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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 additiona

Highly motivated buyers of single-family existing homes continue to pursue Maine real estate.  Maine Listings show a 35.68% sales leap in April 2021 compared to April 2020.  The statewide median sales price (MSP) reached $276,000—an increase of 17.05% comparing April 2021 to April 2020. Maine’s residential real estate market continues to be fast-paced.  The April 2021 statistics reflect a comparison to one year ago, when the state of Maine was in COVID shutdown status.  Last month’s sales volume was strong—13% above the pre-pandemic April 2019 figures.  As homes come onto the market, buyers are waiting and ready.  Statewide, the days-on-market for April 2021 was only 8 days, compared to 25 days one year ago, and 46 days in 2019.  We expect that improving COVID metrics and back-to-the-office vs. telework decisions may help stabilize the market urgency and upward pricing pressures that we’re experiencing. A REALTOR® is your best resource to navigate these market conditions, wheth

Strong home buyer demand continued across Maine last month, with Realtors reporting 1,313 single-family existing home sales—a sales jump of 16.81% over March 2020.  According to Maine Listings, the statewide median sales price (MSP) reached $268,500, an increase of 17.79% compared to March 2020.   Maine residential real estate sales volume and median sold values showed continued strength during March 2021. The pace in the residential real estate market continues to be rapid.  For March 2021, the statewide days on market statistic was 11 days, compared to 48 days for March 2020. In this fast-moving market, homes become available for sale and are immediately met with pent-up buyer demand.  Whether you’re a seller or a buyer, start working with a REALTOR® when you first think about transacting real estate so that you’re fully prepared and ready to take action.

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.

Buyer demand for Maine’s real estate is strong and for-sale home inventory is historically low. According to Maine Listings, the median sales price (MSP) for a single-family existing home in Maine rose 15.57% to $255,300 and sales volume jumped 18.38% comparing January 2021 to January 2020.  Coming off 2020, the best year ever for sales volume, we are struggling with historically low for-sale inventory statewide. Buyers are facing far fewer available home choices and sellers are reluctant to list their properties without their next move-in property in place. Buyer demand is strong, and a continuing positive trajectory for 2021 is dependent on homes for sale coming onto the market.  The National Association of Realtors reported a 23% rise in sales of single-family existing homes across Cumberland Country comparing January 2021 to January 2020.  Home prices jumped 14.8% percent over January 2020, reaching a national MSP of $308,300 in January 2021.  This high demand, low supply

Maine’s residential real estate market fared well in 2020, despite the impacts of COVID.  The Maine Association of Realtors and Maine Listings show a sales increase of 9.82% for all single-family existing homes sold during 2020. Values rose by double digits during the year with a statewide median sales price of $256,000, which is an increase of 13.78%. The year ended with historic highs for the number of reported transactions (19,921) and median sales price. In month of December, sales across the state of Maine were up 31.53% compared to December 2019, and the statewide MSP of $270,00 represents an increase of 15.38% from the previous year. Sustained low mortgage interest rates and Maine’s reputation as a safe place to live relative to the rest of the U.S., combined with the emergence of teleworking has created an unprecedented demand for residential real estate in Maine.

The low inventory of homes for sale and the high demand for Maine’s lifestyle continues to drive real estate sales and values into the double digits.  According to Maine Listings, 1,965 single-family existing homes were sold in November, which is an increase of 31.17% compared to November 2019.  Home values also increased 20% to a median sales price (MSP) of $270,000.  Residential real estate activity in Maine is strong.  In most markets across Maine, Realtors are reporting multiple offer situations for move-in ready listings. The increased competition for historically low inventory of available homes is resulting in price appreciation.   Year-to-date sales are 7.9% ahead of the comparable time period of January through November for 2019— Maine’s best year ever.  One-third of November’s sales involved out-of-state buyers, compared to one-fourth during November of 2019.

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 % . 

Sales of single-family existing homes increased 22.78% in September 2020 compared to September 2019. According to Maine Listings, the median sales price for homes sold in September 2020 rose 19.56% to $273,500, compared to September 2019.  January through September 2020 sales increased 2.6% compared to January through September 2019 — Maine’s best year ever!   Demand is strongly affected by historically-low mortgage interest rates combined with the allure of Maine’s quality of life and response to COVID-19, resulting in historically lows in the supply of for-sale properties. With more buyers than sellers, most markets are experiencing strong competition, faster sales, and increased pricing.  Typically, about 25% of home purchases in Maine are made by out-of-state buyers, and that percentage has increased to around 33%.  In September of 2020, 735 single family homes were purchased by out-of-state buyers, compared to 445 in September 2019. Buyers are anxiously ready and waiting for homes

Real estate sales in Maine continue on a healthy, highly-positive direction. According to Maine Listings, the value of single-family existing homes jumped 17.39% comparing August 2020 to August 2019, reaching a median sales price of $270,000. The MSP indicates that half of the homes were sold for more and half sold for less. Home sales increased 1.31% from last August. Maine is experiencing an historically low supply of homes for sale, 40% below a year ago. Demand is being fueled by all-time low mortgage interest rates, Maine households moving within the state, and an increase in out-of-state buyers seeking Maine’s quality of life and safety.  In August of 2020, Maine had 707 single family homes purchased by out-of-state buyers. In August 2019, that number was 482.

