In April, we shared with you an update on the current real estate market. which was, and still is, a Seller’s Market. Houses are entering the market, receiving multiple bids, and selling quickly, often under one week. This is great for sellers but is proving to be difficult for buyers because decisions must be made quickly, and buyers are bidding against each other driving up the prices.
“A strong 2019 will be dependent on the number of existing homeowners looking to sell. These existing owners are also impacted by the limited inventory and are hesitant to put their homes on the market because they’re not readily finding their next housing option.”
In a market update from MaineBiz on May 22, 2019, they shared that sales of single family homes in Maine have risen by 4.8% and the median sales price has increased by 5% to $210,000 since last year at this time.