Sellers Continue To Lead The Way In Maine’s Housing Landscape

Although the feverish pace of the ‘unicorn’ years in the housing market has tempered, it remains a golden period for those looking to sell their homes, with the scales largely tipping in the favor of sellers. Wondering what this really spells out for you?

The recent Existing Home Sales Report, as released by the National Association of Realtors (NAR), shines a light on the considerable gap in housing supply. This metric is gauged not only by the number of houses available but also by the estimated timeframe to sell off all the available houses at the present rate of sales, a parameter denoted as months’ supply. The general benchmark for a balanced market is around a six-month supply, however, the current stats show a mere 3 months’ supply (as illustrated in the graph below).

The data is clear — the market still largely favors sellers.

Right now, the market is skewing far from balanced, operating at half the months' supply usually seen in stable conditions. In essence, the demand substantially outweighs the availability, creating a fertile ground for sellers.

To quote Lawrence Yun, the Chief Economist at NAR:

“There are simply not enough homes for sale. The market can easily absorb a doubling of inventory.”

What Makes This Seller's Market a Boon for You?

Sellers, this is your moment to shine. A plethora of buyers are on standby, equipped and eager to finalize a purchase. The sparse availability of homes only means that new listings are bound to attract significant attention.

By collaborating with a grounded real estate agent to optimally price and list your home, you can tap into the existing high demand. The odds of receiving multiple offers are also considerably high.

The Takeaway

Seizing the opportunity in today’s seller-friendly market can place you in a position of advantage. The diminished supply levels mean that your listing could potentially be a hot commodity for buyers seeking more options. Let's team up to gauge the pulse of our local market and strategically position your home for a successful sale.