Maine home values jump 17.39 percent

Thu, 09/24/2020 - 10:45am

    Real estate sales in Maine continue on a healthy, highly-positive trajectory. The value of single-family existing homes jumped 17.39% comparing August 2020 to August 2019, reaching a median sales price of $270,000, according to Maine Listings. The MSP indicates that half of the homes were sold for more and half sold for less. Home sales increased 1.31% from last August.

    “The August statistics show strong demand for residential real estate in Maine,” says Tom Cole, 2020 president of the Maine Association of REALTORS® and Managing Broker of Better Homes and Gardens Real Estate The Masiello Group in Brunswick. “After the steep decline during the second quarter due to COVID-19 impacts, Maine’s third quarter positive sales to date have brought us nearly even to 2019 levels. January through August 2020 is only 0.7% behind a year ago—Maine’s best year ever.

    “We are experiencing an historically low supply of homes for sale, 40 percent below a year ago.  Demand is being fueled by all-time low mortgage interest rates, Maine households moving within the state, and an up-tick in out-of-state buyers seeking Maine’s quality of life and safety.  In August of 2019, Maine had 482 single family homes purchased by out-of-state buyers. In August 2020, that number was 707.”

    The National Association of Realtors today reported an 11.0 percent increase in the sales of single-family homes nationwide in the past year. Prices for those homes rose 11.7% to $315,000. Regionally, sales in the Northeast increased 5.7%, while the regional MSP jumped 10.4% to $349,500.

    “The increased demand for the smaller supply of for-sale homes has created intense competition in some markets, leading to higher pricing,” says Cole.  “As more for-sale inventory comes onto the market, we should see a balancing.”

    Below are two charts showing statistics for Maine and its 16 counties. The first chart lists statistics for the month of August 2019 and 2020 only, statewide. The second chart compares the number of existing, single-family homes sold (units) and volume (MSP) during the rolling quarter of June, July and August of 2019 and 2020. 

     

    AUGUST ONLY CHART

    August 1-31, 2019 – August 1-31, 2020

     

     

    NUMBER OF UNITS

    MEDIAN SALES PRICE

     

    2019

    2020

    %Change

    2019

    2020

    %Change

    STATEWIDE

    2138

    2166

    1.31%

    $230,000

    $270,000

    17.39%

     

    ROLLING QUARTER CHART

    From June 1, 2019 – August 31, 2019 and

    June 1, 2020 – August 31, 2020

     

     

    NUMBER OF UNITS

    MEDIAN SALES PRICE

     

    2019

    2020

    %Change

    2019

    2020

    %Change

    STATEWIDE

    5802

    5984

    3.14%

    $233.000

    $258,750

    11.05%

     

     

     

     

     

     

     

    Androscoggin

    354

    369

      4.24%

    $185,000

    $216,611

    17.09%

    Aroostook

    213

    263

    23.47%

    $100,000

    $108,000

      8.00%

    Cumberland

    1388

    1243

    -10.45%

    $337,500

    $375,000

    11.11%

    Franklin

    153

    144

      -5.88%

    $150,000

    $194,250

    29.50%

    Hancock

    254

    272

       7.09%

    $227,750

    $245,500

      7.79%

    Kennebec

    559

    592

       5.90%

    $177,300

    $209,000

    17.88%

    Knox

    168

    193

    14.88%

    $232,750

    $255,000

      9.56%

    Lincoln

    170

    204

    20.00%

    $246,750

    $282,345

    14.43%

    Oxford

    258

    287

    11.24%

    $168,500

    $195,000

    15.73%

    Penobscot

    599

    606

      1.17%

    $160,000

    $178,000

    11.25%

    Piscataquis

    116

    146

    25.86%

    $144,000

      $147,500

               2.43%

    Sagadahoc

    144

    126

    -12.50%

    $243,750

    $275,450

    13.01%

    Somerset

    177

    234

    32.20%

    $130,500

    $148,450

    13.75%

    Waldo

    153

    183

        19.61%

    $187,000

    $218,000

    16.58%

    Washington

    123

    147

    19.51%

    $132,500

    $158,000

             19.25%

    York

    973

    975

       0.21%

    $299,900

    $338,870

    12.99%

     

    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  tomcolerealtor@gmail.com  -   President Elect Aaron Bolster (Allied Realty, Skowhegan) – (207) 399-9005  abolster@alliedrealty.net    

    For additional names:  suzanne@mainerealtors.com