Augusta, ME Property Values Soar to $342K Amid Dipping Sales Volume

Overview of Augusta, ME Real Estate Market Trends

The Augusta, Maine real estate market has experienced a noticeable uptick in property values over the recent period.

Housing Market Summary for Augusta, ME

Analyzing month-over-month statistics provides a compelling look at how the area’s real estate landscape is shaping up. In April 2023, the average property value in Augusta stood at approximately $310,000, which climbed to roughly $342,450 by March 2024. This increase points towards a strengthening housing market in terms of property values.

Moreover, residents and prospective buyers are not just paying more overall; they’re also spending more per square foot. The average sale price per square foot has seen a general rise from $154 in April 2023, increasing to an elevated figure of around $187 by March 2024. This solidifies the trend of ascending property values and suggests that the area is becoming increasingly more desirable.

In contrast to the swelling values, the number of properties sold in Augusta is presenting a different aspect of the market dynamics. From January 2024, where there were 172 property sales, this number dropped to 127 by March 2024. While the decrease could be due to a variety of factors, it may hint at declining market liquidity or a possible shift in buyer behavior.

Comparing the month-over-month metrics paints a detailed picture of the Augusta real estate market. Property values are, by and large, on an upward trajectory. However, the diminished number of sales could signal a potential area of concern for real estate professionals and stakeholders alike.

Comparison with Nearby Cities

When venturing outside Augusta and looking at neighboring cities, the scenario somewhat differs. For example, in cities like Belgrade and Winthrop, the average sale price per square foot often surpasses that of Augusta. Specifically, in March 2024, Belgrade’s average was around $214, and Winthrop stood higher at approximately $246. These figures may point towards these locales being more sought-after or simply having more expensive property markets.

Addressing the supply side, an interesting case is Belgrade in January 2024, where there were instances of no new properties being listed, possibly indicating a tight market. This could denote a high demand paired with low inventory, which typically drives prices upward.

The current values in nearby cities further complement the analysis, with Belgrade’s average property value leading at about $409,000, demonstrating a significantly higher market valuation than Augusta. Contrastingly, Randolph appears to have a lower market, with an average property value estimated at $167,450. However, Randolph’s reported average sale price, curiously, stands at an unexpected $294,199, which could be influenced by factors not directly represented by property value alone, such as specific property features or a small sample size of high-value transactions. Meanwhile, Gardiner and Oakland present more aligned values and sale prices per square foot at around $170 and $204, respectively.

In juxtaposing these markets, we can infer that while Augusta is experiencing growth in property values, the increase is nuanced when contrasted against neighboring regions. The higher average sale prices per square foot in nearby cities suggest varying levels of demand, desirability, or market conditions.

Current Market Snapshot in Augusta and Surrounding Areas

Focusing on more recent data, we can see that as of March 2024, Augusta maintains an average property value of approximately $342,450 and an average sale price of roughly $251,287. The city’s average sale price per square foot is at about $187, aligned with the overall increasing trend observed. Though as indicated, sales volume seems to be contracting.

Within Augusta’s ZIP code 04330, the median list price stands at approximately $362,450, with the list price per square foot estimated at $196. The median sale price, on the other hand, significantly diverges at about $220,500, and the sale price per square foot is $174. This data reveals a contrast between asking prices and executed sale prices, suggesting a negotiating gap or potential overvaluation in the listing process.

An exploration into the surrounding areas’ current values for March 2024 demonstrates that these markets differ in terms of the balance between value, sale price, and the price per square foot. These differences reflect the diverse nature of the real estate market even within a relatively small geographical cluster, indicating that localized factors are likely shaping the market conditions.

Lastly, looking at the broader market data for Augusta over the last 6 and 12 months, we glimpse a stabilizing factor with an active market average sale price ranging from about $221,000 to $235,000, in combination with a healthy number of transactions. This could indicate consistent buyer interest in the area and a certain resilience in the market sentiment.

In summary, the data underscores a generally vibrant and growing Augusta property market with nuanced interplays between value, price per square foot, and sales volume. Intertwined with this are the nearby cities, each narrating their own distinctive real estate stories framed by the unique forces at play within their localities.