Maine's home sales were on fire in February, up 23%
PHOTO / PETER VAN ALLEN
A three-bedroom, two-bath house in Cumberland is on the market for $359,900, significantly over the statewide median-home price of $244,900. Sales of single family homes rose by 23% in February.
Maine’s home sales market continues to climb in volume and sales.
Figures released Monday show that sales volume in February was up 22.77% and prices jumped 12.9%, year-over-year.
Last month's median sales price was $244,900. That compares with $216,900 a year ago.
“The hot pace of residential real estate activity continues, with sales volume and median sold values significantly out-performing February of a year ago,” said Aaron Bolster, broker and owner of Allied Realty in Skowhegan and 2021 president of the Maine Association of Realtors, in a news release.
In February in Maine, houses were on the market for an average of 21 days, compared to 52 days in February 2020.
Nation, region
Nationally, sales of single-family existing homes in February increased 8% compared to February 2020, and the national MSP rose 16.2% to $317,100 over that same time period.
The Northeast in February experienced a sales jump of 13.2%, while the regional median sales price increased 20.5% to $356,000 compared to February 2020, according to the National Association of Realtors.
“Over the coming year, we’re hopeful for a return to pre-pandemic conditions, with more sellers entering the market which will ease the pent-up demand,” said Bolster.
County
For the rolling quarter of December 2020 through February 2021, Washington County saw the highest increase in sales volume, 67%.
That was followed by Piscataquis, 63%; Somerset and Waldo, 55% each; Knox, 54%; and Hancock, 50%.
Sagadahoc and Cumberland counties saw the lowest increases, at 2.7% and 4.29%.
Portland
Year-over-year February statistics for Portland showed a dramatic rise in sales prices and sales volume for single-family, multi-family and condominium sales, according to statistics prepared by Benchmark Real Estate using data from Maine Listings.
For the three categories, Portland saw a 34% increase in the overall median sales price over February 2020, and a 73% increase in sales volume.
February single-family sale prices were 46% higher than February 2020.
February 2020 was the last “normal” sales month before the pandemic shutdown, noted Benchmarks’ owner, Tom Landry.
“Portland saw a continued upward trend in prices and higher than normal volume throughout the fall and winter months,” Landry said in a separate news release. “We expect a very strong 2021 spring market.”
Highest sales in Portland for February were as follows:
• Single-family: 102 Park St., $1.575 million
• Multi-family: 232-236 High St., $1.9 million
• Condo: 185 Fore St., No. 401, $1.75 million.
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