Market Update

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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.

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