MAR E-NEWS: 6-21-24...Sales and Values Up in May

June 21, 2024

SALES AND VALUES UP IN MAY:

In a press release to the media today, Maine home sales increased 3.96% comparing May 2024 to May 2023. The median sales price (MSP) was $398,250, a 7.06% increase in that same time period. NAR reports that single family home sales were down, and median sales prices were up nationally and in the northeast comparing May 2024 to May 2023.Read the full release here.

HAPPY PRIDE MONTH AND HOMEOWNERSHIP MONTH!

In recognition of Pride Month and Homeownership Month, we remind you of the importance of Fair Housing and housing for all. Check out these resources:

FACTS.REALTOR:

On March 15, the National Association of REALTORS® announced a proposed $418 million settlement agreement that would end litigation of claims brought on behalf of home sellers related to broker commissions. On April 19, the Plaintiff’s counsel filed a Motion for Preliminary Approval, and the judge has granted that motion for preliminary approval.

Visit facts.realtor to find a copy of the proposed litigation settlement, a regularly updated Q&A document, and media releases. Check back often for updates.

MAR's Settlement Resource Page

LOCAL REALTORS® OF THE YEAR ANNOUNCED:

Congratulations to these recently announced 2024 local REALTORS® of the Year!

Lincoln County Council of the Mountains to Shore Board of REALTORS®: Marsha DeCosta (Tim Dunham Realty; Wiscasset)

Waldo County Council of the MidCoast Board of REALTORS®: Fran Riley (United Realty; Belfast)

FRAUDULENT SELLER SCAMS

RED FLAGS INFOGRAPHIC:

Review the infographic above and share it with your colleagues. This week’s fraudulent sellers were targeting a property in Ogunquit.

LUNCH AND LEARNS:

MAINE ZONING ATLAS - JULY 9:

Zoning is critical to housing, but it can be complicated! The National Zoning Atlas is a project that is working on unlocking "zoning’s black box by centralizing, standardizing, and making accessible information about zoning." Mark your Calendars for July 9th 12pm-1pm as we are joined by the MAINE team (Representatives from: Governor’s Office of Policy, Innovation, and the Future, Maine DECD, Maine DACF and Southern Maine Planning and Development Commission) working to create an interative tool to Maine's zoning in an effort to better understand and improve zoning for the future! Learn more about the project here.Registration link available soon!

FLOOD FACTS – JULY 29:

Join us on July 29 from 12:00 – 1:00 p.m. to learn about Maine’s new law requiring flood risk disclosure, updated FEMA maps, and other resources. Sue Baker, the State Coordinator of the Maine Floodplain Management Program will be presenting.

FLOOD RISK DISCLOSURE:

Effective August 9, 2024, Maine law will require flood risk disclosure as it relates to the sale of Maine real estate. Edits to MAR's legal forms are already underway to ensure sellers and REALTORS® are compliant when the law goes into effect. MAR will release an updated property disclosure form as it relates to the new Maine law prior to August 9. Watch the MAR E-NEWS for updates.