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Dava Davin's eyebrows raised when she took a look at home listings in the Portland area on Thursday. There were just 9 single-family houses for sale in Portland and 5 in South Portland, the creator of Portside Real Estate Group informed a realty conference. "And if you like Yarmouth, well, think what?" Davin said.

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The mean sales cost of a house in Maine rose to almost $300,000 last year, a 21-year high, according to data launched by the Maine Association of Realtors on Thursday. The number of homes sold statewide rose about 2 percent for the year compared to 2020, however in December sales dipped by 12.

This year is off to a rough start in regards to stock. Listings in southern Maine, which consists of Cumberland and York counties, were down more than 15 percent in early January. "It's going to get even worse before it improves," Davin stated, adding the tight market should alleviate toward the middle to end of this year.

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Land sales were up 85 percent given that 2019. website of condominiums offered for over asking rate, while 76 percent of single-family houses did last year. The luxury home market offered up surprising stats, with 760 houses throughout Maine costing more than $1 million, triple the number in 2019.

Davin anticipates prices to keep rising this year, but they will remain in the single digits at around 7 percent instead of the double-digit rates of the past year. Rate of interest could rise to about 3. 7 percent and dampen sales. Out-of-state purchasers will continue to pertain to Maine, and there will be development in rural real estate, she forecasted.

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