Maine home sales jump 22.8%, while values are up 19.6%
File Photo / Laurie Schreiber
Home-sales volume fell slightly during August, but prices continued to soar statewide.
With historically low interest rates and more buyers than sellers, sales of single-family existing homes in Maine increased 22.78% last month compared to September 2019.
In addition, the median sales price for homes sold in September 2020 rose 19.56% over September 2019, to $273,500, according to statistics released Thursday by Maine Listings. The median sales price is the amount at which half of the homes sold for more and half sold for less.
“September’s impressive sales volume capped a solid third-quarter recovery for Maine residential real estate,” Tom Cole, 2020 president of the Maine Association of Realtors and managing broker of Better Homes and Gardens Real Estate The Masiello Group in Brunswick, said in a news release. “January through September 2020 sales are 2.6% ahead of the comparable time period for 2019 — Maine’s best year ever."
He continued, “Demand is being powered by historically low mortgage interest rates combined with the allure of Maine’s quality of life and response to COVID-19 from across the country, while the supply of for-sale properties also remains historically low. With more buyers than sellers in most markets, we are seeing strong competition, faster sales and increasing pricing.”
Typically, about 25% of home purchases in Maine are made by out-of-state buyers. That percentage has increased to around 33%.
“In September of 2019, Maine had 445 single family homes purchased by out-of-state buyers. In September 2020, that number was 735,” he said.
County breakdown
In the number of units sold, the steepest increases took place in Lincoln County, 43.5%; Knox County, 39.11%; Waldo County, 39.04%; and Washington County, 38.57%.
Sagadahoc and Penobscot were the only counties to see a decrease in the number of units sold.
With regard to median sales price, the biggest increases were in Washington County, 27.55%; Franklin County, 26.38%; and Knox County, 21.2%.
In real numbers, Cumberland County was fetching the highest median sales price, at $375,000, followed by York County with $355,000.
Regional and national
Maine’s performance reflected regional and national trends, as sales increased by double-digits.
In the Northeast, sales of single-family existing homes jumped 22.9%, and the regional median sales price of $354,600 reflects a 17.8% increase.
The National Association of Realtors reported that sales nationwide are up 21.8% comparing September 2020 to September 2019, and the national median sales price reached $316,200 in September 2020 — a rise of 15.2% over September 2019.
“Buyers are anxiously ready and waiting for homes to come on the market,” said Cole.
Most Recent
Most Recent
0 Comments