REGION —Maine’s real estate sales are heating up—by double digits. According to statistics released today by the Maine Association of Realtors, Realtors across the state sold 2,341 single-family existing homes last month—a jump of 26.88 percent over October 2019. The median sales price (MSP) for homes sold reached $280,000, a 24.50 percent increase over October 2019. The MSP indicates that half of the homes were sold for more and half sold for less.

“The residential real estate recovery since the COVID-impacted second quarter has been robust,” says Tom Cole, 2020 President of the Maine Association of Realtors and Broker with Better Homes and Gardens Real Estate The Masiello Group in Brunswick. “January through October 2020 sales are 5.6 percent ahead of the comparable time period for 2019—Maine’s best year ever.

“Buyers are plentiful across Maine and they are facing a sustained tight supply of for-sale inventory. This supply/demand imbalance, buoyed by historically-low mortgage interest rates, is resulting in increased competition and price appreciation.”

The National Association of Realtors reported a national sales increase of 26.7 percent last month, while the national MSP reached $317,700—a rise of 16.0 percent. The regional Northeast experienced a sales climb of 30.4 percent in October, and a 20.2 percent jump in median sales prices to hit $356,500.

“Maine’s lower incidence of COVID compared to the rest of the country, plus the increase in tele-working, has resulted in out-of-state buyers adding to the demand for Maine homes,” explains Cole. “Historically, about 25 percent of monthly home purchases in Maine are by out-of-state buyers; during October, that number was 36 percent. Working with a Realtor gives buyers and sellers the advantage they need to succeed in the current market conditions.”

OCTOBER ONLY CHART

October 1-31, 2019 – October 1-31, 2020

 

NUMBER OF UNITS

MEDIAN SALES PRICE

2019

2020

%Change

2019

2020

%Change

STATEWIDE

1845

2341

26.88%

$224,900

$280,000

24.50%

ROLLING QUARTER CHART

From August 1, 2019 – October 31, 2019 and

August 1, 2020 – October 31, 2020

NUMBER OF UNITS

MEDIAN SALES PRICE

2019

2020

%Change

2019

2020

%Change

STATEWIDE

5849

6797

16.21%

$228,000

$275,000

20.61%

Androscoggin

371

398

  7.28%

$185,000

$220,000

18.92%

Aroostook

207

285

37.68%

$100,000

$113,500

13.50%

Cumberland

1236

1410

14.08%

$325,000

$386,250

18.85%

Franklin

159

201

26.42%

$150,000

$205,000

36.67%

Hancock

263

411

56.27%

$230,000

$290,000

26.09%

Kennebec

588

568

-3.40%

$179,000

$212,300

18.60%

Knox

184

269

46.20%

$239,000

$295,000

23.43%

Lincoln

185

274

48.11%

$235,000

$347,500

47.87%

Oxford

304

333

  9.54%

$178,000

$225,000

26.40%

Penobscot

632

628

-0.63%

$152,500

$178,500

17.05%

Piscataquis

122

165

35.25%

$135,000

  $136,000            0.74%
Sagadahoc

159

168

  5.66%

$250,000

$298,000

19.20%

Somerset

194

248

27.84%

$135,000

$148,000

9.63%

Waldo

158

226

   43.04%

$196,000

$258,750

32.02%

Washington

138

200

44.93%

$121,000

$168,500

         39.26%
York

949

1013

  6.74%

$305,000

$368,160

20.71%

 

Source: Maine Real Estate Information System, Inc. (d/b/a Maine Listings).  Note: Maine Listings, a subsidiary of the Maine Association of REALTORS, is a statewide Multiple Listing Service with over 5,400 licensees inputting active and sold property listing data.  Statistics reflect properties reported as sold in the system within the time periods indicated. Contacts: Maine Association of REALTORS® President Tom Cole  (Better Homes and Gardens Real Estate The Masiello Group, Brunswick) –  (207) 522-3375       [email protected]  –   President Elect Aaron Bolster (Allied Realty, Skowhegan) – (207) 399-9005  [email protected]    For additional names:  [email protected]

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