Maine home sales volume hits all-time January high, while prices soar over 10%
Photo / Renee Cordes
This five-bedroom, four-bathroom house in Cape Elizabeth is listed at $695,000, amid a robust residential real estate market in Maine. The price is more than double Cumberland County's median price of $325,000.
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Maine's market for single-family homes is off to a robust start in 2020, hitting an all-time January high for sales volume and recording a median sales price increase of over 10%, the Maine Association of Realtors said Friday.
A total of 1,061 units were sold in January, almost a 27% increase over 837 units sold in the same month last year, according the group's data.
The median sales price climbed 10.45% to $220,900.
“After a record-breaking 2019, the new year 2020 continued that strong momentum, with the highest number of January sales ... since we began keeping statistics 20 years ago," said Tom Cole, president of the association and managing broker of Better Homes and Gardens Real Estate The Masiello Group in Brunswick, in a statement.
“We’re continuing to experience low supply and high demand, with buyers ready to purchase — and waiting for homes to come onto the market."
He also said the transactions in Maine are brisk, with days on the market down 32% compared to January 2019. That equates to a statewide median of 43 days.
Looking at the quarterly breakdown by county, Somerset County saw the biggest median sales price increase between Nov. 1, 2019, and Jan. 31, 2020, to a median price of $129,250. That's 36.2% above the same period last year.
The highest median sales price was recorded in southern Cumberland County, at $325,00, or 8.33% higher than last year.
However, northern Aroostook County experienced the largest median price slide, falling 18.67% in the quarter to $79,700. That was also the lowest median sales price of all 16 counties in the quarter.
In sales volume, western Franklin County saw the largest gain in the number of units sold in the quarter that ended on Jan. 31, climbing 24.74% above last year.
Androscoggin County saw the biggest retreat, with 5.05% fewer units sold.
National and regional picture
Nationally, single-family existing home sales were up 9.7% over a year ago, while the median sales price climbed 6.9% to $268,600.
Sales in the Northeast as a whole were up 7.4%, and the regional median sales price jumped 11.5% over a year ago to $312,100.
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