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Maine home values jump 17.39%

Oct 05, 2020

Augusta — Real estate sales in Maine continue on a healthy, highly-positive trajectory. The value of single-family existing homes jumped 17.39% in August, compared to the same month a year ago, and reaching a median sales price of $270,000, according to Maine Listings.

The MSP indicates that half of the homes were sold for more and half sold for less. Home sales increased 1.31% from last August.

In Waldo County, 183 units sold in August, up 19.61% from 153 sold in the same month a year ago. The median sales price was $218,000, up 16.58% from the median price of $187,000 a year ago.

“The August statistics show strong demand for residential real estate in Maine,” 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. “After the steep decline during the second quarter due to COVID-19 impacts, Maine’s third quarter positive sales to date have brought us nearly even to 2019 levels. January through August 2020 is only 0.7% behind a year ago — Maine’s best year ever."

According to Cole, the supply of homes for sale has reached a historic low — 40% below a year ago. Demand is being fueled by all-time low mortgage interest rates, Maine households moving within the state, and an up-tick in out-of-state buyers seeking Maine’s quality of life and safety.

In August 2019, Maine had 482 single family homes purchased by out-of-state buyers. In August 2020, that number was 707.”

The National Association of Realtors today reported an 11.0% increase in the sales of single-family homes nationwide in the past year. Prices for those homes rose 11.7% to $315,000. Regionally, sales in the Northeast increased 5.7%, while the regional MSP jumped 10.4% to $349,500.

“The increased demand for the smaller supply of for-sale homes has created intense competition in some markets, leading to higher pricing,” Cole said. “As more for-sale inventory comes onto the market, we should see a balancing.”

Below are two charts showing statistics for Maine and its 16 counties. The first chart lists statistics for the month of August 2019 and 2020 only, statewide. The second chart compares the number of existing, single-family homes sold (units) and volume (MSP) during the rolling quarter of June, July and August of 2019 and 2020.




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Comments (1)
Posted by: Helen Sahadi | Oct 06, 2020 07:32

Where are the charts "below" as stated in the last paragraph?


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