One of the state’s top real estate agents sees slowdown in Maine’s hot market & More Latest News

 

The beginning of the end for Maine’s hot real estate market may have taken root not in Augusta or Portland but in Washington, D.C.

Last week, the Federal Reserve raised interest rates to the highest they have been in 40 years in an effort to fight inflation. Chair Jerome Powell said Wednesday that Americans should expect further hikes.

Referring to the situation so far during the pandemic as an “extreme sellers’ market,” Dava Davin, owner of Falmouth-based Portside Real Estate Group, one of the state’s biggest realty firms, said there are signs it is shifting due to the Fed’s move, high inflation, declines in the stock market and other factors.

“People’s buying power has changed, and it also is having them maybe pause a little bit,” Davin said. “That sense of urgency isn’t there.”

Here are the key themes in the market that Davin touched on during a chat with the Bangor Daily News.

A decline in offers

Davin said she sees homes continue to sell very quickly, but they are now going with fewer offers. While a home in Portland would have 20 offers a couple of months ago, she recently saw one that received just two. It still sold for $60,000 over its asking price.

“We’re seeing the signs of this slow shift,” she said.

Homes are still going fast. A single-family unit on Washington Avenue in Portland that sold for $510,000 this week was listed on Monday and sold by Tuesday to a physician’s assistant at Maine Medical Center. Redfin recorded 107 sales of single-family homes from Monday to Thursday in Maine as of Thursday afternoon. The median price was $345,000.

The most expensive was a $2.52 million four-bedroom home on Sprucehead Island in Thomaston sold 25 days after listing. The cheapest: a three-bedroom in Guilford for $50,000 after being on the market for more than 250 days.

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