|
August Results
Sales of single-family homes in Maine declined slightly in August as 2,063 transactions were completed, compared to 2,166 in the same month of 2020, representing a drop of 4.7%. Prices, however, continued their upward trajectory, with an increase of 14.8% statewide yield a median sales price (MSP) of $310,000 comparing August 2021 to August 2020.
YTD sales are still trending ahead of last year by 11.3%. In southern Maine, which has experienced an acute shortage of inventory for the best part of 2 years, year-over-year sales are much lower – 1.3% ahead in York County and 3.5% in Cumberland County.
There is evidence that the market is beginning to level. Sustained, intense demand coupled with constrained and rapid turnover of for-sale inventory supply has pushed prices upward. However, some potential buyers are choosing to take a pause from the market and some buyers who had been on the margins, no longer financially qualify without additional savings. With fewer potential buyers involved in multiple offer situations, the upward pricing pressure may slow.
The first chart below reflects year-to-date sales for many communities in the greater Portland area, while the infographic highlights both YTD and current month for Cumberland County.
Nationally & Regionally
The National Association of Realtors reported a 2.8% nationwide sales decline for single-family homes in August 2021 compared to August 2020. August 2021 prices, however, rose 15.6% over the same period to reach a national MSP of $363,800. Regionally, the Northeast experienced a 2.7% decrease in sales, while the regional MSP rose 16.8% to $407,800.
Interactive Market Report by Town
|
