Maine real estate sales ease in September, values up

Thu, 10/21/2021 - 7:45pm

Demand for single-family existing homes across Maine continues to be steady, exceeding pre-COVID numbers. According to Maine Listings, while sales statistics decreased 9.74 percent in September, prices increased 16.92 percent.  The median sales price (MSP) for the 2,067 homes sold last month reached $320,000. The MSP indicates that half of the homes were sold for more and half sold for less.

“There continues to be strong demand for Maine real estate,” says Aaron Bolster, broker/owner of Allied Realty in Skowhegan and 2021 President of the Maine Association of REALTORS. “Buyers are rapidly purchasing for-sale inventory as it comes on the market, and we’re experiencing a 2.1-month supply of for-sale single family properties—much lower than a six-month supply, which is considered a balanced market.

“Sales volume for September 2021 is 9.7 percent below September 2020 but is 10.7 percent above the pre-COVID September 2019, which is a better comparison since the third quarter of 2020 began the steep recovery from the COVID shutdowns.  Overall, 2021 is strong for single family home sales. For January—September 2021, sales are 8.37 percent higher than January-September 2020, and sales are 11.19 percent higher than January-September 2019.”

Nationally, single-family existing home sales across the country dipped 3.1 percent over the past year. The National Association of Realtors today reported a national MSP of $359,700—a jump of 13.8 percent. Sales across the regional Northeast eased 8.3 percent and the regional MSP of $387,200 reflects a 9.2 percent increase.

“The dynamics of the tight market are challenging for buyers and for sellers,” says Bolster.  “Begin working with a REALTOR® early in the process for seasoned knowledge of local market conditions to help guide success with your real estate transaction.” 

Below are two charts showing statistics for Maine and its 16 counties. The first chart lists statistics for the month of September 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 July, August and September (2020/2021).

 

SEPTEMBER ONLY CHART

September 1-30, 2020 – September 1-30, 2021

 

 

NUMBER OF UNITS

MEDIAN SALES PRICE

 

2020

2021

%Change

2020

2021

%Change

STATEWIDE

2290

2067

-9.74%

$273,700

$320,000

16.92%

 

ROLLING QUARTER CHART

From July 1, 2020 – September 30, 2020 and

July 1, 2021 – September 30, 2021

 

 

NUMBER OF UNITS

MEDIAN SALES PRICE

 

2020

2021

%Change

2020

2021

%Change

STATEWIDE

6554

6126

-6.53%

$265,000

$315,000

18.87%

 

 

 

 

 

 

 

Androscoggin

404

387

-4.21%

$216,805

$251,920

16.20%

Aroostook

267

300

12.36%

$110,000

$121,250

10.23%

Cumberland

1370

1286

-6.13%

$375,000

$449,950

19.99%

Franklin

177

173

-2.26%

$194,000

$215,000

10.82%

Hancock

342

312

-8.77%

$260,000

$326,000

25.38%

Kennebec

614

575

-6.35%

$209,650

$260,000

24.02%

Knox

249

232

-6.83%

$265,000

$369,500

39.43%

Lincoln

254

185

-27.17%

$303,000

$360,000

18.81%

Oxford

307

291

  -5.21%

$202,000

$258,000

27.72%

Penobscot

618

601

  -2.75%

$175,000

$210,000

20.00%

Piscataquis

153

111

-27.45%

$155,000

  $190,000

         22.58%

Sagadahoc

132

137

  3.79%

$282,250

$355,000

25.78%

Somerset

249

208

-16.47%

$153,000

$188,250

23.04%

Waldo

203

190

     -6.40%

$231,000

$285,000

23.38%

Washington

194

182

  -6.19%

$165,500

$160,000

          -3.32%

York

1021

956

  -6.37%

$355,000

$400,000

12.68%

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 5,600 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