July 16, 2024 at 6:00 am

MEREDA Releases The MEREDA Index Report for 2023

MEREDA has released its 18th edition of the MEREDA Index. As a key economic indicator for Maine, the MEREDA Index measures the pulse of the state’s real estate industry and is the leading way our industry tracks changes in Maine’s real estate markets.

A measure of real estate activity designed to track changes in Maine’s real estate markets, the Index is a composite of nine seasonally adjusted measures reflecting both new development and transactions involving existing properties and it covers both the commercial and residential markets statewide. This most recent edition covers the year 2023. The MEREDA Index was tabulated by economist Dr. Charles Colgan and comes in at 114.1.

This latest edition of the MEREDA Index showed a decline of 1.5% between 2022 and 2023. The driver of the decline was the residential index, which declined 11.3% as interest rate increases being driven to offset inflation began to seriously bite into real estate markets. The commercial and construction components of the index both increased, by 23.5% in the former case and 2.3% in the latter case. These increases were not sufficient to offset the drops in residential activity.

To download a copy of the full report, please click here.

Categories: Maine Real Estate Insider, MEREDA News