Despite dip, Maine home sales in July outpaced pre-COVID numbers
Photo / Laurie Schreiber
Single-family listings were up in July, although demand continues to be strong.
Home buyers are still out in force across Maine’s 16 counties.
Although the number of home sales decreased 4.86% in July compared to July 2020, sales volume continues to outpace the pre-COVID numbers from 2019, the Maine Association of Realtors said in a news release Monday.
“Though showing a decline from July 2020 of just under 5%, the July 2021 sales volume is 7% ahead of July 2019,” said Aaron Bolster, the association's 2021 president and a broker and owner of Allied Realty in Skowhegan.
The comparison of July 2021 to July 2020 also shows prices rose 23.58%. The median sales price for the 1,996 homes sold hit $315,000 last month.
The MSP indicates that half of the homes were sold for more and half sold for less.
Cumberland County had the highest median sales price at $450,000. It was followed by York County at $400,000. Both represented increases in the 21% to 24% range.
Supply
For the fourth consecutive month, Maine has seen improving for-sale supply numbers. Active single-family listings were up 7.9% during July 2021 compared to June 2021, and up 67.3% from the March 2021 low.
At 40%, Knox County saw the highest increase in sales volume. It was followed by Hancock, Waldo and Washington counties, which were in the 28% to 29% range.
“Supply, demand and price are the three concepts to watch,” said Bolster. “Demand for homes in Maine continues to be strong, still outpacing the available for-sale inventory in many markets across Maine, resulting in rising sold price values.”
National, regional
The National Association of Realtors yesterday reported a nationwide sales dip of 0.8% for single-family existing homes in July 2021 compared to July 2020. Prices across the country increased 18.6% to a national median sale prices of $367,000.
Regionally, sales in the Northeast rose 12.1% comparing July 2021 to July 2020, while the regional median sale price increased 23.6% to $411,200 over that same time period.
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