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