High demand leads to 18.38 increase in sales of Maine’s single-family existing homes

Prices rise 15.57 percent
Mon, 02/22/2021 - 8:30am

    Buyer demand for Maine’s real estate is strong and for-sale home inventory is historically low. According to Maine Listings, the median sales price (MSP) for a single-family existing home in Maine rose 15.57 percent to $255,300 and sales volume jumped 18.38 percent comparing January 2021 to January 2020. The MSP indicates that half of the homes were sold for more and half sold for less.

    “Residential real estate in 2021 is kicking off in continued positive territory with sales volume and median sold values significantly out-pacing those of a year ago,” says Aaron Bolster, broker/owner of Allied Realty in Skowhegan and 2021 president of the Maine Association of Realtors.

    “Coming off 2020, the best year ever for sales volume, we are struggling with historically low for-sale inventory statewide. Buyers are facing far fewer available home choices and sellers are reluctant to list their properties without their next move-in property in place. Buyer demand is strong, and a continuing positive trajectory for 2021 is dependent on homes for sale coming onto the market.”

    The National Association of Realtors today reported a 23 percent rise in sales of single-family existing homes across the country comparing January 2021 to January 2020. Home prices jumped 14.8 percent over January 2020, reaching a national MSP of $308,300 in January 2021. Regionally, sales in the Northeast increased 24.3 percent and the regional MSP was up 15.8 percent to $361,400 comparing January 2021 to January 2020.

    “This high demand, low supply dynamic can be challenging for buyers and for sellers. Rely on your REALTOR® for local market knowledge, your ‘next move’ strategy, and negotiating expertise.”

    Below are two charts showing statistics for Maine and its 16 counties. The first chart lists statistics for the month of January 2021 and 2020 only, statewide. The second chart compares the number of existing, single-family homes sold (units) and volume (MSP) during the rolling three months of November (2019/2020), December (2019/2020) and January (2020/2021).  

    JANUARY ONLY CHART

    January 1-31, 2020 – January 1-31, 2021

     

     

    NUMBER OF UNITS

    MEDIAN SALES PRICE

     

    2020

    2021

    %Change

    2020

    2021

    %Change

    STATEWIDE

    1061

    1256

    18.38%

    $220,900

    $255,300

    15.57%

     

    ROLLING QUARTER CHART

    From November 1, 2019 – January 31, 2020 and

    November 1, 2020 – January 31, 2021

     

     

    NUMBER OF UNITS

    MEDIAN SALES PRICE

     

    2019-20

    2020-21

    %Change

    2019-20

    2020-21

    %Change

    STATEWIDE

    4056

    5190

    27.96%

    $226,000

    $269,000

    19.03%

     

     

     

     

     

     

     

    Androscoggin

    263

    313

    19.01%

    $173,000

    $206,000

    19.08%

    Aroostook

    134

    229

    70.90%

    $79,700

    $103,000

    29.23%

    Cumberland

    930

    1016

      9.25%

    $325,000

    $373,250

    14.85%

    Franklin

    121

    164

    35.54%

    $146,100

    $191,500

    31.07%

    Hancock

    212

    322

    51.89%

    $220,000

    $317,000

    44.09%

    Kennebec

    304

    400

    31.58%

    $170,000

    $215,500

    26.76%

    Knox

    139

    183

    31.65%

    $249,900

    $270,000

    8.04%

    Lincoln

    145

    184

    26.90%

    $227,500

    $334,500

    47.03%

    Oxford

    199

    290

    45.73%

    $176,000

    $213,228

    21.15%

    Penobscot

    387

    461

    19.12%

    $154,900

    $172,450

    11.33%

    Piscataquis

    67

    122

    82.09%

    $116,500

      $122,500

               5.15%

    Sagadahoc

    111

    131

    18.02%

    $240,000

    $310,000

    29.17%

    Somerset

    126

    190

    50.79%

    $129,250

    $149,450

    15.63%

    Waldo

    118

    170

       44.07%

    $181,500

    $235,500

    29.75%

    Washington

    90

    161

    78.89%

    $147,500

    $155,000

               5.08%

    York

    710

    854

    20.28%

    $294,500

    $360,000

    22.24%

    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 5,600 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 Aaron Bolster (Allied Realty, Skowhegan) – (207) 399-9005  abolster@alliedrealty.net  Maine Association of REALTORS® President Elect Madeleine Hill (Roxanne York Real Estate, Bailey Island) – 207-807-6578  mhill.realestate@gmail.com   For additional names:  suzanne@mainerealtors.com