Real estate sales up 2.41 percent in 2021; Prices up 16.8 percent

Fri, 01/21/2022 - 7:15am

    Single-family existing homes across Maine remained in very high demand during the full sales year of 2021. According to Maine Listings, the statewide median sales price (MSP) reached $299,000 last year, a rise of 16.8%. The MSP indicates that half of the homes were sold for more and half sold for less. Sales also increased 2.41%.

    “Overall, 2021 was a record-breaking year for residential real estate in Maine,” says Madeleine Hill, 2022 President of the Maine Association of REALTORS® and Designated Broker at Roxanne York Real Estate on Bailey Island. “The sales year ended with historic highs for the number of reported transactions (20,401) and median sales price ($299,000) since we began compiling data more than 21 years ago.”

    Statistics gathered by Maine Listings for the month of December 2021 indicate a 12.22% MSP increase to $303,000 compared to December 2020. Sales eased 12.65% comparing December 2021 to December 2020.

    “2021 began with positive momentum following the 2020 COVID shutdown.  Since July, sales demand has been strong but constrained due to tight for-sale inventory availability,” says Hill. “As a result of the supply-demand imbalance, most markets have experienced decreased number of units sold but double-digit appreciation for median sold prices.”

    The National Association of Realtors reported a 6.8% dip in December sales of single-family existing homes. Prices, however, rose 16.1% over the past year to a national MSP of $364,300. Regionally, December sales in the Northeast declined 15.7% and the regional MSP reached $384,600, a rise of 6.3%.

    “As we move through the next year, we expect demand for residential real estate to remain high with buyers seeking the quality-of-life and safety offered by our beautiful state,” added Hill. 

    Below are two charts showing statistics for Maine and its 16 counties. The first chart lists statistics for the month of December 2020 and 2021 only, statewide. The second chart compares the number of existing, single-family homes sold (units) and volume (MSP) during the full 12-months of 2020 and 2021.

    December only chart

    Dec. 1-31, 2020—Dec. 1-31, 2021

     

    Number of Units Sold

    Median Sales Price

     

     

    2020

    2021

    %Change

    2020

    2021

    %Change

     

    Statewide

    1969

    1720

    -12.65%

    $ 270,000

    $ 303,000

    12.22%

     

     

    Full calendar year chart

    Jan. 1, 2020—Dec. 31, 2020 and Jan. 1, 2021—Dec. 31, 2021

     

    Number of Units Sold

    Median Sales Price

     

     

    2020

    2021

    %Change

    2020

    2021

    %Change

     

    Statewide

    19921

    20401

    2.41%

    $ 256,000

    $ 299,000

    16.80%

                 
                 
                 

    Androscoggin

    1223

    1294

    5.81%

    $ 205,000

    $ 240,000

    17.07%

    Aroostook

    838

    998

    19.09%

    $ 105,000

    $ 120,000

    14.29%

    Cumberland

    4130

    3995

    -3.27%

    $ 365,000

    $ 434,900

    19.15%

    Franklin

    562

    604

    7.47%

    $ 189,950

    $ 225,000

    18.45%

    Hancock

    1048

    1064

    1.53%

    $ 273,316

    $ 320,000

    17.08%

    Kennebec

    1745

    1826

    4.64%

    $ 198,000

    $ 248,000

    25.25%

    Knox

    694

    742

    6.92%

    $ 268,250

    $ 344,000

    28.24%

    Lincoln

    686

    654

    -4.66%

    $ 301,500

    $ 351,000

    16.42%

    Oxford

    995

    1015

    2.01%

    $ 199,900

    $ 251,000

    25.56%

    Penobscot

    1905

    2060

    8.14%

    $ 170,000

    $ 200,000

    17.65%

    Piscataquis

    453

    421

    -7.06%

    $ 129,900

    $ 165,000

    27.02%

    Sagadahoc

    501

    482

    -3.79%

    $ 275,000

    $ 340,000

    23.64%

    Somerset

    734

    781

    6.40%

    $ 143,750

    $ 172,500

    20.00%

    Waldo

    615

    659

    7.15%

    $ 224,000

    $ 270,000

    20.54%

    Washington

    551

    634

    15.06%

    $ 149,900

    $ 163,500

    9.07%

    York

    3241

    3172

    -2.13%

    $ 337,000

    $ 398,750

    18.32%

                 

    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 6,200 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 Madeleine Hill (Roxanne York Real Estate, Bailey Island) – 207-807-6578  mhill.realestate@gmail.com   Maine Association of REALTORS® President Elect Carmen McPhail (United Country Lifestyle Properties of Maine , Lincoln) – 207-290-0371  carmen@lifestylepropertiesme.com   For additional contacts:  suzanne@mainerealtors.com