Wednesday, January 17, 2018

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Wilderness Realty, Inc.

Maine Land Sales Specialists

Rebounding Real Estate Market

Business Woman

She knows what she is talking about

According to recent statistics in a south Florida market, here is more good news regarding real estate.  Compared to the first quarter of last year:  average sales price is up, median sales price is up, median list price is up, days on market is down significantly and inventory is down as well.  The conclusion; prices are up, inventory is down and more people are entering the market.

It is true that Maine is a much different environment that Florida, but consider this; Maine’s real estate market has a high second home component just like in Florida.  In addition, Maine generally “follows the market” of the more populous regions of the country, such as south Florida. 

Furthermore, the stock market is on an upward tear even with continued unrest in the Middle East, uncertainty in the European financial markets and domestic violence in the US.  Because the real estate market was the primary cause of the Great Recession, it will take the other components of the economy to pick up real estate.  This seems to be happening; the real estate market is following the stock market.   

These signs point to the end of the Buyer’s market here in Maine.  Demand will pick up, inventory will drop and prices will increase.  For those “Market Timers”, the next 3-6 months looks to be the prime time to buy Maine property.