Data released by the Maine Association of Realtors® spurred an article in the Portland Press Herald today (April 23, 2018) titled 'Home Sale Hot Streak Over'. Let's take a look at the numbers, and see how this info could affect your real estate plans.
The first question we want answered is 'does the data really say this?', and the answer is yes, sort of. January to April sales from this year are down a little from the first quarter of last year, and that's the 3.xx% drop shown in the graph above. According to absorption reports for the Southern Maine market, the number of houses on the market is much lower than last year, inventory in most price ranges is low, and demand is very high. You can decide for yourself if a small change in the winter months really equals a long term change for the year - we'll just look at the current numbers.
Here's what this report means to Buyers and Sellers:
Buyers: This is great news for you, as the data suggests that we could be entering a period where buyers and their agents have more negotiating power! However, if you've looked through our website to find your dream home, you've probably noticed that there just aren't a ton of properties available, and many of them are sold before they ever hit Zillow or have an open house. This is one of many reasons why you want to work with a Buyer's Agent, and Lucia and I can help you locate and evaluate properties coming on the market before they're snatched up by other buyers.
Sellers: If you're thinking of putting your house on the market, this headline might make you feel that you waited too long, but that's not what this information means! Ask us to show you the reports for your town, and you'll see that all around Portland right-priced homes are selling faster than ever. Obviously, now is the time for a great marketing campaign for your house, and that's a place that Lucia and I can use all of Coldwell Bankers' resources to your advantage.
There's a lot of information on the Market Insider pages of our website, but you don't have to research it all for yourself. Ask Lucia and I for the info on your town, and let's use the current market to benefit you.