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Home sales down but values up in April

Waldo County's median sales price jumps 32.46% year-over-year
May 21, 2020

Augusta — Despite a pandemic-fueled wane in sales of single-family existing homes, values in Maine increased double digits last month. According to Maine Listings, Realtors sold 194 fewer homes in April 2020 compared to April 2019, which is a decrease of 15.41%. The median sales price for the month jumped 12.29% to $235,800 year-over-year. The MSP indicates that half of the homes were sold for more and half sold for less.

Sales in Waldo County tracked with those statewide: 76 homes sold in April 2020, down 13.64% from April last year, while the median sales price climbed 32.46%, to $202,000, up from $152,500 in the same month a year ago.

“The April 2020 statistics show the beginning impact of the pandemic pause on Maine’s real estate sales,” said 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. “Because real estate transactions take 30-45 days to close, contracts written before the pandemic have likely now been completed.

“Recent statistics show that Maine’s for-sale inventory is down 19% compared to a year ago. Realtors from across Maine indicate that buyers are plentiful and multiple offer situations are prevalent due to the historic low mortgage interest rates and the constrained inventory levels. Values remain strong.”

Nationally in April 2020, sales decreased 15.5% compared to April a year ago. The National Association of Realtors also cited a rise in April’s home prices — 7.3% — to a national MSP of $288,700. In April 2020, the regional Northeast experienced a sales dip of 18.2%, while the regional MSP increased 8.7% to $312,500 compared to April 2019.

 

 

 

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