Market Update - 2021.04

MAINE HOME SALES JUMP 35.68%; PRICES UP 17.05%

AUGUSTA (May 21, 2021)—Highly motivated buyers of single-family existing homes continue to pursue Maine real estate options. Statistics released today by Maine Listings show a 35.68 percent sales leap in April 2021 compared to April 2020. The statewide median sales price (MSP) reached $276,000—an increase of 17.05 percent comparing April 2021 to April 2020. The MSP indicates that half of the homes were sold for more and half sold for less.

“Maine’s residential real estate market continues to be fast-paced,” says Aaron Bolster, Broker/Owner of Allied Realty in Skowhegan and 2021 President of the Maine Association of REALTORS®, “The April 2021 statistics released today reflect a comparison to one year ago, when the state of Maine was in COVIDshutdown status. Last month’s sales volume was strong—13 percent above the pre-pandemic April 2019 figures.

“As homes come onto the market, buyers are waiting and ready,” added Bolster. “Statewide, the Days on Market for April 2021 was eight days, compared to 25 days one year ago, and 46 days in 2019.”

The National Association of Realtors reported strong year-over-year sales of single-family existing homes in April. According to NAR, sales were up 28.9 percent nationwide, and the national MSP rose 20.3 percent to reach $347,400 Comparing April 2021 to April 2020. Regionally, the Northeast experienced a significant sales boost—a 30.4 percent volume increase—while the regional MSP increased 22.0 percent to $381,100 over that same time period.

“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, whether you’re selling or buying.”

Below are two charts showing statistics for Maine and its 16 counties. The first chart lists statistics for the month of April 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 February, March and April (2020/2021).

Maine Real Estate Statistics – April 2021 Housing Report 5/21/2021

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