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Waldo County home sales up 43% in October; prices jump 32%

Nov 20, 2020

Augusta — Maine’s real estate sales are heating up — by double digits — and Waldo County sales are hotter still.

According to statistics released Nov. 19 by the Maine Association of Realtors, Realtors across the state sold 2,341 single-family existing homes in October —a jump of 26.88% over October 2019. The median sales price (MSP) for homes sold reached $280,000, a 24.5% increase over October 2019. The MSP indicates that half of the homes were sold for more and half sold for less.

In Waldo County, 226 homes sold in October, up from 158 in the same month last year, an increase of 43.04%. The median sales price jumped in the same period from $196,000 to $258,750, an increase of 32.02%.

“The residential real estate recovery since the COVID-impacted second quarter has been robust,” said Tom Cole in a press release. Cole is 2020 president of the Maine Association of Realtors and broker with Better Homes and Gardens Real Estate The Masiello Group in Brunswick.

“January through October 2020 sales are 5.6% ahead of the comparable time period for 2019 — Maine’s best year ever,” he said. “Buyers are plentiful across Maine and they are facing a sustained tight supply of for-sale inventory. This supply/demand imbalance, buoyed by historically-low mortgage interest rates, is resulting in increased competition and price appreciation.”

The National Association of Realtors reported a national sales increase of 26.7% last month, while the national MSP reached $317,700 — a rise of 16.0%. The regional Northeast experienced a sales climb of 30.4% in October, and a 20.2% jump in median sales prices to hit $356,500.

“Maine’s lower incidence of COVID compared to the rest of the country, plus the increase in tele-working, has resulted in out-of-state buyers adding to the demand for Maine homes,” Cole said. “Historically, about 25 percent of monthly home purchases in Maine are by out-of-state buyers; during October, that number was 36 percent. Working with a Realtor gives buyers and sellers the advantage they need to succeed in the current market conditions.”

 

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