Market Update - 2021.02

MAINE REAL ESTATE SALES UP 22.77 PERCENT IN FEBRUARY PRICES JUMP 12.91 PERCENT

AUGUSTA (March 22, 2021)—High demand for single-family existing homes across Maine continues, despite the yearlong COVID-19 pandemic. Maine Listings released new housing statistics today for the month of February 2021, which indicate a sales increase of 22.77 percent compared to February 2020. Home prices rose 12.91 percent to reach a median sales price (MSP) of $244,900 comparing February 2021 to February 2020. The MSP indicates that half of the homes were sold for more and half sold for less.

“The hot pace of residential real estate activity continues, with sales volume and median sold values significantly out-performing February of a year ago,” says Aaron Bolster, Broker/Owner of Allied Realty in Skowhegan and 2021 President of the Maine Association of REALTORS®. “For-sale listings are entering the market, and buyers are acting quickly. For February 2021, the statewide days-onmarket statistic was 21 days, compared to 52 days for February 2020.”

Nationally, sales of single-family existing homes in February 2021 increased 8.0 percent compared to February 2020, and the national MSP rose 16.2 percent to $317,100 over that same time period. According to the National Association of Realtors, the regional Northeast in February 2021 experienced a sales jump of 13.2 percent, while the regional MSP increased 20.5 percent to $356,000 compared to 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,” added Bolster. “Our advice to buyers until then is to work with a REALTOR® to learn your market, develop a strategy, and remain committed and patient.”

Below are two charts showing statistics for Maine and its 16 counties. The first chart lists statistics for the month of February 2020 and 2021 only, statewide. The second chart compares the number of existing, single-family homes sold (units) and volume (MSP) during the rolling three months of December (2019/2020), January and February (2020/2021).

Maine Real Estate Statistics – February 2021 Housing Report 3/22/2021

Source: Maine Real Estate Information System, Inc. (d/b/a Maine Listings). Note: Maine Listings, a subsidiary of the Maine Association of REALTORS, is a statewide Multiple Listing Service with over 5,600 licensees inputting active and sold property listing data. Statistics reflect properties reported as sold in the system within the time periods indicated. Contacts: Maine Association of REALTORS® President Aaron Bolster (Allied Realty, Skowhegan) – 207-399-9005 abolster@alliedrealty.net - Maine Association of REALTORS® President Elect Madeleine Hill (Roxanne York Real Estate, Bailey Island) – 207-807-6578 mhill.realestate@gmail.com For additional names: suzanne@mainerealtors.com