PORTLAND, Maine—After years of double-digit price increases, southern Maine’s red-hot housing market is showing signs of cooling off.
Some of the region’s key real estate brokers said listings are up and there are fewer buyers. Homes are staying on the market longer, prompting some sellers to drop their prices.
Bill Trask, of Coldwell Banker Friends and Neighbors in Standish, said the so-called real estate bubble may not be bursting, but it looks as though the air went out fast.
Last month’s home sales figures don’t reflect the slowdown, which appears to have come on quickly. It’s unclear whether the change signals a trend or is merely a pause in the steady climb in prices. The median home statewide has gone up from $97,000 six years ago to nearly $195,000 today.