AUGUSTA — Low for-sale inventory and high demand for Maine’s lifestyle has driven real estate sales and values into double-digit gains. Today, Maine Listings reported that 1,965 single-family existing homes changed hands in November—a rise of 31.17 percent compared to November 2019. Values also increased 20 percent to a median sales price (MSP) of $270,000, comparing November 2020 to November 2019. The MSP indicates that half of the homes were sold for more and half sold for less.

“Residential real estate activity in Maine is vigorous,” 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. “In most markets across Maine, Realtors are reporting multiple offer situations on move-in ready listings. The increased competition for historically low for-sale inventory availability is resulting in price appreciation.”

“January through November sales are 7.9 percent ahead of the comparable time period for 2019—Maine’s best year ever. One-third of November’s sales involved out-of-state buyers, compared to one-fourth during November of 2019.”

Nationally, sales of single-family existing homes rose 25.6 percent in November 2020 compared to November 2019. According to The National Association of Realtors, values also increased 15.1 percent to a national MSP of $315,500. The regional Northeast witnessed a sales jump of 25.7 percent, and the regional MSP of $354,100 represents a 17.4 percent increase comparing November 2020 to November 2019.

“Maine’s reputation as a safe place is fueling interest,” says Cole. “With tight market conditions, buyers and sellers should partner with a Realtor for expert counsel around inventory availability, marketing and pricing, and negotiating strategies to successfully achieve their real estate needs and goals.”

NOVEMBER ONLY CHART

November 1-30, 2019 – November 1-30, 2020

 

NUMBER OF UNITS

MEDIAN SALES PRICE

2019

2020

%Change

2019

2020

%Change

STATEWIDE

1498

1965

31.17%

$225,000

$270,000

20.00%

ROLLING QUARTER CHART

From September 1, 2019 – November 30, 2019 and

September 1, 2020 – November 30, 2020

NUMBER OF UNITS

MEDIAN SALES PRICE

2019

2020

%Change

2019

2020

%Change

STATEWIDE

5209

6596

26.63%

$225,000

$275,000

22.22%

Androscoggin

348

391

12.36%

$181,037

$215,500

19.04%

Aroostook

181

279

54.14%

$95,000

$112,500

18.42%

Cumberland

1092

1333

22.07%

$330,000

$385,000

16.67%

Franklin

162

210

29.63%

$151,250

$206,950

36.83%

Hancock

254

428

68.50%

$223,000

$305,000

36.77%

Kennebec

487

514

  5.54%

$174,900

$210,800

20.53%

Knox

176

264

50.00%

$252,000

$292,500

16.07%

Lincoln

177

255

44.07%

$225,000

$360,000

60.00%

Oxford

267

343

28.46%

$170,000

$229,000

34.71%

Penobscot

532

579

  8.83%

$150,700

$179,100

18.85%

Piscataquis

101

161

59.41%

$129,900

  $125,900           -3.08%
Sagadahoc

130

163

25.38%

$250,000

$291,000

16.40%

Somerset

179

249

39.11%

$135,000

$149,900

11.04%

Waldo

154

226

   46.75%

$197,000

$262,000

32.99%

Washington

117

211

80.34%

$120,000

$168,000

         40.00%
York

852

990

16.20%

$300,000

$368,000

22.67%

 

 

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 5,500 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]mainerealtors.com

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