Maine home prices are up 25%, and sales are taking place in half the time
Photo / Peter Van Allen
This Yarmouth home, on the market Friday for $429,000, was one of the more modestly priced single-family houses in the Portland suburb.
Demand continues to drive up the values of Maine’s single-family existing homes.
Maine Listings reported a statewide median sales price, or MSP, of $310,000 in June — a 24.5% increase over June 2020.
The MSP indicates that half of the homes were sold for more and half sold for less.
Sales also increased 14.71% in June compared to the same month a year ago.
“June’s high sales volume indicates that pent-up buyer demand is strong in Maine, whether that demand is fueled by choice or by circumstance,” said Aaron Bolster, broker and owner of Allied Realty in Skowhegan and 2021 president of the Maine Association of Realtors.
Realtors across Maine are reporting that homes continue to go under contract rapidly after receiving multiple offers. Statewide, the days on market for June 2021 was six days, compared to 14 days a year ago, and 13 days in 2019.
The situation is challenging for buyers, but they may find new reasons to be encouraged.
“Statewide, beginning in June of 2020, single-family for-sale inventory declined monthly for nine consecutive months through March of 2021, where it reached its low point,” said Bolster.
But now, for the third straight month, the for-sale supply has been improving.
“Active single-family listings were up 18.5% during June 2021 compared to May 2021, and up 55% from the March 2021 low,” said Bolster. “An increase in for-sale inventory should bring a better balance to Maine’s real estate market over time.”
National, regional
Across the U.S., sales rose 19.3% and prices increased 24.4% to reach a national MSP of $370,600 in June 2021 compared to June 2020, according to the National Association of Realtors.
Regionally, June 2021 sales in the Northeast jumped 45.1% and the regional MSP hit $412,800 — up 23.6% compared to June 2020.
Maine counties
For the rolling quarter from April 1 through June 30, Washington County saw the steepest increase in number of unit sold, at 79.5%. That was followed by Waldo County at 71% and Hancock County at 52%.
Seeing a small decline in sales volume were Piscataquis and Sagadahoc counties.
Emerging markets
Two metro areas hit the top 20 in the latest Wall Street Journal/Realtor.com emerging housing markets index.
Portland/South Portland ranked No. 6 and Bangor ranked No. 9.
The index is a review of data for the largest 300 metropolitan areas in the United States. Aiming to identify markets considered optimal for homeowners and investors to purchase a home, the index uses housing market, economic vitality and quality of life metrics to surface areas expected to see home price growth and that offer attractive lifestyle amenities.
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