December home prices ratchet higher across Maine, while sales volume eases again
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Maine's December home sales saw high prices but lower volume amid a supply and demand imbalance.
For the sixth straight month, the number of sales of existing single-family homes in Maine dropped during December, but prices continued to climb amid limited inventory and steady demand.
Sales volume dropped last month by 12.65%. Prices increased to a median of $303,000, up 12.22% percent from the year-ago period, according to statistics gathered by Maine Listings.
The sales in Maine mirrored the national and regional trends, with the National Association of Realtors reporting a 6.8% dip in December sales of single-family existing homes. Prices, however, rose 16.1% over the past year to a national median sales price of $364,300.
Regionally, December sales in the Northeast declined 15.7% and the regional MSP reached $384,600, a rise of 6.3%.
For all of 2021, single-family existing homes across Maine remained in very high demand.
According to Maine Listings, the statewide median sales price reached $299,000 last year, a rise of 16.8%. 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 of 20,401 homes and the median sales price $299,000 since Maine Listings began compiling data more than 21 years ago, Hill said.
“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,” said 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.”
For the full year, Cumberland, Lincoln, Piscataquis, Sagadahoc and York counties saw declines in the number of units. Each of Maine's 16 counties except Washington saw price double-digit price increases.
Going forward, Hill see continued strong demand from buyers.
“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,” she said.
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