Market Update - 2021.07

MAINE HOME SALES OUTPACE PRE-COVID NUMBERS

AUGUSTA (Aug 23, 2021)—Home buyers are still out in force across Maine’s 16 counties. According to Maine Listings, home sales decreased 4.86 percent and prices rose 23.58 percent comparing July 2021 to July 2020. The median sales price (MSP) for the 1,996 homes sold hit $315,000 last month. The MSP indicates that half of the homes were sold for more and half sold for less.

“July’s sales volume figures continue to outpace the pre-COVID numbers from 2019,” says Aaron Bolster, Broker/Owner of Allied Realty in Skowhegan and 2021 President of the Maine Association of REALTORS®. “Though showing a decline from July 2020 of just under five percent, the July 2021 sales volume is seven percent ahead of July 2019.”

The National Association of Realtors today reported a nationwide sales dip of 0.8 percent for single-family existing homes in July 2021 compared to July 2020. Prices across the country increased 18.6 percent to a national MSP of $367,000. Regionally, sales in the Northeast rose 12.1 percent comparing July 2021 to July 2020, while the regional MSP increased 23.6 percent to $411,200 over that same time period.

“Supply, demand, and price are the three concepts to watch,” says Bolster. “Demand for homes in Maine continues to be strong, still out-pacing the available for-sale inventory in many markets across Maine, resulting in rising sold price values.

“For the fourth consecutive month, we’ve seen improving for-sale supply numbers. Active single-family listings were up 7.9 percent during July 2021 compared to June 2021, and up 67.3 percent from the March 2021 low. This is good news for prospective Maine home buyers.”

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

Maine Real Estate Statistics – July 2021 Housing Report 8/23/2021

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