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July 27, 2024

Saco, ME - Real Estate Market Overview 2024

Zoe Harper

Marketing

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The housing market in Saco, ME, is booming. In June 2024, homes found new owners at a median price of $555,000. This was a stunning 13.3% jump from the previous year¹. The city's demand for homes rises as available houses stay limited. Homes are flying off the market, selling in just 14 days on average¹. This speed shows how hot Saco's real estate is, a trend seen in other coastal cities too.

In Saco, neighborhoods like Bay View and Boothbay Park are catching buyers' eyes. People working from home or in tech jobs are moving in. Biddeford and Old Orchard Beach nearby keep adding charm to Saco's real estate scene Maine real estate insights ¹.

Understanding Saco's property trends takes some deep diving. Comparing it with nearby places lets buyers and sellers make smart moves. Being well-informed helps everyone in the market meet their goals on time.

Key Takeaways

The median sale price of homes in Saco, ME, is $555,000 as of June 2024¹.
Home prices have seen a notable year-over-year increase of 13.3%¹.
Properties in Saco typically sell within an average of 14 days on the market¹.
Popular neighborhoods include Bay View and Boothbay Park¹.
Nearby areas like Biddeford and Old Orchard Beach also offer attractive real estate opportunities Saco property trends¹.

Current Housing Prices in Saco, ME

In Saco, ME, as of June 2024, the housing market is growing strong. This part talks about the latest housing prices and their growth over the past year. It's important info for anyone looking to buy or invest.

Median Home Prices

The median home price in Saco is now $555,000. This shows that many people want to live here, making the market competitive.

Year-Over-Year Growth

Saco's real estate has grown by 13.3% over the last year. This big growth shows Saco is becoming a great place to invest. Even though this growth is exciting, remember, it's based on current trends and might not predict the future.

If you're interested, get advice that's specific to you. The market can change depending on the area.

Trends in the Saco Real Estate Market

Knowing about Saco's real estate trends is key for smart property choices. Experts point out important trends for the next year.

Market Forecast for the Next Year

The Saco real estate scene looks stable for buying and selling. With 55 homes up for grabs, including 31 fresh as of June 30, 2024, things seem balanced. This mix keeps the market steady.

Inventory and New Listings

The number of homes and new listings is crucial in Saco's market. Currently, 55 homes are for sale, with 31 being new. This balance meets buyer needs well, without flooding the market.

Sales Trends: Over List Price vs. Under List Price

Looking at Saco's sale prices, homes usually sell a bit above their listing price. In May 2024, over 63.9% sold for more than their price, while around 24.0% sold for less. Such trends show Saco's real estate can be competitive.

The time from listing to pending in Saco is fast, only 7 days as of June 2024. Check out the median time from listing to pending for more insights. These figures help those looking into Saco's market make well-informed choices.

Saco Housing Market Data: Key Metrics

To really get the Saco housing market performance, it's crucial to know key metrics. As of May 31, 2024, looking at the sale to list ratio shows something interesting. Properties usually sell for a bit more than their asking price. This ratio is at 1.030, showing it's a tough market where buyers pay more than the list price.

Sale to List Ratio

The sale to list ratio is key in showing how competitive the market is. Saco's ratio tells us that homes sell for more than their asking prices. This keeps happening, pointing to a high demand in the area. It really highlights how strong the Saco housing market is, with sales prices often topping the original listings. It's a sign of a lively market².

Median Days to Pending

The median days to pending measure is also super important. It shows how fast homes go from listed to under contract. By June 2024, this figure stood at just 7 days. This speed shows a market that moves quickly. Buyers and sellers need to keep up, using the latest data and advice to make smart moves³.

For those eyeing Saco, a range of homes awaits, from those with central air to ones by the water. Prices vary from $140,000 to $735,000. Staying informed on the latest market and sales trends is key. This knowledge helps in making decisions that are both timely and wise².

Comparing Saco’s Housing Market to Nearby Areas

Looking at Saco and its neighbors, we see differences in home prices. Saco's median prices fell by 14% between 2006 and 2009. This drop from $236,150 to $202,500 was not as bad as the national decrease. Meanwhile, the Portland-South Portland-Biddeford area saw a 9% rise in the same time⁴.

Housing in Saco became more affordable from 2004 to 2008. The affordability index moved from 0.71 to 0.81⁴. Still, Saco was less affordable than Buxton, Hollis, and Lyman in 2008. Buyers looking at Saco versus other markets need to note these property value differences.

