There were fewer existing single-family home sales in York County from Sept. 1 through Nov. 30, according to the Maine Association of Realtors, but the median home price rose significantly.
Figures released by MAR show that 732 homes sold in York County during that three-month period this year, as opposed to 959 sales during the same period in 2021, a decrease of 23.77 percent. The median home price was up by $50,000 — with the median selling price at $460,000 in 2022, up 12.20 percent from $410,000 for the same time period in 2021.
The median sales price means half of the homes sold for more and half sold for less.
In Maine’s 16 counties, York County’s Sept. 1 to Nov. 30 sales figures were outpaced only by those in nearby Cumberland County, which also saw fewer sales than the same period in 2021, but an increased median sales price. There were 905 sales in Cumberland County for the period, compared to 1,178 in 2021, a decrease of 23.17 percent. The median sales price was $485,000 in 2022, up from $439,250 from Sept 1 to Nov. 30 in 2021.
Statewide for November, 1,289 existing homes changed hands, a decline of 28.7 percent from November one year ago. The median sales price for homes sold reached $325,000 statewide, up 8.3 percent from November 2021. MAR does not provide county figures for single months.
“While demand remains steady for Maine’s tight for-sale inventory, increased mortgage interest rates, coupled with the typical holiday slowdown, have impacted the market,” said MAR President Madeleine Hill in a news release. “For-sale inventory remains historically low with 13 percent fewer homes on the market in November 2022 compared to last month — and 58 percent fewer homes for sale than pre-pandemic November 2019.”
Still, she said, the statewide figures for November were the seventh best in the 22 years of available records.
In the Northeast region, housing sales dipped 28.4 percent in November, but the median price increased 3.5 percent to $394,700.
According to the consumer financial services company Bankrate, which publishes rates for mortgages and other interest rates, as of Thursday, Dec. 22, current rates in Maine were 6.48 percent for a 30-year fixed mortgage and 5.85 percent for a 15-year fixed, with some variation depending on the lender.
A year ago, money.com quoted a 3.64 percent interest rate for a 30-year fixed mortgage and 2.58 percent on a 15-year fixed rate.
Local banks, credit unions and mortgage companies typically offer an array of mortgage options with varying terms. MaineHousing offers income eligible programs for first time homebuyers as well as those aimed at veterans. Homebuyer education classes are offered through the York County Community Action program.
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