Elisabeth Altshuler, Maine Listings
Thu, 12/24/2020 - 7:00am
Low for-sale inventory and high demand for Maine’s lifestyle has driven real estate sales and values into double-digit gains. Today, Maine Listings reported that 1,965 single-family existing homes changed hands in November—a rise of 31.17 percent compared to November 2019. Values also increased 20 percent to a median sales price (MSP) of $270,000, comparing November 2020 to November 2019. The MSP indicates that half of the homes were sold for more and half sold for less.
“Residential real estate activity in Maine is vigorous,” says Tom Cole, 2020 President of the Maine Association of Realtors and Broker with Better Homes and Gardens Real Estate The Masiello Group in Brunswick. “In most markets across Maine, Realtors are reporting multiple offer situations on move-in ready listings. The increased competition for historically low for-sale inventory availability is resulting in price appreciation.”