The average price per square foot in Saco is $379, barely changing last month⁵. Saco's median house price is $562,500, also showing little change recently⁵. These stats show Saco’s market is stable compared to nearby places.

New and active listings in Saco had slight changes this past month⁵. These small changes give us a peek at the market's health. They help people know if it's a good time to buy or sell in the *Saco vs. nearby markets* comparison.

From 2006 to 2009, Saco saw rent prices grow. One and three-bedroom units got pricier, but two-bedroom rents didn't budge⁴. However, over half of the renters in Saco spent more than a third of their income on rent in 2009. This shows the gap between renting and buying in Saco.

In summary, Saco stands out when we compare regional real estate. Its market has unique aspects that buyers should understand. Knowing these can help make wise choices in a market full of varying prices.

Influencing Factors in Saco's Real Estate Market

The Saco, ME real estate market is influenced by many things. Knowing about the economy, who lives here, and schools is key to understanding the market.

Economic Factors

The Saco economic outlook is very important for home values and who can buy homes. Factors like jobs, local business health, and how the whole economy is doing affect home prices. When more people have jobs, more people want to buy homes, which makes prices go up. It's also good to know about local property taxes for investing or owning a home. Saco's property tax rate is 1.83%, making the average yearly tax bill $5,010. This is higher than most places⁶. You can find more here.

Population Trends

Demographic changes also play a big role. Things like people moving, population going up, and changes in types of families change housing needs. More people usually means we need more houses. Also, if more young families or older people live here, it changes what kinds of homes are needed.

School Information

The quality of education in Saco is very important for the real estate market. Good schools make a place more appealing, which can make home values go up. People looking to buy a home often look for good schools for their kids. Good schools can really increase a home's value over time.

Knowing these things helps get a full view needed for smart decisions in Saco's real estate. It's important to stay updated and get advice from experts since things can change.

Tips for Buyers in the Saco Real Estate Market

When you're looking to buy a home in Saco, use detailed insights and data to make smart choices. The Saco market offers current information from 2009 to 2024. It covers fair market rents, income limits, and max rent levels. This helps buyers understand long-term market trends⁷.

Exploring downtown Saco's historic district, you'll find a wide range of architecture from the late 18th to mid-20th centuries⁸. It's perfect for those wanting homes with history. Also, keep an eye on the market forecast. It shows a rise in new home constructions where builders compete for buyers⁹. This competition could lead to newer properties or better deals.

Maine's median home sale price surged by 14.1% YoY to $375,300, showing a strong market⁹. It's important to know these median prices. Plus, note that 27.3% of homes sell above the listed price⁹. This info is key for setting your budget and knowing how to negotiate.

Saco's population grew from 540 in 1762 to 2532 by 1820, helped by industries like sawmilling and shipbuilding⁸. This growth points to Saco's long-term worth and its potential for real estate value to go up. Learning about economic and demographic changes can help buyers find growing areas.

Getting advice from financial and legal experts is crucial. They offer custom advice, aiding buyers through Saco's property market tips. Working with real estate pros early ensures thorough market understanding. It also covers the current median days on the market, now 50 days after an 8-day increase yr-over-yr⁹. This info is vital for timing your offer right.

Yearly data detail helps buyers understand rent and income trend changes⁷. Consulting with experts and researching local economic, population, and school trends makes buying in Saco a smart and fulfilling investment⁷.

Advice for Sellers in Saco, ME

Selling your home in Saco can be very profitable right now. This is because homes often sell for more than their listing price. To get the most money, it's important to know the best time to sell and use good selling strategies. The average price for a house in Saco is $562,500, or $379 per square foot. This shows it’s a strong market⁵. On average, homes in Saco are sold in about 43 days⁵.

Working with skilled local agents can make a big difference. Last year, top agents in Saco sold houses for around $485.8K and had sales totaling $69M⁵. These agents can help choose how to show and sell your home to attract buyers. Saco has 105 real estate agents available to help you⁵.

Getting your house ready is key to drawing in buyers. Think about making small changes to improve how your home looks. Since Saco’s real estate is among Maine's priciest, setting the right price is crucial¹⁰.

