Maine home sales dip in August for second month, but prices climb by double digits
File Photo / Laurie Schreiber
Home-sales volume fell slightly during August, but prices continued to soar statewide.
The number of home sales in Maine again dipped slightly last month, but prices continued to surge amid tight supply and sustained demand among buyers.
Sales of single-family, existing homes eased by 4.76% during August while prices rose 14.8%, the Maine Association of Realtors said Wednesday.
Realtors reported that 2,063 homes changed hands last month, compared to 2,166 during August last year. The August sales volume was also 3.5% below pre-pandemic August 2019.
Maine's median home price was $310,000, down from $315,000 in July.
In July, the number of home sales decreased 4.86% compared to July 2020, while prices rose 23.58%.
“Residential real estate has been resilient as we transition through the pandemic, but has the market started to level?” said Aaron Bolster, broker and owner of Allied Realty in Skowhegan and president of the Maine Association of Realtors.
“Some potential buyers are choosing to take a pause from the market and some buyers who had been on the margins, no longer financially qualify without additional savings. With fewer potential buyers involved in multiple offer situations, the upward pricing pressure may slow,” Bolster said. “Fourth quarter will show if this August sales volume decline is the beginning of a market balancing or a just a blip.”
Nevertheless, statewide sales volume for January through August of this year was 12% higher than a year ago, and 11.3% ahead of 2019.
For the three months from June 1 to August 31, five Maine counties saw a drop in sales volume, while Washington, Franklin and Knox counties saw the biggest increases in the numbers of sales. Prices rose in all 16 counties, with Knox and Oxford seeing jumps of 39.2% percent and 36.9%, respectively. Cumberland County had the highest median sales price, $451,000.
Nationally, sales of single-family, existing homes decreased 2.8% in August, compared with a year ago. Prices, however, rose 15.6% to reach a national median of $363,800.
Regionally, the Northeast experienced a 2.7% decrease in sales, while the regional median sales price was up 16.8% to $407,800.
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