PORTLAND, ME (July 20, 2023) – Legacy Properties Sotheby’s International Realty, Maine’s leading luxury property company, with offices in Portland, Kennebunk, Brunswick, Damariscotta, Camden, and Northeast Harbor, announces that the availability of single-family existing homes for sale across the state of Maine remains tighter than normal, however there are positive signs on the horizon. Home values rose 6.45 percent in June 2023 compared to June 2022, reaching a median sales price (MSP) of $385,000. The MSP indicates that half of the homes were sold for more and half sold for less. Sales were down 19.24 percent compared to June 2022, mostly due to a lack of inventory. According to Carmen McPhail, the 2023 President of the Maine Association of REALTORS and Associate Broker at family-owned United Country Lifestyle Properties of Maine with offices in Lincoln, Bangor and Lubec, the current real estate market in Maine is characterized by strong demand and continued low inventory. She notes that move-in ready homes are entering the market for sale, and qualified buyers are ready to make purchases. McPhail says in June 2023, the number of homes sold in Maine was 27 percent higher than in May 2023. Additionally, there was a 14 percent increase in the number of homes for sale, which McPhail suggests is an indication that additional inventory is becoming available—potentially leading to a more balanced market. According to the National Association of Realtors, in June 2023 the national MSP declined 1.2 percent to $416,000 and sales decreased 18.8 percent compared to June 2022. The regional Northeast experienced a 21.5 decrease in sales volume and a 4.9% increase in the regional MSP to $475,300. Given the competitive and challenging market conditions, McPhail advises both sellers and buyers to establish early relationships with experienced REALTORS. A knowledgeable REALTOR with industry expertise can provide valuable insights, help their clients make informed decisions, and assist both buyers and sellers in effectively navigating this ever-changing market. Below are two charts showing statistics for Maine and its 16 counties. The first chart lists statistics for the month of June 2022 and 2023 only, statewide. The second chart compares the number of existing, single-family homes sold (units) and volume (MSP) during the rolling three months of April, May and June of 2022 and 2023 Legacy Properties Sotheby’s International Realty can be reached at 207-780-8900 and [email protected]. Legacy Properties Sotheby’s International Realty, with offices in Portland, Kennebunk, Brunswick, Damariscotta, Camden, and Northeast Harbor, is Maine’s leading luxury and lifestyle property company with six offices and more than 90 agents serving Maine and New Hampshire’s coastal, lake, and mountain communities. Offices Located at: 2 City Center, Portland, ME 04101 // 207.780.8900 (Greater Portland) 150 Port Road, Kennebunk, ME 04043 // 207.967.0934 (Southern Maine and Seacoast New Hampshire) 141 Maine Street, Brunswick, ME 04011 // 207.729.2820 (Mid Coast Maine) 170 Main Street, Damariscotta 04543 // 207.563.2775 (Boothbay Harbor, Damariscotta and Bristol Regions) 46 Bay View Street, Camden, ME 04843 // 207.230.1003 (Camden, Rockport, and Knox and Waldo County) 6 Neighborhood Road, Northeast Harbor, ME 04662 // 207.780.8900 (Mount Desert Island, Hancock and Washington County)