Sales of single-family existing homes continue to recover from the impacts of the early months of COVID-19.  Maine Listings reports a sales jump of 12.43% in July 2020, when compared to July 2019.  Values rose 10.83% to a median sales price of $254,900, comparing July 2020 to July 2019. The MSP indicates that half of the homes were sold for more and half sold for less. Maine’s nation-leading low COVID-19 metrics and mortgage interest rates hovering at three percent and below, are contributing to very strong demand for residential real estate. The July statistics indicate pent-up demand from the initial drop-off impacts of the pandemic.

MAINE REAL ESTATE SALES EASE IN JUNE, WHILE PRICES REMAIN ON THE RISE The number of sales of single-family homes in Maine is down slightly in June but prices remain on the rise. Realtors across the state sold 1,720 homes in June — 78 fewer homes than a year ago – a 4.3% decrease compared to June 2019. The Median Sales Price (MSP) for homes sold in June reached $249,000, an increase of 4.15% compared to June 2019. 

MAINE HOME VALUES REMAIN STRONG DESPITE DECREASE IN SALES Sales of Maine’s single-family homes eased in May, due to effects from COVID-19 and limited supply; however, value and demand for available homes remained strong. According to Maine Listings, Realtors sold 21.34% fewer homes in May 2020, compared to May 2019.  Prices continued to rise, with a median sales price increase of 3.43% to $237,900. 

HOME SALES EASE DURING COVID-19; VALUES UP 12.29% in APRIL Despite a pandemic-fueled wane in the sales of single-family existing homes, values in Maine increased double digits last month. According to Maine Listings, Realtors sold 194 fewer homes in April 2020 compared to April 2019, which is a decrease of 15.41%. The median sales price (MSP) jumped 12.29% to $235,800, comparing April 2020 to April 2019.  

A quick glimpse at what's happening with rate movement, the economy and the housing market:

Maine broke records for the number of homes sold and the median price in 2018. For the fourth consecutive year, Maine home sales set a new record in 2018 as 17,983 single family homes were sold, representing an increase of 1.0% over 2017 when total volume was 17,810. The year-to-date median single-family price of $215,000 represented a 7.5% increase over 2017.  Overall, pricing was up in 13 of Maine’s 16 counties, and remained consistent in two. The highest single month was May at $244,839, followed by April and then March. Each month of 2018 was higher than 2017. Between 2007 and 2011 median prices declined each year, reaching their lowest level in 2011 at $165,000.  From 2012 onward, pricing has increased ever year, with one exception - 2014. Maine's growth in home sales' volume and price for the year outpaced that of the nation.  Average median prices ranged from $307,000 in Cumberland County to $90,000 in Aroostook County.

Home prices nationwide soared 10.2% in February!   This is the largest year-over-year increase in home prices since March 2006, according to CoreLogic.   It also marks the twelfth consecutive monthly increase in national home prices. According to CoreLogic’s report, these figures includes distressed sales.   When excluding distressed sales, home prices rose 10.1% year-over-year in February. Nationally, home prices improved at the best rate since mid-2006, marking a full year of annual increases.   CoreLogic predicts that home prices (excluding distressed sales) are expected to rise 11.4% year-over-year from March 2012. Off to a great start in 2013!             For more more real estate news , visit my website at CristinaTheREALTOR.com .  

For some time now, we have attempted to shed light on the fact that pricing in today’s real estate market, as it is in the markets for every other saleable item, will be determined by the concept of ‘supply and demand’. According to dictionary.com, “the relationship between supply and demand determines the price of a commodity. This relationship is thought to be the driving force in a free market.” In real estate, supply and demand is represented as the current month’s supply of homes for sale (the number of homes for sale divided by the number of homes sold in the previous month). Most real estate professionals know, or at least have a good idea of, the month’s supply of inventory in their market. But why? Because of its effect on pricing moving forward. While there is no steadfast rule that will apply to pricing in every category of housing, here is a great guideline by which to go: 1-4 months’ supply creates a sellers’ market where there are not enough homes to satisfy b