Demand remains strong for existing single-family homes in Maine, while for-sale inventory is lower than a typical, balanced real estate market. According to statistics released by Maine Listings, sales eased 7.99 percent in November while prices increased 11.11% compared to November 2020.  The median sales price (MSP) reached $300,000, compared to $270,000 in November of last year. The MSP indicates that half of the homes were sold for more and half sold for less.

“Despite the lower sales volume last month and during the second half of 2021, January through November 2021 was one of Maine’s best, with the number of residential real estate transactions 4.1 percent above the comparable time period in 2020, Maine’s historical high. The 2021 figures are 12.3 percent higher than the comparable time period of 2019, prior to the pandemic,” says Aaron Bolster, Broker/Owner of Allied Realty in Skowhegan and 2021 President of the Maine Association of REALTORS. “The high demand for Maine residential real estate is stymied by the tight supply of homes for sale across our state.

“There were 33 percent fewer homes for sale in November 2021 than November 2020 and 59 percent fewer than November 2019. With a six-month supply of for-sale inventory as the benchmark for a balanced real estate market, our current numbers indicate a 1.7-month supply.”

The National Association of Realtors today reported a 2.2% decrease in single-family home sales across the country comparing November 2021 to November 2020. Prices rose 14.9% to a national MSP of $362,600. Regionally, sales in the Northeast decreased 11.6% and the MSP of $372,500 reflects a 4.7% increase in November 2021 compared to November a year ago.

“Move-in ready homes are in extremely high demand and qualified buyers are ready to purchase. We expect a solid finish to 2021,” says Bolster.

Below are two charts showing statistics for Maine and its 16 counties. The first chart lists statistics for the month of November 2020 and 2021 only, statewide. The second chart compares the number of existing, single-family homes sold (units) and volume (MSP) during the rolling three months of September, October and November (2020/2021).

Source: Maine Real Estate Information System, Inc. (d/b/a Maine Listings).  Note: Maine Listings, a subsidiary of the Maine Association of REALTORS, is a statewide Multiple Listing Service with over 6,200 licensees inputting active and sold property listing data.  Statistics reflect properties reported as sold in the system within the time periods indicated. Contacts: Maine Association of REALTORS® President Aaron Bolster (Allied Realty, Skowhegan) – (207) 399-9005  abolster@alliedrealty.net  Maine Association of REALTORS® President Elect Madeleine Hill (Roxanne York Real Estate, Bailey Island) – 207-807-6578  mhill.realestate@gmail.com   For additional names:  suzanne@mainerealtors.com