Across the state, homes in the $250-300K range sell quickly and demand is expected to continue in 2017. Portland, where brokers predict a slight increase in average residential sales price in 2017, will remain a fast paced market comprised of low inventory, with expected growth in condo sales.
Low interest rates and more desirable housing prices have led to decreases in average days on market in Portland, which experts predict will continue. This number is expected to be higher in other areas, like Rockport, where the market is more balanced. Given low interest rates, units in the $250-300K range are seeing many sales above asking price.
Average residential sales price remains steady throughout the state, with the exception of Portland, which has gradually increased. With a reduction in average days on market over the last four years, buyer demand remains strong across Maine and is expected to continue into 2017.