to the same time periods from the year before. Examining market data in this way can highlight recent market changes in a way that an annualized approach can not.

Our monthly market update showcases everything you need to know about local real estate trends over the last month.