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December Results
Maine’s residential real estate market fared well during COVID impacted 2020. Statewide single family home sales increase of 9.8% in 2020 vs 2021. Median pricing rose by double digits during the sales year; the statewide median sales price (MSP) reached $255,089 — an increase of 13.3%. The MSP indicates that half of the homes were sold for more and half sold for less.
The Selected Towns report includes sales results in the greater Portland area. Year-to-date sales in Maine are nearly 10% ahead of prior year, while York and Cumberland increased, but not as much - 3.4% and 1.4% respectively. Many towns reported lower sales 2019 compared to 2020. Prices, however, wer by double digits in most communities, ranging from just under 2% to almost 40%.
One-third of fourth quarter sales involved out of-state buyers, compared to one-fourth during same period in 2019. During the month of December only, sales across the state of Maine were up 31.5% compared to December 2019 and the statewide MSP of $270,00 represented an increase of 15.8% from the previous year,
Regionally and Nationally
Nationally, December 2020 sales of single-family homes jumped 22.8% over December 2019. According to the NAR, prices were also on the rise to end the year, with an increase of 13.5% to a national MSP of $314,300. Sales in the regional Northeast climbed 27.4% and the regional MSP reached $362,100 — an increase of 19% comparing December 2020 to December 2019.
The Absorption Rate tracks how long it takes to sell a home given current inventory levels.
Interactive Market Report by Town
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