Market Update

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Maine’s real estate sales were up 26.88% in October 2020 compared to October 2019.  According to the Maine Association of Realtors, 2,341 single-family existing homes were sold by Realtors last month and the median sales price for homes sold reached $280,000, a 24.50% increase over October 2019. 

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

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.  Historically, about 25% of monthly home purchases in Maine are by out-of-state buyers; during October, that number was 36%. 

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