Home buyers are still out in force across Maine’s 16 counties.
Although the number of home sales decreased 4.86% in July compared to July 2020, sales volume continues to outpace the pre-COVID numbers from 2019, the Maine Association of Realtors said in a news release Monday.
“Though showing a decline from July 2020 of just under 5%, the July 2021 sales volume is 7% ahead of July 2019,” said Aaron Bolster, the association’s 2021 president and a broker and owner of Allied Realty in Skowhegan.
The comparison of July 2021 to July 2020 also shows prices rose 23.58%. The median sales price 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.
Cumberland County had the highest median sales price at $450,000. It was followed by York County at $400,000. Both represented increases in the 21% to 24% range.
Supply
For the fourth consecutive month, Maine has seen improving for-sale supply numbers. Active single-family listings were up 7.9% during July 2021 compared to June 2021, and up 67.3% from the March 2021 low.
At 40%, Knox County saw the highest increase in sales volume. It was followed by Hancock, Waldo and Washington counties, which were in the 28% to 29% range.
“Supply, demand and price are the three concepts to watch,” said Bolster. “Demand for homes in Maine continues to be strong, still outpacing the available for-sale inventory in many markets across Maine, resulting in rising sold price values.”
National, regional
The National Association of Realtors yesterday reported a nationwide sales dip of 0.8% for single-family existing homes in July 2021 compared to July 2020. Prices across the country increased 18.6% to a national median sale prices of $367,000.
Regionally, sales in the Northeast rose 12.1% comparing July 2021 to July 2020, while the regional median sale price increased 23.6% to $411,200 over that same time period.