Maine real estate sales ease in June

Prices remain on the rise
Thu, 07/23/2020 - 2:00pm

AUGUSTA—The number of sales of single-family homes in Maine is down slightly in June but prices remain on the rise. Realtors across the state sold 1,720 homes in June — 78 fewer homes than a year ago — a 4.3% decrease compared to June 2019. The Median Sales Price (MSP) for homes sold in June reached $249,000, an increase of 4.15% compared to June 2019. The MSP indicates that half of the homes were sold for more and half sold for less.

“As Maine navigates COVID-19, our real estate industry has adapted,” 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. “The June statistics show improvement and indicate that sellers, buyers, and our industry partners are adjusting to Maine’s health and safety protocols and have growing confidence to transact real estate business.

“Real estate sales will help lead our economic recovery. The real estate industry provides employment for professionals involved in the transaction, including REALTORS®, lenders, appraisers, building inspectors, surveyors, title and closing agents, cleaning and yard maintenance providers, and building contractors. In addition to their property purchase, buyers make home improvements and upgrades, and their spending creates economic ripples throughout their communities.”

Nationally, sales decreased 9.9% in June 2020 compared to June 2019. According to the National Association of Realtors, sales of existing homes across the country eased 9.9%, while the National MSP rose 3.5% in June to $298,600. Realtors in the regional Northeast reported a sales dip of 27.9% comparing June 2020 to June 2019, while the regional MSP increased 3.6% to $332,900. 

“Historically, 75% of buyers of single-family homes in Maine are from Maine, followed by seven percent from Massachusetts and four percent from New Hampshire,” adds Cole. “This buyer zip code data remained consistent for second quarter 2020 as the pandemic began unfolding. Maine offers a quality of life that appeals to those living in highly populated and more congested areas of the U.S. We’ll be watching for these trends and will welcome new residents to Maine.”

Below are two charts showing statistics for Maine and its 16 counties. The first chart lists statistics for the month of June 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 April, May and June of 2019 and 2020.

JUNE ONLY CHART

June 1-30, 2019 – June 1-30, 2020

 

 

NUMBER OF UNITS

MEDIAN SALES PRICE

 

2019

2020

%Change

2019

2020

%Change

STATEWIDE

1798

1720

-4.34%

$239,085

     $249,000

          4.15%

 

ROLLING QUARTER CHART

From April 1, 2019 – June 30, 2019 and

April 1, 2020 –June 30, 2020

 

 

NUMBER OF UNITS

MEDIAN SALES PRICE

 

2019

2020

%Change

2019

2020

%Change

STATEWIDE

4655

4042

-13.17%

$228,000

$242,000

6.14%

 

 

 

 

 

 

 

Androscoggin

297

245

-17.51%

$168,000

$191,500

13.99%

Aroostook

167

168

   0.60%

$101,000

  $95,000

-5.94%

Cumberland

1068

846

-20.79%

$337,000

$347,000

  2.97%

Franklin

139

109

-21.58%

$135,000

$183,000

35.56%

Hancock

230

175

-23.91%

$241,000

$255,000

  5.81%

Kennebec

399

398

  -0.25%

$168,000

$188,500

12.20%

Knox

140

122

-12.86%

$229,500

$247,500

  7.84%

Lincoln

142

106

-25.35%

$240,000

$279,500

16.46%

Oxford

185

201

   8.65%

$175,000

$185,000

           5.71%

Penobscot

468

419

-10.47%

$160,250

$170,000

6.08%

Piscataquis

86

91

   5.81%

$133,277

  $129,900

         -2.53%

Sagadahoc

108

116

   7.41%

$248,000

$272,500

9.88%

Somerset

155

147

  -5.16%

$128,900

$135,000

4.73%

Waldo

131

114

   -12.98%

$175,000

$186,250

6.43%

Washington

87

88

   1.15%

$120,000

$126,000

          5.00%

York

853

697

-18.29%

$295,700

$315,000

6.53%

 

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