Market Update

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Sales of single-family existing homes in Maine continue a double-digit increase trend.  The Maine Association of Realtors show 1,613 homes changed hands across the state in May 2021—a 28.32% increase over May 2020.  High buyer demand continues to impact home values.  The statewide median sales price (MSP) increased 28.21% to $305,000 in May 2021 compared to May 2020. 

May 2020 was the low point for Maine’s residential real estate market due to the COVID shutdown. Since then, the numbers have rebounded and continue to show strength.  These reported numbers reflect a comparison to the May 2020 COVID shutdown statistics.  May 2021 sales volume was comparable to pre-pandemic sales volume levels, about one percent above the May 2019 figures.

We continue to see swift market conditions with most transactions navigating multiple offers.  Statewide, the days-on-market for May 2021 was only 6 days, compared to 17 days a year ago, and 20 days in 2019. The month of May brought additional for-sales homes onto the market, with active single-family listings up 21% at month’s end.  Additional for-sale supply will help meet this pent-up demand.

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