For the second month in a row, both Cumberland and York Counties saw a 20%+ increase in new listings compared to the same month a year ago!
Median sales price and sold listings trended in different directions in May, with Cumberland County showing an increase in median sales price and a slight decrease in sold listings, while York County saw a slight decrease in median sales price and an increase in sold listings.
In the news this month, a Maine Department of Labor report points to remote workers being one of (emphasis mine) the reasons housing prices are increasing. While not surprising, there is now official data to back up our assumptions. No matter the root cause, the continued climb in home prices all comes down to a simple supply and demand imbalance. The 20%+ increase in new listings for the second month in a row is a promising sign that this might be moving towards balancing out.
We will keep you updated on trends as we head into the summer months.
