Market Update
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 Octobe...