Sales values still continue to rise in both Cumberland and York counties, though much more dramatically in Cumberland County with a 17% increase vs. a 5.1% increase in York County. Interesting to see is the number of new listings actually increased year-over-year for both counties! Our team has seen more activity with listings the past few weeks as sellers are trying to get their homes listed before the snow flies.
Two pieces of media came out this past month which indicate there is really no end in sight for rising sales prices as buyers are feeling the pinch with rising interest rates and a limited supply of inventory.
Many news outlets reported on MaineHousing's State of Maine Housing Production Needs Study report whose major takeaway was that Maine needs 84,000 newly built homes over the next seven years to accommodate both existing residents and expected growth. If you break it down, that's 1,000 homes per month, a growth rate that's nearly double what we're seeing today.
The Bangor Daily News published this article which quotes a Zillow report showing that the Augusta-Waterville area is predicted to have the 11th highest largest home value increase in Census areas in the nation at 9.1% by August. That same report predicts the Lewiston metropolitan area will see a 7.9% increase in values and Portland metropolitan area a 7% increase by August.
Global events can also play a role in home prices and the economy as a whole, and it is yet to be seen what will result from the recent unrest in the Middle East.
We will continue to keep an eye on the market and update you as we enter into the colder months.
