NGX asked realtor Brian Shedlarsky to tell us what’s happened with the local real estate market in the past few years. He retrieved data from the Maine Listings database and here’s his report.
Brian explains: The market is unlike anything I have experienced in my 16 years as a realtor– “historic” is the term I would use. As of right now, there are three active homes on the market in New Gloucester and the surrounding towns have similarly low inventory (Gray actually has zero).
There are plenty of buyers, though. When all the buyers are looking at the same few homes on the market, it creates competition among them. Sellers are seeing the benefits of that competition. It is commonplace for homes to sell over asking price. In fact, the average list/sale price ratio is 104.76% in New Gloucester in 2021, meaning that the average home sold for 4.76% over list price. It’s not just offer prices that seem to be setting the pace of the market. Other items such as buyers waiving inspections, covering appraisal shortfalls, or waiving appraisal contingencies altogether, are tactics buyers have used to place a property under contract in 2021.