Understanding the overall market trends is also helpful. Experts think more people will want to buy homes soon. This could raise the prices of homes in Saco, making the market even more promising [source]⁵. By using this info and working with experienced agents, sellers in Saco can plan better and earn more from their sales.

Saco, ME - Real Estate Market Overview (Reiteration)

The Saco, ME real estate market is growing quickly, shown by recent data. The Saco property snapshot shows that median home prices are going up. This makes the area great for investors and those wanting to buy a home. In 2021, a condo at 155 Saco Avenue was officially recorded, with rights ending on September 6, 1995¹¹. Also, a place at 7 Pond View Road was sold for $89,900 in October 2009 after being available for 140 days¹¹. This shows how fast-paced and competitive the market is.

Knowing the Saco housing summary is key for buyers and sellers. A vacant lot at Ross Road and Portland Avenue sold for $37,500 after 200 days on the market¹¹. It shows the different chances to buy. Also, a home at 19 Miles Avenue sold for $98,000. It was closer to the water than others we've talked about¹¹. These sales help us understand market trends and prices.

There were notable sales on Pacer Avenue ($110,000) and Portland Avenue ($85,000)¹¹. These highlight the strength of the market. Saco's real estate tax laws are also important, covering many rules¹². For more details, see the survey on Southern Maine's market, with information on things like low vacancies and high construction costs here ¹¹.

In conclusion, Saco's real estate market is ripe for investment, with fast sales and rising property values. Stakeholders should look at the Saco property snapshot as a guide. It helps give a full view of the market's efficiency and its competitive nature.

Conclusion

The Saco, ME, real estate market is a great place for both new and experienced investors. It shows steady growth in home values. This supports quick sales that could go over the listed price. This highlights Saco's dynamism and attracting power¹³. With a 7.00% average return on Airbnb investments, the town offers many good investment choices. These range from homes by the beach to those by the river¹³. Saco's different neighborhoods, like the Biddeford Downtown Mill District and West Scarborough, add to its charm. They meet various investment needs and preferences¹⁴.

It's crucial to stay up-to-date with the latest market data and trends to succeed in real estate. Getting advice from professionals in real estate, finance, and law is very helpful. They can offer custom advice based on your situation. This helps in making smart choices. Last month, Saco saw the sale of 30 homes, 25 condos, and other properties. This shows a bustling market activity¹⁴ that should keep attracting investors.

To find out which neighborhoods in Saco, ME, are the best to invest in, check out this guide ¹³. Saco is good for those looking for short-term rentals or long-term stable income. A balanced approach to financial benefits and lifestyle perks awaits. Always remember, analyzing the market well and consulting professionals are key to making the most of Saco's lively real estate scene. It makes Saco a top choice for property investment.

FAQ

What is the current median home price in Saco, ME?

The median home price in Saco, ME is $555,000 as of June 2024.

How much has the Saco real estate market grown over the past year?

The Saco real estate market grew by 13.3% over the last year, as of June 2024.

How long do homes typically stay on the market in Saco, ME?

Homes in Saco, ME are selling quickly. The median days to pending was just 7 days in June 2024.

Are homes in Saco, ME selling above or below the list price?

About 63.9% of homes sold for more than the list price. Meanwhile, 24.0% sold for less, as of May 2024.

What is the sale to list ratio for homes in Saco?

The sale to list ratio in Saco was 1.030 in May 2024. This means homes generally sold for above the asking price.

How many homes were sold in June 2024 compared to the previous year?

In June 2024, 30 homes were sold. This was up from 24 homes sold in June 2023.

How does the real estate market in Saco compare to nearby areas?

To compare, look at median home prices, growth, and sales trends in nearby areas. Use market analysis tools or consult regional reports for detailed information.

What economic factors influence the real estate market in Saco?

Economic factors like job opportunities and local industry strength affect real estate in Saco. Economic growth also plays a big part.

How do population trends affect the Saco housing market?

Population changes, including migration and demographics, influence housing demand in Saco, ME.

How important are local schools in Saco’s real estate market?

Good local schools can make Saco more desirable. They often boost home values too.

What tips should prospective buyers consider in the Saco real estate market?

Buyers should know the current prices and sales trends. It's also smart to look into Saco's economic, population, and school trends. Talking to real estate pros is key.

What advice is there for sellers in the Saco real estate market?

Sellers: Time the market right and set prices wisely. Make your property attractive to buyers. Work with experienced agents who know Saco well and can market your home effectively.