May Market Report

May Market Report

  • Derek Goff
  • 05/20/24



The story for April: more inventory! Cumberland County saw an almost 20% increase in new listings compared to a year ago, while York County saw a 27.8% jump. Sold data (and sales prices) lag behind new listings by 2 to 6 weeks, so while we saw prices remain somewhat stagnant in April, it’s too soon to say whether there is a balancing of supply and demand.

In the news this month are a couple of ways Maine communities are trying to address the lack of supply. This article details how MaineHousing and Nesterly are partnering to pair homeowners, mostly retirees and empty nesters, with younger adults looking for an affordable place to live.

This article discusses how towns are approaching development as "smart growth," where towns are designating parts of their communities as "growth zones"to help maintain forests and farmlands. While this may limit some development, it aims to streamline future development and limit "NIMBYism" by directing development to a community’s growth zone.

At the University of Maine, they just unveiled an even larger 3D printer than the one they previously constructed, which held the record for the largest in the world. They hope to help address the housing supply issue by constructing houses with both 3D printers.

Meanwhile, Portland was named the best city in the country for working remotely and the top U.S. luxury hot spot for the third quarter in a row.

While we are seeing some unique ideas on how to address the supply issue, Maine towns being featured on "best of" lists help increase demand. We will keep you updated on trends as we head into the busier months of real estate in Maine.

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