Maine real estate sales eased 9.89% in August

Wed, 09/21/2022 - 1:45pm

AUGUSTA — Sales of single-family existing homes across Maine in August dipped 9.89 percent compared to August 2021, according to Maine Listings. Values remain high in August, as the median sales price for the 1,859 homes sold reached $340,000, an increase of 9.68 percent over August 2021. The MSP indicates that half of the homes were sold for more and half sold for less.

“Demand for single family homes in Maine remains strong, with more than 1,850 sold during August,” says Madeleine Hill, 2022 President of the Maine Association of REALTORS® and Designated Broker at Roxanne York Real Estate in Harpswell.

“While still historically low, active for-sale listings have been on an upward trajectory for the past six months, up almost 25 percent from July 2022 to August 2022,” added Hill. “With additional for-sale inventory, we’re seeing a leveling in some areas of Maine. Buyers are approaching these market trends in a more strategic fashion, with contract contingencies and seller concessions becoming more common.”

The National Association of Realtors reported that sales of single-family existing homes decreased 19.2 percent nationwide in August. Prices rose 7.6 percent to a national MSP of $396,300. Regionally, sales in the Northeast were down 13.7 percent and the regional MSP increased 1.5 percent to reach $413,200.

“If you’re in a period of transition and need to navigate these changing real estate market dynamics, a local REALTOR® is your go-to source for expert knowledge of market conditions and the homebuying process,” said Hill.

Below are two charts showing statistics for Maine and its 16 counties. The first chart lists statistics for the month of August 2021 and 2022 only, statewide. The second chart compares the number of existing, single-family homes sold (units) and volume (MSP) during the rolling three months of June, July and August (2021/2022). 

AUGUST ONLY CHART

August 1-31, 2021—August 1-31, 2022

 

                               Number of Units Sold

Median Sales Price

 

 

2021

2022

%Change

2021

2022

%Change

 

Statewide

2063

1859

-9.89%

$ 310,000

$ 340,000

9.68%

 

ROLLING QUARTER CHART

June 1, 2021—August 31, 2021 and

June 1, 2022—August 31, 2022

 

                               Number of Units Sold

Median Sales Price

 

County

2021

2022

%Change

2021

2022

%Change

 

Statewide

6032

5328

-11.67%

$ 310,250

$ 350,000

12.81%

             
             
             

Androscoggin

409

350

-14.43%

$ 250,000

$ 290,000

16.00%

Aroostook

285

236

-17.19%

$ 130,000

$ 149,700

15.15%

Cumberland

1277

1116

-12.61%

$ 451,000

$ 503,500

11.64%

Franklin

179

154

-13.97%

$ 225,000

$ 234,500

4.22%

Hancock

293

243

-17.06%

$ 310,000

$ 400,000

29.03%

Kennebec

543

459

-15.47%

$ 260,000

$ 295,000

13.46%

Knox

227

174

-23.35%

$ 355,000

$ 435,000

22.54%

Lincoln

192

163

-15.10%

$ 360,000

$ 400,000

11.11%

Oxford

300

279

-7.00%

$ 267,000

$ 275,000

3.00%

Penobscot

625

579

-7.36%

$ 209,000

$ 240,000

14.83%

Piscataquis

104

104

0.00%

$ 172,500

$ 203,450

17.94%

Sagadahoc

135

150

11.11%

$ 355,000

$ 395,000

11.27%

Somerset

208

206

-0.96%

$ 182,250

$ 200,000

9.74%

Waldo

188

154

-18.09%

$ 274,450

$ 323,500

17.87%

Washington

175

129

-26.29%

$ 160,000

$ 237,500

48.44%

York

892

832

-6.73%

$ 400,000

$ 460,000

15.00%

             

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