Market Update
High demand for single-family existing homes across Maine continues, despite the yearlong COVID-19 pandemic. Maine Listings indicates a sales increase of 22.77% for the month of February 2021 compared to February 2020. Home prices rose 12.91% to reach a median sales price (MSP) of $244,900 comparing February 2021 to February 2020. The hot pace of residential real estate activity continues, with sales volume and median sold values significantly out-performing February of a year ago. When listings hit the m arket, buyers are acting quickly. For February 2021, the statewide days-on-market statistic was 21 days, compared to 52 days for February 2020. Over the coming year, we’re hopeful for a return to pre-pandemic conditions, with more sellers entering the market which will ease the pent-up demand. Until then, buyers should work with a REALTOR® to learn about the local market, develop a strategy, and remain committed and patient.